05-24-04 Council Meetng Minutes - Laserfiche WebLink

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REGULAR MEETING MAY 24, 2004 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 Applicant; 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. Section 4. All costs of the Project incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, construction and equipping of the Project, including reimbursement or repayment to the Applicant 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 and applicable regulations promulgated under the Internal Revenue Code of 1986, as amended. Section 5. All action taken and approvals given by the City with regard to the Applicant, are based upon the evidence submitted and representations made by the Applicant, 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. Section 6. The City does not, by this or any other approval or funding, guarantee, warrant or even suggest that the bonds, coupons or series thereof will be a reasonable investment for any person, firm or corporation. Section 7. 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. The City is in no way responsible to the holders of any bonds for any payment obligation created by the bonds. Section 8. 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, sate or federal government. Section 9. The bonds shall be limited, special obligations of the City payable solely from the funds provided therefore as described in the indenture authorizing the bonds, and shall not constitute an indebtedness of the Commission or the City or a loan of the credit thereof. Section 10. This resolution does not constitute a binding obligation of the Commission or the City to issue the bonds, but instead, is a commitment by the City to proceed with negotiations for the financing described herein with the Applicant and is subject to the adoption of a bond ordinance by the City in accordance with the provision of the Act. Section 11. This resolution shall be in full force and effect upon adoption by the Common Council and compliance with the procedures required by law. Attest: s /John Voorde, City Clerk s/Karen L. White Member of the Common Council 20