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79-004 RES
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79-004 RES
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4/2/2015 12:36:29 PM
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City Government
type
RES
date
4/16/1979
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approved by the Commissioner will be paid by the Company . The <br /> exact amount of Bonds shall be determined prior to further <br /> . resolution on said subject, after consultation by the City and <br /> the Company with Briggs and Morgan, Professional Association, <br /> Bond Counsel, Piper, Jaffray & Hopwood, Incorporated, <br /> investment bankers, and the City Attorney. <br /> 5 . Briggs and Morgan, Professional Association, and <br /> Piper, Jaffray & Hopwood , Incorporated, are authorized to <br /> assist in the preparation and review of necessary documents <br /> relating to the Project, and to consult with the City' s fiscal <br /> consultant, the City Attorney, and representatives of the <br /> Company and the purchasers of the Bonds and any Interim Bonds <br /> as to the maturities, interst rates and other terms and <br /> provisions of the Bonds and any Interim Bonds and the <br /> covenants and other provisions of the necessary documents and <br /> to submit such documents to the City Council for final <br /> approval; <br /> 6 . Nothing in this resolution or in the documents <br /> prepared hereto shall authorize the expenditure of any City <br /> funds on the Project other than the revenues desired therefrom <br /> or the proceeds of the Bonds and any interim notes or other <br /> funds properly available to the City for this purpose. <br /> Neither the Bonds nor any Interim Bonds shall constitute a <br /> charge, lien or encumbrance, legal or equitable, upon any <br /> • property or funds of the City except the revenues pledged to <br /> the payment thereof nor shall the City be subject to any <br /> liability .thereon. No holder of any Bond or Interim Bonds <br /> shall ever have the right to compel any exercise of the <br /> taxing power of• the City to pay any such Bond or interim note <br /> or the interest thereon, nor to enforce payment thereof <br /> against any property of the City. Each Bond or Interim Bonds, <br /> including interest thereon, is payable solely from the <br /> revenues pledged to the payment thereof. No Bond or Interim <br /> Bonds issued hereunder shall constitute a debt of the City <br /> within the meaning of any constitutional or statutory <br /> limitation; <br /> 7 . In anticipation of the approval by the Commis- <br /> sioner of Securities and the issuance of the Bonds to finance <br /> all or a portion of the Project, and in order that completion <br /> of the Project will not be unduly delayed when approved, the <br /> Company is hereby authorized to make such expenditures and <br /> advances toward payment of that portion of the costs of the <br /> Project to be financed from the proceeds of the Bonds or <br /> Interim Bonds as the Company considers necessary, including <br /> 110 <br />
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