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<br />-- <br /> <br />1. It is hereby determined to proceed with the publication of a notice of <br />public hearing with respect to the Series 1993 Bonds, substantially in the form <br />attached hereto as Exhibit A (the "Public Hearing Notice"). <br /> <br />2. The City Clerk-Treasurer and counsel to the City and other officers, <br />employees and agents of the City are hereby authorized and directed to publish the <br />Public Hearing Notice. <br /> <br />3. Subject to, and conditioned upon, conducting the public hearing with <br />respect to the Series 1993 Bonds, and consideration of any concerns or other matters <br />raised by any person at the public hearing, the issuance of the Series 1993 Bonds <br />is hereby given preliminary approval. This preliminary approval is further subject <br />to the mutual agreement of the City, the Developer and the initial purchaser of the <br />Series 1993 Bonds as to the details of the Series 1993 Bonds and provisions for their <br />payment and to arrangements being made, which are satisfactory to the city, with <br />respect to unsatisfied obligations of the Prior Developer to the City. In all events, <br />it is understood, however, that the Series 1993 Bonds of the City shall not constitute <br />a charge, lien or encumbrance legal or equitable upon any property of the City <br />except the Project, and the Series 1993 Bonds, when, as, and if issued, shall recite <br />in substance that the Series 1993 Bonds, including interest thereon, are payable <br />solely from the revenues received from the Project and property pledged to the <br />payment thereof, and shall not constitute a debt of the City. <br /> <br />4. Holmes & Graven, Chartered, as Bond Counsel, is hereby authorized <br />to proceed with preparation of the documents required in connection with the <br />issuance of the Series 1993 Bonds. The Mayor, City Manager and such other officers <br />and representatives of the City as may from time to time be designated are hereby <br />authorized to provide such assistance as is reasonably required in connection with <br />the preparation of such documents; provided, however, the Developer shall be <br />required to pay any and all costs incurred by or on behalf of the City in connection <br />therewith. <br /> <br />5. The Developer has agreed and it is hereby determined that any and all <br />direct and indirect costs incurred by the City in connection with the Series 1993 <br />Bonds, whether or not the City by resolution authorizes the issuance of the Series <br />1993 Bonds, will be paid by the Developer upon request. <br /> <br />4. Notwithstanding the foregoing, however, the adoption of this resolution <br />shall not be deemed to establish a legal obligation on the part of the City to issue or <br />to cause the issuance of the Series 1993 Bonds. The City reserves the right, in its <br />sole discretion, to not issue any Series 1993 Bonds, to issue less Series 1993 Bonds <br />than stated above or to place conditions or requirements on any final issuance of <br />such Series 1993 Bonds. All details of the Series 1993 Bonds and the provision for <br />payment thereof shall be subject to such further conditions as the City may specify. <br /> <br />- Adopted by the City Council of the City of New Brighton, Minnesota this 27th <br />day of AJ>ril, 1993. ~~ - <br /> <br /> <br />ayor <br />ATTEST: <br /> <br />~~ <br />City Clerk-Treasu er <br /> <br />LmS2460 <br />NE136-102 <br /> <br />2 <br />