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<br />(7) the Note is an industrial development bond within the <br />meaning of Section l03(b) of the Internal Revenue Code and is <br />to be issued within the exemption provided under subparagraph <br />(A) of Section l03(b)(6) of the Code with respect to an issue <br />of $1,000,000 or less; provided that nothing herein shall <br />prevent the City from hereafter qualifying the Note under a <br />different exemption if, and to the extent, such exemption is <br />permitted by law and consistent with the objects and purposes <br />of the Project. <br /> <br />1-4. Authorization and Ratification of Project. <br /> <br />The City has heretofore and does hereby authorize the <br />Borrower, in accordance with the provisions of Section <br />474.03(7) of the Act and subject to the terms and conditions <br />set forth in the Disbursing Agreement, to provide for the <br />acquisition, construction and instal1ation of the Project by <br />such means as shall be available to the Borrower and in the <br />manner determined by the Borrower, and without advertisement <br />for bids as may be required for the construction and acquisi- <br />tion of municipal facilities; and the City hereby ratifies, <br />affirms, and approves all actions heretofore taken by the <br />Borrower consistent with and in anticipation of such authority <br />and in compliance with the Plans and Specifications. <br /> <br />6 <br />