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4 <br />537405v2 JSB NE136-263 <br /> Section 10. Commitment Conditional. The adoption of this resolution does not constitute a <br />guarantee or a firm commitment that the City will issue the Bonds as requested by the Borrower. If, as a <br />result of information made available to or obtained by the City during its review of the Project, it app ears <br />that the Project or the issuance of Bonds to finance the costs thereof is not in the public interest or is <br />inconsistent with the purposes of the Act, the City reserves the right to decline to give final approval to <br />the issuance of the Bonds. The City also retains the right, in its sole discretion, to withdraw from <br />participation and accordingly not issue the Bonds should the City Council, at any time prior to the <br />issuance thereof, determine that it is in the best interests of the City not to issue the Bonds or should the <br />parties to the transaction be unable to reach agreement as to the terms and conditions of any of the <br />documents for the transaction. <br /> <br /> Section 11. Support for Use of Tax Increment Financing. The City Council supports the use <br />of tax increment financing for the Project; provided, however, that authorization of tax increment <br />financing for the Project is solely within the discretion of the City Council following all legally required <br />proceedings pursuant to Minnesota Statues 469.174 through 469.1794. <br /> <br /> Section 12. Effective Date. This resolution shall be in full force and effect from and after its <br />passage. <br /> <br /> ADOPTED this 9th day of October 2018 by the New Brighton City Council with a vote of <br />_____ ayes and _____ nays. <br /> <br /> <br /> <br /> Valerie Johnson, Mayor <br /> <br /> <br /> <br /> <br />ATTEST: <br /> <br /> <br /> <br /> Dean R. Lotter, City Manager <br /> <br />Terri Spangrud, City Clerk <br />