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City. The Revenue Bonds shall recite in substance that the Revenue Bonds, including interest <br />thereon, arc payable solely from the revenues of the Project and proceeds pledged to the payment <br />themol~ The Revenue Bonds shall not constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br /> <br /> 6. It is the purpose of this resolution to evidence the commitment of the parties and <br />their intcn, tions with respect to the proposed Project in order that the Company may proceed <br />without delay with the commencement of the acquisition, installation and construction of the <br />Project with the assurance that there has been sufficient "official action" within the meaning of <br />thc Internal Revenue Code of 1986, as amended, to allow for the issuance of industrial revenue <br />bonds (including, if deemed appropriate, any interim note or notes to provide temporary <br />financing thereof) to finance the entire cost of the Project upon agreement being reached as to the <br />ultimate details of the Project and its financing. <br /> <br /> In anticipation of the final approval by the City of the issuance of the Revenue <br />Bonds to finance all or a portion of the Project, and in order that completion of the Project will <br />not be unduly delayed when approved, .the Company is hereby authorized to make such <br />expenditures and advances toward payment of that portion of the costs of the Project to be <br />financed From the proceeds of the Revenue Bonds as Company considers necessary, inclading <br />thc use of interim, short-term financing, subject to reimbursement from the proceeds of the <br />Revenuc Bonds ii' and when delivered but without liability on the part of the City. <br /> <br /> g. A public hearing on the proposal of the Company will be held at the time and <br />place set forth in the Notice of Public Hearing attached hereto. The Secretary is hereby <br />authorized and directed to cause notice of the hearing to be given one publication in the official <br />newspaper of the City and a newspaper of general circulation available in the City, not less than <br />t 4 clays nor more than 30 days prior to the date fixed for the hearing, substantially in the form of <br />thc attached Notice of Public Hearing. <br /> <br /> PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, <br />MINNESOTA, THIS 24TH DAY OF MAY, 2005. <br /> <br />A~I'T[~ST: <br /> <br />Mayor <br /> <br />(Seal) <br /> <br />77(183.~v I <br /> <br />-103- <br /> <br /> <br />