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o <br /> <br />o <br /> <br />shall the City be subject to any liability thereon. The holder of the Revenue Bonds shall <br />never have the right to compel any exercise of the taxing power of the City to pay the <br />outstanding principal on the Revenue Bonds or the interest thereon, or to enforce <br />payment thereof against any property of the City. The Revenue Bonds shall recite in <br />substance that the Revenue Bonds, including interest thereon, is payable solely from the <br />revenue and proceeds pledged to the payment thereof. The Revenue Bonds shall not <br />constitute a debt of the City within the meaning of any constitutional or statutory <br />limitation. <br />It is the purpose of this resolution to evidence the commitment of the parties and their <br />intentions with respect to the proposed Project in order that the Company may proceed <br />without delay with tb.e commencement of the acquisition, installation and construction of <br />the Project with the assurance that there has been sufficient "official action" within the <br />meaning of the Internal Revenue Code of 1986, as amended, to allow for the issuance of <br />industrial revenue bonds (including, if deemed appropriate, any interim note or notes to <br />provide temporary financing thereof) to finance the entire cost of the Project upon <br />agreement being reached as to the ultimate details of the Project and its financing. <br />In anticipation of the final approval by the City of the issuance of the Revenue Bonds to <br />finance all or a portion of the Project, and in order that completion of the Project will not <br />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 <br />be financed from the proceeds of the Revenue bonds as Company considers necessary, <br />including the use of interim, short-term financing, subject to reimbursement from the <br />proceeds of the Revenue Bonds if and when delivered but otherwise without liability on <br />the part of the City. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Beyer, and upon vote being taken thereon, the following voted in favor threof: <br /> <br />Mayor Gamec <br />Councilmember Haas Steffen <br />Councilmember Beyer <br />Councilmember Beahen <br />Councilmember Zimmerman <br /> <br />and the following voted against: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />None <br /> <br />and the following were absent: <br /> <br />None <br /> <br />RESOLUTION #98-12-296 <br /> Page 3 of 4 <br /> <br /> <br />