Agenda - Council - 10/28/1980 - Laserfiche WebLink

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to undertake the Project and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve its tax base and provide the range of service and employment opportunities required by its population, to help prevent the movement of talented and educated persons out of the State and to areas within the State where their services may not be as effectively used, to promote more intensive development and use of land within the City and to eventually increase the City's tax base; 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Commissioner of Securities and subject to final approval by this Council, the Borrower and the purchaser of the Bond as to the ultimate details of the financing of the Project; 4. In accordance with Subdivision 7a of Section 474.01, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the above - described Project to the Commissioner of Securities, requesting her approval, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require; 5. The Borrower has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the Project is carried to completion and whether or not approved by the Commissioner will be paid by the Borrower; 6. Nothing in this resolution or in the documents pre- pared pursuant hereto will authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bond will not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenues and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder or holders from time to time of the Bond will never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bond or the interest thereon or to enforce payment thereof against any property of the City. The Bond will recite in substance that the Bond, including interest thereon, is payable solely from the revenues and proceeds pledged to the payment thereof. The Bond will not constitute a debt of the City within the meaning of any constitutional or statutory limitation; 4