RES 05-017 - Laserfiche WebLink

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. . . rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and to submit such documents to the Council for fInal approval. 7. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Bonds shall recite in substance that the Bonds including interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 8. In anticipation of the issuance of the Bonds to fInance a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, Borrower is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project as Borrower considers necessary, including the use of interim, short-term fInancing, subject to reimbursement from the proceeds of the Bonds if and when delivered but otherwise without liability on the part of the City. 9. This resolution shall take effect immediately upon adoption. Adopted by the City Council of the City of Elk River, Minnesota, this 22nd day of February, 2005. Attest: /' d,,(/ ~ 1"/t/.. /U;plt--t:.#7[ Schmidt, City Clerk