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agreement of the City Council, the Obligor and the-purchaser of <br />the bonds as to the details of the bonds and other documents necessary <br />to evidence and effect the COnstruction of the Project and the is- <br />suance of the bonds, the Project described in Section 1 is approved <br />and.authorized, and the issuance of revenue bonds of.the '~ity; in one <br />or more series, is authorized to finance a portion of the Project <br />costs up to $750,000. ~. <br /> <br /> 2.02 The Mayor is authorized and directed to submit the <br />Project for approval by the Commissioner of Securities as %ending <br />to further the purposes and policies of the Municipal Industrial <br />Development Act, and to cause such information concerning the <br />Project to be submitted to the Commissioner as he shall require for <br />this purpose. . ~ <br /> <br /> 2.03 Nothing.in this resolution or in the'documents <br />prepared pursuant hereto shall authorize the expenditure of any <br />funds.of the City on the Project other than the revenues thereof <br />or the proceeds of the bonds or other funds granted to the City for <br />this purpose. The bonds shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property or funds of the <br />City nor shall the City be subject to any liability thereon. No <br />bondholder shall ever have the right to compel any exercise of the <br />taxing power of the City to pay any such bonds or the interest <br />thereon, nor to enforce payment thereof against any property of' the' <br />City. Each bond shall recite in substance that the bond~ including <br />interest thereon, is payable solely from the revenue:'Pledged to the <br />payment thereof,~ and no bond issued hereunder shall constitute a <br />debt of the City within the meaning of any constitutional or statu- <br />tory limitation. " <br /> <br /> 2.04 In anticipation of the approval by the COmmissioner <br />of Securities and the issuance of revenue bonds to finance the <br />Project, and in order that completion of the Project will not be <br />unduly delayed when approved, the Obligor is hereby authorized to <br />make such expenditures and advances toward payment of costs of the <br />Project as it considers necessary, including the use of interim, <br />short-term financing, subject to reimbursement from the proceeds of <br />the revenue bonds when delivered but othe~vise without liability on <br />the part of the City. <br /> <br /> Approved: - <br /> . ~ ~.'/'/ /i ' '' <br /> <br /> <br />