Agenda - Council - 11/12/1985 - Laserfiche WebLink

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Project or otherwise granted to the City for this purpose. The Revenue Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Revenue Bonds shall never have the right to compel any exercise of the taxing power of the City of Ramsey to pay the outstanding principal on the Revenue Bonds or the interest thereon, or to enforce p~yment thereof against any property of the City. ~he Revenue Bonds shall recite in substance that the Revenue Bonds, including interest thereon, is payable solely from the revenue and proceeds pledged to the payment thereof. The Revenue Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 8) In anticipation of the approval by the Authority the issuance of the Revenue Bonds to finance all or a Portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, Company is hereby authorized to make such expenditures and advances toward payment of that Portion of the costs of the Project to be financed from the proceeds of the Revenue Bonds as Company considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the Revenue Bonds if and when delivered but otherwise without liability on the part of the city. ~he motion for the adoption of the foregoing resolution ws duly seconded by Gouncilm~ber Cox and upon vote being taken thereon, the following voted in favor thereof: Mayor Beitman, Councilmsmbers Sorteberg, Cox, Reimann, and Schlueter and the following voted against the same: None whereupon said resolution was declared duly passed and adopted by the City Gouncil this the 26th day of March , 1985. %.__ -4-