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81-055 RES
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81-055 RES
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5/11/2015 1:56:31 PM
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City Government
type
RES
date
10/30/1981
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5. The Company has agreed and it is hereby determined that any <br /> • and all costs incurred by the City in connection with the financing of <br /> the Project whether or not the Project is carried to completion and <br /> whether or not approved by the Commissioner will be paid by the <br /> Company; <br /> 6 . Larkin, Hoffman, Daly & Lindgren, Ltd . , acting as bond <br /> counsel , is authorized to assist in the preparation and review of <br /> necessary documents relating to the Project, to consult with the <br /> Company and the purchaser of the Revenue Bonds as to the maturities , <br /> interest rates and other terms and provisions of the Revenue Bonds and <br /> as to the covenants and other provisions of the necessary documents <br /> and to submit such documents to the Council for final approval; <br /> 7. Nothing in this resolution or in the documents prepared <br /> pursuant hereto shall authorize the expenditure of any municipal funds <br /> on the Project other than the revenues derived from the Project or <br /> otherwise granted to the City for this purpose. The Revenue Bonds <br /> shall not constitute a charge , lien or encumbrance , legal or <br /> equitable, upon any property or funds of the City except the revenue <br /> and proceeds pledged to the payment thereof , nor shall the City be <br /> subject to any liability thereon. The holder of the Revenue Bonds <br /> shall never have the right to compel any exercise of the taxing power <br /> of the City to pay the outstanding principal on the Revenue Bonds or <br /> the interest thereon, or to enforce payment thereof against any <br /> property of the City. The Revenue Bonds shall recite in substance <br /> • that the Revenue Bonds , including interest thereon, are payable solely <br /> from the revenue and proceeds pledged to the payment thereof. The <br /> Revenue Bonds shall not constitute a debt of the City within the <br /> meaning of any constitutional or statutory limitation; <br /> 8. In anticipation of the approval by the Commissioner of <br /> Securities and Real Estate and the issuance of the Revenue Bonds to <br /> finance all or a portion of the Project, and in order that completion <br /> of the Project will not be unduly delayed when approved , the Company <br /> is hereby authorized at its risk to make such expenditures and <br /> advances toward payment of that portion of the costs of the Project to <br /> be financed from the proceeds of the Revenue Bonds as the Company <br /> considers necessary, including the use of interim, short-term <br /> financing , subject to reimbursement from the proceeds of the Revenue <br /> Bonds if and when delivered but otherwise without liability on the <br /> part of the City; <br /> 9 . The adoption of this Resolution does not constitute a <br /> guarantee or a firm commitment that the City will issue the Revenue <br /> Bonds as requested by the Company. The City retains the right in its <br /> sole discretion to withdraw from participation and accordingly not <br /> issue the Revenue Bonds should the City at any time prior to the <br /> issuance thereof determine that it is in the best interests of the <br /> City not to issue the Revenue Bonds or should the parties to the <br /> transaction be unable to reach agreement as to the terms and condi- <br /> tions of any of the documents required for the transaction; and <br /> 4 . <br />
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