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05-24-04 Council Meetng Minutes
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05-24-04 Council Meetng Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
5/24/2004
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REGULAR MEETING MAY 24, 2004 <br />Common Council hereby finds, determines, ratifies and confirms that: <br />i) It will take or cause to be taken such actions pursuant to the Act as may be <br />Reasonably required to implement the aforesaid financing, or as it may <br />Deem reasonably appropriate in pursuance thereof, provided that all of the <br />foregoing shall be mutually acceptable to the City and the Applicant; and <br />ii) It will adopt such ordinances and resolution and authorize the execution and <br />delivery of such instruments and the taking of such action as may be <br />reasonably necessary and advisable for the authorization, issuance and sale <br />of said economic development bonds. <br />Section 4. All costs of the Project incurred for planning, engineering, interest <br />paid during construction, underwriting expenses, attorney and bond counsel fees, <br />acquisition, construction and equipping of the Project, including reimbursement or <br />repayment to the Applicant of moneys expended prior to the adoption by the City of this <br />resolution would be permitted to be included as part of the Project costs to be financed <br />out of the loan of the proceeds from the sale of the bonds to the extent permitted by the <br />Act and applicable regulations promulgated under the Internal Revenue Code of 1986, as <br />amended. <br />Section 5. All action taken and approvals given by the City with regard to the <br />Applicant, are based upon the evidence submitted and representations made by the <br />Applicant, its agents or counsel, to the Commission and the City. No independent <br />examination, appraisal or inspection of the Project was made, requested, or is <br />contemplated by the City. <br />Section 6. The City does not, by this or any other approval or funding, guarantee, <br />warrant or even suggest that the bonds, coupons or series thereof will be a reasonable <br />investment for any person, firm or corporation. <br />Section 7. The City 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 <br />contemplated improvements, if any, are constructed. The City is in no way responsible to <br />the holders of any bonds for any payment obligation created by the bonds. <br />Section 8. The City does not warrant, guarantee or even suggest that interest to be <br />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, sate or federal government. <br />Section 9. The bonds shall be limited, special obligations of the City payable <br />solely from the funds provided therefore as described in the indenture authorizing the <br />bonds, and shall not constitute an indebtedness of the Commission or the City or a loan of <br />the credit thereof. <br />Section 10. This resolution does not constitute a binding obligation of the <br />Commission or the City to issue the bonds, but instead, is a commitment by the City to <br />proceed with negotiations for the financing described herein with the Applicant and is <br />subject to the adoption of a bond ordinance by the City in accordance with the provision <br />of the Act. <br />Section 11. This resolution shall be in full force and effect upon adoption by the <br />Common Council and compliance with the procedures required by law. <br />Attest: <br />s /John Voorde, City Clerk <br />s/Karen L. White <br />Member of the Common Council <br />20 <br />
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