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. Pledge Aqreement: the agreement to be executed by the City and the Lender p-ledging and assigning the Loan Agreement to the Lender to the extent provided therein; Principal Balance: so much of the principal sum on the Note as remains unpaid at any time: project: the Land and Improvements as they may at any time exist: . project Costs: "Loan and Carrying Loan Agreement; the total of all "Construction Costs" and Charges," as those terms are defined in the Resolution: this Resolution of the City adopted December 17, 1984, together with any supplement or amendment thereto; security Agreement: the Security Agreement to be executed by the Borrower in favor of the Lender to secure the Note. All references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivision. 1-2. Legal Authorization. The City is a political subdivision of the State of Minnesota and is authorized under the Act to initiate the revenue producing project herein referred to, and to issue and sell the Note for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution. 1-3. Findings. The City Council has heretofore determined, and does hereby determine, as follows: (l) The City is authorized by the Act to enter into a Loan Agreement for the public purposes expressed in the Act; (2) The City has made the necessary arrangements with the Borrower for the establishment within the City of a project consisting of certain property all as more fully described in the Loan Agreement and which will be of the character and 3 .