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of thc City. The Notes shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. (I) It is desirable, feasiblc and consistent with thc objccts and purposcs of thc Act to issue the Notes, for thc purpose of financing the costs of the Project. 1.2 Authorization and Ratification of Proiect. The City has heretofore and does hereby authorize the Borrowcr, in accordance with the provisions of the Act and subject to the terms and conditions imposed by the Lender, to provide for the refinancing and acquisition ofthe Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisition of other municipal facilities; and the City hereby ratifies, aftirnls, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority. SECTION 2. THE NOTES. 2.1 Authorized Amount and Form of Notes. The Notes issued pursuant to this Resolution shall be in substantially the form submitted to the Council on the date hereof, and shall mature in the years and amounts and be subject to rcdcmption as thcrein specificd, as such may be modified by agreement of the Lender, the Borrower and the City; and the total aggregate principal amount of the Notes that may be outstanding hereunder is expressly limited to $5,006,800, unless a duplicate Note is issued pursuant to Section 2.7. The Notes shall bear interest, initially at a rate of 5.25% per annum for five years and then at a variable rate adjusted every five years with a maximum interest rate of 7.75% and a minimum intcrcst ratc of 5.25%. The offer of the Lender to purchase the Notes at a purchase price of $5,006,800 is hereby accepted. 2.2 The Notes. The Notes shall be dated as ofthe date of delivery to the Lender, shall be payable at the times and in the manner, shall bear interest at the rate, and shall be subject to such other terms and conditions as are set forth therein. 2.3 Execution. The Notcs shall be executed on behalf of the City by the manual or facsimile signatures of its Mayor and City Administrator and shall be sealed with the seal of the City; provided that the seal may he intentionally omitted as provided by law. ln case any officer whose signature shall appear on the Notes shall cease to be such officer before the delivery of the Notes, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such signatory had remained in office until delivery. In the event of the absence or disability of the Mayor or the City Administrator such officers of the City as, in the opinion of the City Attorney, may act in their behalf, shall without further act or authorization of the City Council execute and deliver the Notes. 2.4 Deliverv of Initial Notes. Before delivery of the Notes there shall be filed with the Lender (except to the extent waived by the Lender) the following items: (a) an executed copy of each of the following documents: (i) the Loan Agreement; 1 J20443v2 3