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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 />(0) of Section l03(b)(6} of the Code with respect to an issue <br />of $10,000,000 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 Construction Loan Agreement, to provide for <br />the construction and installation of the Improvements to be <br />included in the Project pursuant to the Plans and Speci- <br />fications by such means as shall be available to the Borrower <br />and in the manner determined by the Borrower, and without <br />advertisement for bids as may be required for the construction <br />and acquisition of municipal facilities: and the City hereby <br />ratifies, affirms, and approves all actions heretofore taken by <br />the Borrower consistent with and in anticipation of such <br />authority and in compliance with the Plans and Specifications. <br /> <br />5 <br />