Resolution - #05-05-139 - 05/24/2005

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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 to pay the outstanding principal on the Revemte Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Revenue Bonds shall recite in substance that the Revenue Bonds, including interest thereon, are payable solely from the revenues of the Project 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. 6. It is the purpose of this resolution to evidence the commitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" within the meaning of the Internal Revenue Code of 1986, as amended, to allow for the issuance of industrial revenue bonds (including, if deemed appropriate, any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing. 7. In anticipation of the final approval by the City of 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, the Company is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed fi'om 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 without liability on the part of the City. 8. A public hearing on the proposal of the Company will be held at the time and place set forth in the Notice of Public Hearing attached hereto. The Secretary is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and a newspaper of general circulation available in the City, not less than 14 clays nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Cook and upon vote being taken thereon, the following voted in favor thereof: Councilmember Pearson Councilmember Cook Councilmember Elvig Councilmember Jeffrey Councilmember Olson Councilmember Strommen and the following voted against the same: Nolle Resolution #05-05-139 Page 3 of 5