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<br />to consult with the City Attorney, the Borrower and the purchaser of the Bonds as to the <br />maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and <br />other provisions of the necessary documents and to submit such documents to the Council for <br />final approval. <br /> <br />7. Nothing in this resolution or in the documents prepared pursuant hereto shall <br />authorize the expenditure of any municipal funds on the Project other than the revenues derived <br />from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute <br />a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except <br />the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any <br />liability thereon. The holder of the Bonds shall never have the right to compel any exercise of <br />the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, <br />or to enforce payment thereof against any property of the City. The Bonds shall recite in <br />substance that the Bonds including interest thereon, are payable solely from the revenue and <br />proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City <br />within the meaning of any constitutional or statutory limitation. <br /> <br />8. In anticipation of the issuance of the Bonds to finance a portion ofthe Project, and <br />in order that completion of the Project will not be unduly delayed when approved, Borrower is <br />hereby authorized to make such expenditures and advances toward payment of that portion of the <br />costs of the Project as Borrower considers necessary, including the use of interim, short-term <br />financing, subject to reimbursement from the proceeds of the Bonds if and when delivered but <br />otherwise without liability on the part of the City. <br /> <br />9. This resolution shall take effect immediately upon adoption. <br /> <br />Adopted by the City Council of the City of Elk River, Minnesota, this 215t day of March, 2005. <br /> <br />Mayor <br /> <br />Attest: <br /> <br />City Clerk <br />