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<br />Attest: <br /> <br />. J--4~ t1. ~~~ <br />Clerk ;/ <br /> <br /> <br />. <br /> <br />. <br /> <br />7. Nothing in this resolution or in the documents prepared <br />pursuant hereto shall authorize the expenditure of any municipal <br />funds on the proj ect 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 /> <br />Adopted by the City Council of the City of Elk River, <br />Minnesota, this 18th day of May, 1992. <br /> <br />1f;y JI $4<v<,r.> <br /> <br />Vice Mayor <br /> <br />631363 <br /> <br />4 <br />