Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />approved by the Minnesota Department Energy and Economic Develop- <br />ment and whether or not the Project is carried to completion. We <br />also agree that the City shall not be liable on any contracts <br />necessary for the acquisition, construction or installation of <br />the Project. Should we pay any portion of the Project Costs in <br />excess of the proceeds of the Bonds, we shall not be entitled to <br />any reimbursement therefor from the City, nor shall we be entitled <br />to any diminution in or postponement of loan repayments. <br /> <br />We also agree to release the City from, and agree that <br />the City shall not be liable for, and agree to hold the City, its <br />City Council and its respective officers and employees harmless <br />against any and all losses, claims, causes of action, damages, <br />suits or liability to which the City, its officers and elnployees <br />may become subject under any law in connection with the issuance <br />and sale of the Bonds and the carrying out of any of the transac- <br />tions contemplated including any loss or damage to property or <br />any injury to or death of any person that may be occasioned by <br />any cause. whatsoever pertaining to the Project or the use there- <br />of. We further agree to reimburse the City, its officers and <br />employees, for any out-of-pocket legal and other expenses (in- <br />cluding reasonable counsel fees) incurred by the City, its offi- <br />cers and employees, in connection with investigating any such <br />losses, claims, damages or liabilities or in connection \vith <br />defending any actions relating thereto. <br /> <br />We understand that the Bonds shall be limited obliga- <br />tions of the City, and that principal and interest on the Bonds <br />shall be payable solely out of the revenues derived from amounts <br />payable to the City by the Partnership pursuant to the provisions <br />of the Loan Agreement. <br /> <br />Pursuant to Minnesota Statutes, Section 474.01, Subd. 11, <br />we shall make every effort to comply with the requirements of said <br />statute for the purpose of providing emploYlnent to those individuals <br />who are unemployed or who are economically disadvantaged and who <br />otherwise qualify for employment with the Partnership. <br /> <br />We intend to use the Job Service Bureau of the Economic <br />Security Department of the State of Minnesota as a first source <br />of employment recruitment, referral and replacement. <br /> <br />We intend to provide such reports as may be required by <br />statute to the Minnesota Department of Energy and Economic <br />Development. <br /> <br />By <br /> <br />Its <br /> <br />-2- <br />