Laserfiche WebLink
4. All costs of the Project incurred for planning, engineering, interest paid <br />during constructing, underwriting expenses, attorney and bond counsel fees, and acquisition, <br />installation and equipping of the Project will be permitted to be included as part of the costs of <br />the Project to be financed out of the loan of the proceeds from the sale of the bonds to the extent <br />permitted by the Act and applicable regulations promulgated under the Internal Revenue Code of <br />1986, as amended. <br />5. All action taken and approvals given by the Commission with regard to <br />the Applicant are based upon the evidence submitted and representations made by the Applicant. <br />No independent examination, appraisal or inspection of the Project was made, requested, or is <br />contemplated by the Commission or the City. <br />6. The Commission does not, by this or any other approval or finding, <br />guarantee, warrant or even suggest that the bonds, coupons or series thereof will be a reasonable <br />investment for any person, firm or corporation. <br />7. The Commission shall not be obligated, directly or indirectly, to see to the <br />application or use of the proceeds from the sale of the bonds or to see that the contemplated <br />improvements, if any, are constructed. The Commission is in no way responsible to the holders <br />of any bonds for any payment obligation created by the bonds. <br />8. The Commission does not warrant, guarantee or even suggest that interest <br />to be paid to or income to be received by the holders of any bond, coupon, or series thereof is <br />exempt from taxation by any local, state or federal government. <br />9. The bonds shall be special, limited obligations of the City payable solely <br />from the funds provided therefor as described in the indenture authorizing the bonds, and shall <br />not constitute an indebtedness of the Commission or the City or a loan of the credit thereof <br />within the meaning of any constitutional or statutory provisions. <br />10. This resolution does not constitute a binding obligation of the Commission <br />or the City to issue the bonds, but instead, is a commitment by the Commission to proceed with <br />negotiations for the financing described herein with the Applicant and is subject to the adoption <br />of a bond ordinance by the fiscal body of the City in accordance with the provisions of the Act. <br />11. The Commission hereby approves the form of the Common Council <br />Resolution and recommends that it be adopted by the Common Council in substantially the same <br />form as a resolution, and the Commission hereby directs that copies of this resolution, and the <br />form of the Common Council Resolution be transmitted to the Clerk of the City for presentation <br />to the Common Council with the recommendation that the Common Council Resolution be <br />adopted as a resolution. <br />s + + ** <br />-3- <br />dms.us.53705739.01 <br />