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5) <br /> <br />That ti~e Borrower has agreed to pay any and all costs incurred by the City in <br />conn~.tion with the Project whether or not the Project is approved by the Minnesota <br />Department of Trade and Economic Development and whether or not the Project is <br />(:arricd to completion. <br /> <br />6) <br /> <br />Timt lhe Project is hereby given preliminary approval by the City subject to <br />approval of the Project by the Minnesota Department of Trade and Economic <br />Development and subject to f'mal approval by this Council and by the purchasers of <br />any bo;ids to be issued as to the ultimate details of the Project and as to the terms of <br />thc bo~ds. <br /> <br />7) <br /> <br />'l'ha~ in accordance with the requirements of the Act, the Mayor, the City Clerk, and <br />such other officers and representatives of the City as may from time to time be <br />designated are hereby authorized and directed to submit the proposal for the Project <br />to the Minnesota Department of Trade and Economic Development and request its <br />approval thereof, and the Mayor, the City Clerk, and other officers, employees and <br />agents of the City are hereby authorized to provide the Department with such <br />prelitn~.nary information as it may require. The Borrower, Faegre & Benson, as <br />bond c,mnsel, the City Clerk, the City Attorney, and other City officials are also <br />authori zed to initiate the preparation of a proposed loan agreement and such other <br />docum~.mts as may be necessary or appropriate to the Project so that, when and if <br />thc proposed Project is approved by the Department and this Council gives its final <br />approv:~.l thereto, the Project may be carded forward expeditiously. <br /> <br />8) <br /> <br />That th,~ Borrower is hereby authorized to enter into such contracts, in its own name <br />and not as agent for the City, as may be necessary for the carrying out of the Project <br />by any means available to it and in the manner it determines, without advertisement <br />fi~r bids as may be required for the acquisition or construction of municipal <br />fitciliti.e.s~ but the City shall not be liable on any such contracts. <br /> <br />Thc motion _for the adoption of the foregoing resolution was duly seconded by <br />Councilmcmb,-',r Cich and upon vote being taken thereon, the following voted in favor <br />thercot': <br /> <br />Mayor ~.{eimann <br />Councii member Pearson <br />Counc. i~member Cich <br />Councilmember DeLuca <br />Counci}member Peterson <br /> <br />and thc followi~g voted against the same: <br /> <br />and the followi.~ tg abstained: <br /> <br />and the fi~llowing were absent: <br /> <br />Resolution #90-06-173 <br />Page 2 of 3 <br /> <br /> <br />