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<br />... <br /> <br />/~ <br /> <br />Holder of the Bond shall ever have the right to compel <br />the exercise of the taxing power of the City to pay the <br />Bond or the interest thereon, nor to enforce payment <br />thereof against any property of the City; the Bond <br />shall not constitute a charge, lien or encumbrance, <br />legal or equitable, upon any property of the City; and <br />such Bond does not constitute an indebtedness of the <br />Ci ty wi thin the meaniIlg of any constitutional or statu- <br />tory limitation. <br /> <br />(i) No member of the City Council (i) has a <br />direct or indirect interest in the Project, the Loan <br />Agreement, the Assignment or Bond, (ii) owns any capital <br />stock of or other interest in the Project or the Bank, <br />(iii) will be involved in supervising the completion of <br />the Project on behalf of the Partnership, or (v) will <br />receive any commission, bonus or other remuneration for <br />or in respect of the Project, the Loan Agreement or the <br />Bond. <br /> <br />5. ~roval and Execution of Documents. The forms of <br />Mortgage, Loan Agreement, Lease Assignment, Guaranty Agreement <br />and Assignment referred to in paragraph 3 are approved. The Loan <br />Agreement and Assignment shall be executed in the name and on <br />behalf of the City by the Mayor and the City Clerk, in substanti- <br />ally the form on file, but with all such changes therein, not <br />inconsistent with the Act or other law, as may be approved by the <br />Mayor, City Manager or City Attorney, which approval shall be <br />conclusively evidenced by the execution thereof. The Mortgage, <br />Lease Assignment and Guaranty Agreement may contain such revisions <br />as may be approved by the Bank, the Guarantor or the Partnership, <br />as the case may be. <br /> <br />6. ~roval of Terms and Sale of Bond. The city shall <br />proceed forthw1th~o-rssue its city of New Brighton Industrial <br />Development Revenue Bond (D & K Partnership Project), in the <br />authorized principal amount of $400,000 substantially in the <br />form, maturing, bearing interest, payable in the installments and <br />otherwise containing the provisions set forth in the form of Bond <br />attached hereto as Exhibit 1, which terms and provisions are <br />hereby approved and incorporated in this Bond Resolution and made <br />a part hereof. <br /> <br />A single Bond, substantially in the form of Exhibit 1 <br />to this Bond Resolution, shall be issued and delivered to the <br />Bank in the authorized principal amount of $400,000 and as auth- <br />orized by the Act, principal of and interest on the Bond shall be <br />payable at the office of the Bank in Minneapolis, Minnesota. The <br />proposal of the Bank to purchase such Bond at a price of $400,000 <br />(100% of par value) is hereby found and determined to be reasonable <br />and is hereby accepted. Pursuant to the Loan Agreement the Bank <br />has agreed to pay the purchase price of the Bond in installments <br />up to the authorized principal amount of the Bond to provide <br /> <br />-4- <br />