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<br />- ....~. ' <br /> <br />- <br />. : "'If. <br /> <br />2. On the basis of information given the. City to date, <br />it appears that it would be in the best interest of the City <br />to issue its industrial development revenue bonds, notes or <br />other obligations under the provisions of Chapter 474 to, <br />finance the Project of the Company at a cost presently esti- <br />mated not to exceed $5,500,000. <br /> <br />3. The Project is hereby given preliminary approval by <br />the City and the issuance of the bonds, notes or other obli- <br />gations for such purpose and in such amount is hereby ap- <br />proved, subject to approval of the Project by the Commis- <br />sioner of the Department of Energy, Planning and Development <br />and to the mutual agreement of this body, the Company and <br />the initial purchasers of the bonds, notes or other obliga- <br />tions as to the details of the bond issue and provisions for <br />their. payment. In all events, it is understood, however, <br />that the bond, notes or other obligations of the City shall <br />not constitute a charge, lien or encumbrance, legal or <br />equitable, upon any property of the City except the Project, <br />and each bond, note or other obligation when, as, and' if <br />issued shall reci te in substance that the bond, note 'or <br />other obligation, including interest thereon, is payable <br />s,olely from the revenues received from the Project and the <br />property pledged to the payment thereof and shall not con- <br />stitute a debt of:the City. <br /> <br />4~~. In accordance with Minnesota Statutes, Section <br />474.01, Subdivision 7(a)"the Mayor is hereby authorized and <br />directed to submit. the proposal for the Project to the ,Com- <br />missioner of the Department of Energy, Planning and Develop- <br />ment . for approval of the Project. The Mayor, the Clerk- <br />Treasurer, the City Attorney and other officers, employees <br />and agents of the City are hereby authorized to provide the <br />Commissioner of the Department of Energy, Planning and De- <br />velopment with any preliminary information needed for, this <br />purpose, and the City Attorney is authorized to initiate and <br />assist in the preparation of such documents as may be appro- <br />priate to the Project, if it is approved by the Commissioner <br />of the Department of Energy, Planning and Development. <br /> <br />Mayor <br /> <br />Attest: <br /> <br />Clerk-Treasurer <br /> <br />- 5 - <br />