5.4. SR 01-10-2000 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, that: 1. The City Council shall hold a public hearing on the Housing Program and the issuance of the Bonds on Monday, January 24, at 6:00 o'clock p.m. at the City Hall, 13065 Orono Parkway, Elk River, Minnesota. Publication of a legal notice in connection therewith, substantially in the form attached hereto as Exhibit D, is hereby ratified and confirmed. 2. The Housing Program is hereby given preliminary approval and the proposal to finance and refinance the Projects is hereby given preliminary approval, subject to holding a public hearing thereon and the Council's adoption in its ole and absolute discretion of a definitive Bond Resolution. 3. The issuance of one or more series of revenue bonds (the "Bonds"), pursuant to a Joint Powers Agreement (the "Joint Powers Agreement") between the City and the other Participating Jurisdiction, in substantially the form now on file in the offices of the City and presented to this meeting, and all pursuant to the Acts, the Bonds to be in a aggregate principal amount not to exceed approximately $10,000,000, and to be issued to finance and refinance the Projects, is hereby approved, subject to holding a public hearing thereon and the Council's approving in its sole and absolute discretion a definitive Bond Resolution. 4. Evans Park, Inc., the other Borrower, Dorsey & Whitney LLP, as bond counsel, officers of the City, and other City representatives and officials, together with officers of the other Joint Powers Jurisdiction, are also authorized to initiate the preparation of such loan agreements, indentures and related documents as may be necessary or appropriate to the financing and refinancing of the projects to be financed and refinanced from the proceeds of the Bonds so that, when and if this Council gives its final approval thereto, such financing and refinancing may be carried out expeditiously. 5. In no event shall the Bonds ever be payable from or charged upon any funds of the City other than amounts payable under the revenue agreement which are to be pledged to the payment thereof; no holder of the Bonds shall ever have the right to compel the exercise of the taxing power of the City to pay the Bonds or the interest thereon, or enforce the payment thereof against any property of the City other than the City's interest in the Project facilities; the Bonds shall not constitute a general or moral obligation of the City or a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the Bonds do not constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter limitation.