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the price bid by a purchaser under a public bid procedure after reasonable public <br /> notice, with the proviso that all liens and encumbrances on the property being sold <br /> that negatively affect the value of such property, will be paid and released at the <br /> time of acquisition by the purchaser. <br /> "G.O. Bonding Legislation"—means the legislation delineated in Recital Nos. <br /> 1 and 2 hereinabove as the G.O. Bonding Legislation. <br /> "G.O. Bonds" -means that portion of the state general obligation bonds issued <br /> under the authority granted in Article XI, § 5(a) of the Minnesota Constitution, the <br /> proceeds of which are used to fund the G.O. Grant and any state bonds issued to <br /> refund or replace such bonds. <br /> "G.O. Compliance Legislation" - means Minn. Stat. § 16A.695 as such may <br /> subsequently be amended, modified or replaced from time to time unless such <br /> amendment, modification or replacement imposes an unconstitutional impairment <br /> of a contract right. <br /> "G.O. Grant" means a grant of monies from the Council to the Grantee in the <br /> amount identified as the "G.O. Grant" in Section 2.01 (b) to this Agreement, as the <br /> amount thereof may be modified under the provisions contained herein. <br /> "Governmental Program" means the operation of the Real Property and the <br /> Facility for the purpose specified and identified in Recital No. 5 of this Agreement <br /> as the Governmental Program. <br /> "Grantee" - means the entity identified as the "Grantee" in the lead-in <br /> paragraph of this Agreement. <br /> "Initial Acquisition and Betterment Costs" — means the cost to acquire the <br /> Grantee's ownership interest in the Real Property and Facility if the Grantee does <br /> not already possess the required ownership interest, and the costs of betterments of <br /> the Real Property and Facility; provided, however, the Council and the <br /> Commissioner of MMB are not bound by any specific amount of such alleged costs <br /> unless consented to in writing. <br /> "Inspecting Engineer", if any - means the Council's construction inspector, or <br /> its designated consulting engineer. <br /> "Outstanding Balance of the G.O. Grant—means the portion of the G.O. Grant <br /> that has been disbursed to or on behalf of the Grantee minus any portion thereof <br /> previously paid back to the Commissioner of MMB. <br /> "Ownership Value", if any — means the value, if any, of the Grantee's <br /> ownership interest in the Real Property and Facility that existed concurrent with the <br /> Grantee's execution of this Agreement. Such value shall be established by way of <br /> 7 <br />