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<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 to the extent provided <br />therein; <br /> <br />Principal Balance: so much of the principal sum on the <br />Note as from time to time may have been advanced to or for the <br />benefit of the City and 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 all "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 August 1, <br />1985, together with any supplement or amendment thereto. <br /> <br />All references in this instrument to designated <br />"Articles," "Sections" and other subdivisions are to the <br />designated Articles, Sections and subdivisions of this <br />instrument as originally executed. The words "herein," <br />"hereof" and "hereunder" and other words of similar import <br />refer to this Resolution as a whoie not to any particular <br />Article, Section or subdivision. <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 />(2) The City has made the necessary arrangements with the <br />Borrower for the establishment within the City of a Project <br />consisting of certain property all as more fully described in <br />the Loan Agreement and which will be of the character and <br />accomplish the purposes provided by the Act, and the City has <br /> <br />3 <br />