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Section 7: The City Council of the City hereby declares its <br /> intention to recover all costs to 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 <br /> or grant any other approvals necessary for the acqui- <br /> sition, rehabilitation, construction or operation of <br /> the Project. <br /> <br />Section 9: It is further understood that the adoption of this <br /> Resolution shall not obligate in any manner the City <br /> to approve the conversion by the Developer of any <br /> portion of the Project at any time to condominium <br /> units. <br /> <br />Section 10: The law firm of Brown, Wood, Ivey, Mitchell & Petty, <br /> San Francisco, California, 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 agree- <br /> ment with said firm for such bond counsel services. <br /> <br />Section 11: The investment banking firm of Newman and Associates, <br /> Inc., Denver, Colorado, is hereby designated as invest- <br /> ment banker to the City with respect to the Bonds, and <br /> the City Manager is hereby authorized to enter into an <br /> agreement with said firm for such 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 <br /> reason 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 <br /> in 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 ReVenue <br /> Code of 1954, as amended. <br /> <br />Section 14: This Resolution shall take effect immediately upon <br /> its passage. <br /> <br /> - 3 - <br /> <br /> <br />