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<br />....~ <br />'~ <br />1 <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. Pursuant to Minnesota Statutes, Section 472A.02, <br />Subdi vision 5 (a), the Project is a commercial development <br />project because its site qualifies and has already been <br />designated and established by the City Council as a redevel- <br />opment tax increment financing district pursuant to Minne- <br />sota Statutes, Section 273.73, Subdivision 10. The officers <br />of the Ci ty are hereby author ized to take such actions as <br />they may deem desirable or necessary to assist the Company <br />in obtaining an allocation of bonding author i ty from the <br />State of Minnesota for the Project. <br /> <br />5. The adoption of this resolution by the Council does <br />not constitute a guarantee or a firm commitment that the <br />City will issue the Bonds as requested by the Company. The <br />Ci ty retains the right in its sole discret ion to wi thdraw <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 9, <br />1986. <br /> <br />~ <br /> <br />Robert J. Benke, Mayor <br /> <br /> <br /> <br />Henry Sin <br /> <br />Bargar t A. Egan <br />Finance Director/City Clerk <br /> <br />( SEAL) <br /> <br />- 3 - <br />