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84-023 RES
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84-023 RES
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5/12/2015 11:41:00 AM
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City Government
type
RES
date
9/17/1984
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6. Briggs and Morgan, Professional Association, acting as <br /> bond counsel, and First National Bank of Minneapolis are <br /> • authorized to assist in the preparation and review of necessary <br /> documents relating to the Project, to consult with the City <br /> Attorney, Company and the purchaser of the Revenue Bonds as to <br /> the maturities, interest rates and other terms and provisions <br /> of the Revenue Bonds and as to the covenants and other <br /> provisions of the necessary documents and to submit such <br /> documents to the Council for final approval; <br /> 7. Nothing in this resolution or in the documents pre- <br /> pared pursuant hereto shall authorize the expenditure of any <br /> municipal funds on the Project other than the revenues derived <br /> from the Project or otherwise granted to the City for this <br /> purpose. The Revenue Bonds shall not constitute a charge, lien <br /> or encumbrance, legal or equitable, upon any property or funds <br /> of the City except the revenue and proceeds pledged to the <br /> payment thereof, nor shall the City be subject to any liability <br /> thereon. The holder of the Revenue Bonds shall never have the <br /> right to compel any exercise of the taxing power of the City to <br /> pay the outstanding principal on the Revenue Bonds or the <br /> interest thereon, or to enforce payment thereof against any <br /> property of the City. The Revenue Bonds shall recite in <br /> substance that the Revenue Bonds, including interest thereon, <br /> is payable solely from the revenue and proceeds pledged to the <br /> payment thereof. The Revenue Bonds shall not constitute a debt <br /> of the City within the meaning of any constitutional or <br /> • statutory limitation; <br /> 8. In anticipation of the approval by the Authority the <br /> issuance of the Revenue Bonds to finance all or a portion of <br /> the Project, and in order that completion of the Project will <br /> not be unduly delayed when approved, Company is hereby <br /> authorized to make such expenditures and advances toward <br /> payment of that portion of the costs of the Project to be <br /> financed from the proceeds of the Revenue Bonds as Company con- <br /> siders necessary, including the use of interim, short-term <br /> financing, subject to reimbursement from the proceeds of the <br /> Revenue Bonds if and when delivered but otherwise without <br /> liability on the part of the City; <br /> 9. The actions of the City Clerk in causing public notice <br /> of the public hearing and in describing the general nature of <br /> the Project and estimating the principal amount of the Revenue <br /> Bonds to be issued to finance the Project and in preparing a <br /> draft of the proposed application to the Authority, for <br /> • <br />
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