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payable solely from the revenue and proceeds pledged to the payment thereof. <br />The Revenue Bonds shall not constitute a debt of the City within the meaning <br />of any constitutional or statutory limitation. <br /> <br />It is the purpose of this resolution to evidence the commitment of the parties <br />and their intentions with respect to the proposed Project in order that the <br />Company may proceed without delay with the commencement of the <br />acquisition and renovation of the Project with the assurance that there has <br />been sufficient "official action" within the meaning of the Internal Revenue <br />Code of 1986, as amended, to allow for the issuance of multifamily revenue <br />bonds (including, if deemed appropriate, any interim note or notes to provide <br />temporary financing thereof) to finance the entire cost of the Project upon <br />agreement being reached as to the ultimate details of the Project and its <br />financing. <br /> <br />In anticipation of the final approval by the City of the issuance of the Revenue <br />Bonds to finance all or a portion of the Project, and in order that completion of <br />the Project will not be unduly delayed when approved, the Company is hereby <br />authorized to make such expenditures and advances toward payment of that <br />portion of the costs of the Project to be financed from the proceeds of the <br />Revenue Bonds as Company considers necessary, including the use of interim, <br />short-term financing, subject to reimbursement from the proceeds of the <br />Revenue Bonds if and when delivered but otherwise without liability on the <br />part of the City. <br /> <br />Passed and adopted by the City Council of the City of Elk River this 22nd day of <br />November, 1999. <br /> <br />S~eph~nie Klinzing, ~ <br /> <br />ATTzEgST: ~: ~ ~ <br /> <br />~andra ~i Peine, Cit~ Clerk' <br /> <br /> <br />