07-28-03 Council Meeting Minutes

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REGULAR MEETING JULY 28, 2003 II. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds of the City under the Act in an approximate amount of $6,000,000 for the Project and the loan of the proceeds of the revenue bonds to the Company will serve the public purposes referred to above, in accordance with the Act. III. In order to induce the Company to proceed with the Project and subject to all approvals required pursuant to Act, the Common Council hereby finds, determines, ratifies and confirms that: i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Company; and ii) It will adopt such ordinances and resolution and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development bonds. IV. All costs of the Project incurred for planning, engineering, interest paid during construction, underwritten expenses, attorney and bond counsel fees, acquisition, construction and equipping of the Project, including reimbursement or repayment to the Company of moneys expended prior to the adoption by the City of this resolution would be permitted to be included as part of the Project costs to be financed out of the loan of the proceeds from the sale of the bonds to the extent permitted by the Act. V. All action taken and approvals given by the City with regard to the Company, are based upon the evidence submitted and representations made by the Company, its agents or counsel, to the Commission and the City. No independent examination, appraisal or inspection of the Project was made, requested, or is contemplated by the City. VI. The City does not, by this or any other approval or funding, guarantee, warrant or even suggest that the bonds, coupons or series thereofwill be a reasonable investment for any person, firm or corporation. VII. The City shall not be obligated, directly or indirectly, to see to the application or use of the proceeds from the sale of the bonds or to see that the contemplated improvements, if any, are constructed. VIII. The City does not warrant, guarantee or even suggest that interest to be paid to or income to be received by the holders of any bond, coupon, or series thereof is exempt from taxation by any local, state or federal government. IX. The Council anticipates that, pursuant to the Agreement, the bonds, together with the interest thereon, shall be payable solely from the Tax Increment and that the Redevelopment Commission shall take such actions as may be necessary to pledge the Tax Increment for such purpose; neither the City nor the Commission shall have any obligation with respect to the payment of principal of or interest on said bonds other than the payment of the Tax Increment as such may ^- -- -- T'----- ---- °' _W_.._ +-r,. At_,.- A -,U-11 --+ I-