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3. The issuance of one or more series of revenue bonds (the "Bonds"), <br />pursuant to a Joint Powers Agreement (the "Joint Powers Agreement") between the City and <br />the Participating Jurisdictions, in substantially the form now on file in the offices of the City <br />and presented to this meeting, and all pursuant to the Acts, the Bonds to be in an aggregate <br />principal amount not to exceed approximately $15,000,000, and to be issued in part to finance <br />and refinance the Guardian Angels Projects, is hereby approved, subject to holding a public <br />hearing and the Council's approving in its sole and absolute discretion a definitive Bond <br />Resolution. <br /> <br /> 4. Guardian Angels Health Care Services, Inc, the other Borrowers, Faegre <br />& Benson LLP, as bond counsel, officers of the City, and other City representatives and <br />officials together with officers of the other Joint Powers Jurisdictions are also authorized to <br />initiate the preparation of such loan agreements, indentures and related documents as may be <br />necessary or appropriate to the financing and refinancing of the projects to be financed and <br />refinanced from the proceeds of the Bonds so that, when and if this Council gives its f'mal <br />approval thereto, such financing and refinancing may be carried out expeditiously. <br /> <br /> 5. In no event shall the Bonds ever be payable from or charged upon any <br />funds of the City other than amounts payable under the revenue agreements which are to be <br />pledged to the payment thereof; no holder of the Bonds shall ever have the right to compel the <br />exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor enforce the <br />paYment thereof.against any property of the City other thari the City's interest in the Project <br />facilities; the B6nds §hall not constitute a general or moral-'6Bligation of the City or a charge, <br />lien or encumbrance, legal or equitable, upon any property of the City; and the Bonds do not <br />constitute an indebtedness of the City within the meaning of any constitutional, statutory, or <br />charter limitation. <br /> <br />Adopted this t/F t~'day of <br /> <br />,1998. <br /> <br />-3- <br /> <br /> <br />