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88-034
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88-034
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8/8/2005 1:33:51 PM
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<br />. ~, <br /> <br />and subject to final approval by the City, the Developer and the <br />purchasers of the Bonds as to ultimate details of the financing of <br />the project; <br /> <br />5. In accordance with subdivision 5 of Section 462C.05, <br />Minnesota Statutes, the City Manager is hereby authorized and <br />directed to submit the program for financing the project to MHFA, <br />requesting its approval, and other officers, and employees and <br />agents of the City are hereby authorized to provide MHFA with <br />preliminary information as it may require; <br /> <br />6. The City Manager is hereby authorized and directed <br />to submit an application on behalf of the City for an allocation of <br />bond authority from the multifalnily housing pool maintained by the <br />State; <br /> <br />7. The Developer has agreed and it is hereby determined <br />that any and all costs incurred by the City in connection with the <br />financing of the Project whether or not the project is carried to <br />completion and whether or not approved by MHFA, and whether or not <br />an allocation is obtained, will be paid by the Developer; <br /> <br />8. Briggs and Morgan, Professional Association, acting <br />as bond counsel, and such investment bankers as may be selected by <br />the City with the consent of the Developer, are authorized to <br />assist in the preparation and review of necessary documents <br />relating to the Project and the financing program therefor, to <br />consult with the City Attorney, Developer and purchasers of the <br />Bonds (or trustee for the purchasers of the Bonds) as to the <br />maturities, interest rates and other terms and provisions of the <br />Bonds and as to the covenants and other provisions of the necessary <br />documents and submit such documents to the City for final approval; <br /> <br />9. Nothing in this Resolution or the documents prepared <br />pursuant hereto shall authorize the expenditure of any municipal <br />funds on the Project other than the revenues derived from the <br />Project or otherwise granted to the City for this purpose. The <br />Bonds shall not constitute a charge, lien or encumbrance, legal or <br />equitable, upon any property or funds of the City except the <br />revenues and proceeds pledged to the payment thereof, nor shall the <br />City be subject to any liability thereon. The holder of the Bonds <br />shall never have the right to compel any exercise of the taxing <br />power of the City to pay the outstanding principal on the Bonds or <br />the interest thereon, or to enforce payment thereon against any <br />property of the City. The Bonds shall recite in substance that the <br />Bonds, including the interest thereon, are payable solely from the <br />revenue and proceeds pledged to the payment thereof. The Bonds <br />shall not constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br /> <br />-4- <br />
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