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<br />modifications thereof and additions thereto as are reasonably <br />determined by the Borrower to be necessary or desirable for the <br />completion of the Improvements and are approved by the Lender; <br /> <br />Pledge Agreement: the agreement to be executed by the <br />City and the Lender pledging and assigning the City's interest <br />in the Loan Agreement to the Lender; <br /> <br />Principal Balance: so much of the principal sum on the <br />Note as remains unpaid at any time; <br /> <br />Project: the Land and Improvements as they may at any <br />time exist; <br /> <br />Project Costs: the total of al1 "Construction Costs" and <br />"Loan and Carrying Charges," as those terms are defined in the <br />Loan Agreement; <br /> <br />Resolution: this Resolution of the City adopted December <br />26, 1984, authorizing the issuance of the Note, together with <br />any supplement or amendment thereto. <br /> <br />All references in this instrument to designated <br />"Articles," "Sections" and other subdivisions are to the desig- <br />nated Articles, Sections and subdivisions of this resolution as <br />originally adopted. The words "herein," "hereof" and "hereund- <br />er" and other words of sirnilar import refer to this Resolution <br />as a Whole not to any particular Article, Section or subdivis- <br />ion. <br /> <br />1-2. Legal Authorization. <br /> <br />The City is a political subdivision of the State of <br />Minnesota and is authorized under the Act to initiate the <br />revenue producing project herein referred to, and to issue and <br />sell the Note for the purpose, in the manner and upon the terms <br />and conditions set forth in the Act and in this Resolution. <br /> <br />1-3. Findings. <br /> <br />The City Council has heretofore determined, and does <br />hereby determine, as follows: <br /> <br />(1) The City is authorized by the Act to enter into a <br />Loan Agreement for the public purposes expressed in the Act; <br /> <br />4 <br />