Agenda - Council - 06/30/1981 - Special

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2. On the basis of information given the City to date, it appears that it would be in the best interest of the City to issue its industrial development revenue bonds, notes or other obligations under the provisions of Chapter 474 to finance the Project of the Company at a cost presently esti- mated not to exceed $475,000. 3. The Project is hereby given preliminary approval by the City and the issuance of bonds, notes or other obliga- tions for such purpose and in such amount is hereby ap- proved, subject to approval of the Project by the Commis- sioner of Securities and to the mutual agreement of this body, the Company and the initial purchasers of the bonds, notes or other obligations as to the details of the bond issue and provisions for their payment. In all events, it is understood, however, that the bonds, notes or other obli- gations of the City shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the project, and each bond, note or other obli- gation, when, as and if issued, shall recite in substance that the bond, note or other obligation, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof and shall not constitute a debt of the City. 4. In accordance with Minnesota Statutes, Section 474.01, Subdivision 7(a), the Mayor is ~ereby authorized and directed to submit the proposal for the project to the Com- missioner of Securities for approval of the Project. The Mayor, the City Administrator, the City Attorney and other officers, employees and agents of the City are hereby autho- rized to provide the Commissioner of Securities with any preliminary information needed for this purpose, and the City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved by the Commissioner of Secur- ities. Mayor ATTEST: City Administrator - 3 -