Agenda - Council - 11/25/1981 - Laserfiche WebLink

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I I ! I I I I I I I I I I ! I I (5) It is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of financing the Improvements to the Project; (6) The Note and the interest accruing thereon do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation and do not constitute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the City and neither the full faith and credit nor the taxing powers of the City is pledged for the pay- ment of the Note or interest thereon; and (7) The Note is an industrial development bond within the meaning of Section 103(b) of the Internal Revenue Code and is to be issued within the exemption provided under subparagraph (A) of Section 103(b)(6) of the Code~with respect to an issue of $1,000,000 or less; provided that nothing herein shall prevent the City from hereafter qualifying the Note under a different exemp- tion if, and to the extent, such exemption is permitted by law and consistent with the objects and purposes of the Project. Section 104. Authorization and Ratification of Project The City has heretofore and does hereby authorize the Borrower, in accordance with the provisions of Section 474.03(6) of the Act and subject to the terms and conditions set forth in the Disbursing Agreement, to provide for the construction and installation of the Improvements included in the Project under the Plans and Specifications by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construc- tion and acquisition of municipal facilities; and the City hereby ratifies, affirms and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority and in compliance with the Plans and Specifications. ARTICLE TWO NOTE Section 201. Limitation'on Issuance-of'Note No Note may be issued under the provisions of this Resolution except in accordance with the provisions of this Article.