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86-095
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86-095
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<br />of Minnesota Statutes, Chapter 474, to finance the Project <br />in an amount presently estimated not to exceed $5,800,000. <br /> <br />3. The Project and the related financing thereof by <br />the Ci ty are hereby given preliminary approval, and the <br />issuance of the Bonds for such purpose and in such estimated <br />amount is hereby approved, subject to approval of the Proj- <br />ect by the Minnesota Department of Energy and Economic De- <br />velopment (the "Department") and to the mutual agreement of <br />the Council, the Company and the initial purchasers of the <br />Bonds as to the details and provision for payment of the <br />Bonds. In all events, it is understood, however, that the <br />Bonds shall not constitute a debt of the City or a charge, <br />lien or encumbrance, legal or equitable, upon any property <br />of the City except its interest in the Project, and each of <br />the Bonds when, as and if issued shall recite in substance <br />that it is payable solely from the revenues received from <br />the Project and property pledged to the payment thereof. <br /> <br />4. In accordance with Minnesota Statutes, Section <br />474.01, Subdivision 7a, the Mayor is hereby authorized and <br />directed to submit the proposal for the Project to the De- <br />partment for approval. The Mayor and other officers, em- <br />ployees and agents of the City are hereby author ized to <br />provide the Department with any preliminary information <br />needed for this purpose and are further authorized to initi- <br />ate and assist in the preparation of such documents as may <br />be appropriate to the Project and the financing thereof. <br /> <br />5. The adoption of this resolution by the Council does <br />not consti tute a guarantee or a firm commi tment that the <br />City will issue the Bonds as requested by the Company. The <br />Ci ty retains the right in its sole discretion to withdraw <br />from participation and accordingly not issue the Bonds <br />should the City determine that it is in the best interest of <br />the City not to do so or should the parties to the transac- <br />tion be unable to reach agreement on the terms thereof. <br /> <br />Adopted by the New Brighton City Council on September <br />23, 1986. <br /> <br />R~ <br /> <br />1~~/ <br />Henry Sl , 1 ty anager <br /> <br />ATTEST: <br /> <br /> <br />Margar t A. Egan <br />Finane Director/City Clerk <br />- 3 - <br /> <br />(SEAL) <br />
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