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by th~ appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence of the Mayor o~ City ~anager, any of the documents authoeized by this resolution to be executed may be executed by the Acting Mayor oe the ~ssistant City Manager, respectively. 11. As disclosed in the Confidential Offering Memorandum, the Bonds of both Series will be secured, prior to October 1, 1986, by the investment of the proceeds thereof in investment agreements between Norwest Bank. Minneapolis, National Association, in'its capacity as Trustee, and the same financial institution, in its separate capacity as the financial institution with whom such funds are invested, and by letters of credit for an amount with respect to each Series of Bonds, equal to their principal amount and the amount invested pursuant to the investment agreements. On the basis that the investment agreements have been entered into with a financial institution whose long-term debt rating as awarded by Standard & Poor's Corporation is "M-", and such letters of credit will be issued by a financial institution whose long-term debt rating as awarded by Standard & Poor's Corporation is not less than "M-", the City hereby approves the initial offering and sale of the Bonds, on a private placement basis, without any rating having been awarded thereto by either Standard & Poor's Corporation or Moody's Investors Service. This Resolution shall not be construed to waive or modify any of the provisions of Section 309 of the Indenture, except with respect to the initial offering and sale of the Bonds for the period until October l, 1986. Passed: October 28, 1985 ~L/. \ .~ "", Mayor Attest ~,\ Cl. anager (SEAL)