Laserfiche WebLink
<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />relating to the Project, to consult with the City Attorney, the <br />Company and the purchaser of the Revenue Bonds as to the <br />maturities, interest rates and other terms and provisions of the <br />Revenue Bonds and as to the covenants and other provisions of the <br />necessary documents, and to submit such documents to the Council <br />for final approval. <br /> <br />8. Nothing in this resolution or in the documents prepared <br />pursuant hereto shall authorize the expenditure of any municipal <br />funds on the Project other than the revenues derived from the <br />Project or otherwise granted to the City for this purpose. The <br />Revenue Bonds shall not constitute a charge, lien or encumbrance, <br />legal or equitable, upon any property or funds of the City except <br />the revenue and proceeds from the Project or otherwise provided by <br />the Company and pledged to the payment thereof, nor shall the City <br />be subject to any liability thereon. The holder of the Revenue <br />Bonds shall never have the right to compel any exercise of the <br />taxing power of the City, to pay the outstanding principal of the <br />Revenue Bonds or the interest thereon, or to enforce payment <br />thereof against any property of the city. The Revenue Bonds shall <br />recite in substance that the Revenue Bonds, including interest <br />thereon, are payable solely from the revenue and proceeds pledged <br />to the payment thereof. The Revenue Bonds shall not constitute a <br />debt of the City within the meaning of any constitutional or <br />statutory limitation. <br /> <br />9. In anticipation of the approval by the Commissioner and <br />the issuance of the Revenue Bonds to finance all or a portion of <br />the Project, and in anticipation that the City will procure and <br />devote to the Revenue Bonds an adequate allocation of authority to <br />issue private activity bonds (Which allocation is not made hereby), <br />and in order that completion of the Project will not be unduly <br />delayed when approved, the Company is hereby authorized to make <br />such expenditures and advances toward payment of that portion of <br />the costs of the Project to be financed from the proceeds of the <br />Revenue Bonds as the Company considers necessary, including the use <br />of interim, short-term financing, subject to reimbursement from the <br />proceeds of the Revenue Bonds if and when delivered but otherwise <br />without liability on the part of the City. <br /> <br />Adopted by the ci ty <br />Minnesota, this 27th day of <br /> <br />Attest: <br /> <br />~'/~4 <br />Clerk <br /> <br />Council of the City of Elk <br />APril' 1992. <br /> <br />J~ A- ;;J1J <br /> <br />Mayor <br /> <br />River, <br /> <br />629585.01 <br />