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Section 7: The City Council of the City hereby declares its <br /> intention to recover all costs to the City which are <br /> incurred in furtherance of or attributable to the <br /> issuance of Bonds hereunder. If no Bonds are issued, <br /> such costs shall be paid by the Developer. <br /> <br />Section 8: It is understood that the adoption of this Resolution <br /> shall not obligate in any manner the City or any City <br /> official to approve any application or request by the <br /> Developer for environmental, zoning or other permits or <br /> grant any other approvals necessary for the acquisition, <br /> rehabilitation, construction or operation of the <br /> Project. <br /> <br />Section 9: It is further understood that the adoption of this <br /> Resolution shall not obligate in any manner the City to <br /> approve the conversion by the Developer of any portion <br /> of the Project at any time to condominium units. <br /> <br />Section 10: The law firm of Orrick, Herrington, Sutcliffe, a <br /> professional corporation, is hereby designated as bond <br /> counsel to the City with respect to the Bonds, and the <br /> City Manager is hereby authorized to enter into an <br /> agreement with said firm for such bond counsel services. <br /> <br />Section 11: The investment banking firm of FISER, is hereby <br /> designated as investment banker to the City with respect <br /> to the Bonds, and the City Manager is hereby authorized <br /> to enter into an agreement with said firm for such <br /> banking services. <br /> <br />Section 12: Nothing herein contained shall be deemed to create <br /> any liability on the part of the City if, in its sole <br /> discretion, it determines at any time and for any reason <br /> not to finance the Project or to issue the Bonds. <br /> <br />Section 13: It is the purpose and intent of the City that this <br /> Resolution constitute official action toward the <br /> issuance of obligations by the City for the Project in <br /> accordance with Section 1,103-8(a)(5)(iii) of the <br /> regulations promulgated by the United States Department <br /> of the Treasury under Section 103 of the Internal <br /> Revenue Code of 1954, as amended. <br /> <br />Section 14: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br />THIS RESOLUTION ADOPTED JANUARY 22, 1985 BY THE FOLLOWING VOTE: <br /> <br /> <br />