85-076C - Laserfiche WebLink

Home Browse Search

~ l . t issuance of the Bonds for such purpose and in such estimated amount is hereby approved, subject to approval of the Proj- ect by the Minnesota Department of Energy and Economic De- velopment (the "Department") and to the mutual agreement of the Council, the Company and the initial purchasers of the Bonds as to the details and provision for payment of the Bonds. In all events, it is understood, however, that the Bonds shall not constitute a debt of the City or a charge, lien or encumbrance, legal or equitable, upon any property' of the City except its interest in the Project, and each of the Bonds when, as and if issued shall recite in substance that it is payable solely from the revenues received from the Project and property pledged to the payment thereof. 4. In accordance with Minnesota Statutes, Section 474.01, Subdivision 7a, the Mayor is hereby authorized and directed to submit the proposal for the Project to the De- partment for approval. The Mayor and other off icers, em- ployees and agents of the City are hereby authorized to provide the Department with any preliminary information needed for this purpose and are further authorized to initi- ate and assist in the preparation of such documents as may be appropriate to the Project and the financing thereof. 5. The adoption of this resolution by the Council does not constitute a guarantee or a firm commitment that the City will issue the Bonds as requested by the Company. The Ci ty retains the right in its sole discretion to wi thdraw from participation and accordingly not issue the Bonds should the City determine that it is in the best interest of the City not to do so or should the parties to the transac- tion be unable to reach agreement on the terms thereof. Adopted by the New Br ighton City Council on July 23, 1985. - 3 -