Laserfiche WebLink
<br />without limitation the City), and shall not be payable out of any <br />funds or properties other than those of the City provided as <br />security by the terms hereof; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF NEW BRIGHTON, MINNESOTA: <br /> <br />Section 1. For the purpose of refunding the Ser ies 1985 <br />Notes, there is hereby author ized the issuance of the Bonds of <br />the City in an amount equal to $3,940,000. The Bonds shall be <br />in such principal amount, shall mature, shall bear interest, <br />shall be in such denomination, shall be numbered, shall be dated, <br />shall be subject to redemption prior to matur i ty, shall be in <br />such form, and shall have such other details and provisions as <br />are prescribed in the Bond, substantially in the form on file <br />with the City Clerk-Treasurer on the date hereof. <br /> <br />Section 2. The Bonds shall be special limited obligations <br />of the City payable solely from the revenues derived from <br />instruments hereinafter described and the Project. The Bonds do <br />not constitute a general obligation of the City, nor does the <br />City pledge its full faith and credit in regard to the issuance <br />of the Bonds. The City Council of the City hereby authorizes and <br />directs the Mayor of the City (the "Mayor") and the City Manager <br />(the "City Manager") to execute, and the City Clerk-Treasurer to <br />attest, under the corporate seal of the City, the Bonds, and to <br />deliver the Bonds to the purchaser or purchasers. <br /> <br />All of the provisions of the Bonds, when executed as <br />authorized herein, shall be deemed to be a part of this <br />resolution as fully and to the same extent as if incorporated <br />verbatim herein and shall be in full force and effect from the <br />date of execution and delivery thereof. The Bonds shall be <br />substantially in the form on file with the City Clerk-Treasurer <br />of the City (the "Clerk-Treasurer") on the date hereof, and are <br />hereby approved, with such necessary and appropriate variations, <br />omissions, and insertions as do not materially affect the <br />substance of the transaction and as the Mayor and City Manager, <br />in their discretion, with the advise of the City Attorney, shall <br />determine; provided that the execution thereof by the Mayor and <br />City Manager shall be conclusive evidence of such determination. <br /> <br />Section 3. The Mayor and the City Manager are hereby <br />author ized and directed to execute, and the Clerk-Treasurer to <br />attest, under the corporate seal of the City, and deliver the <br />Loan Agreement and, when executed and delivered as authorized <br />herein, the Loan Agreement shall be deemed to be a part of this <br />resolution as fUlly and to the same extent as if incorporated <br />verbatim herein and shall be in full force and effect from the <br />date of execution and delivery thereof. The Loan Agreement <br />shall be substantially in the form on file with the Clerk- <br />Treasurer on the date hereof, and is hereby approved, with such <br /> <br />-2- <br />