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2 the Note to Premier an in Maplewood, Minnesota (the "Lender"), as provided herein. The City will loan the proceeds of the Note (the Loan") to the Borrower to provide long term financing for �"J'Z� the Project. 5 (e) Pursuant to an Amended and Restated Loan Agreement (the "Loan Agreement") ''91(""'t, among the City, the Borrower and the Lender, the Borrower has agreed to repay the Note in 7 specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Note. In addition, the Loan Agreement contains provisions relating to the completion, maintenance and operation of the Project, indemnification, insurance, 00 and other agreements and covenants which are required or permitted by the Act and which the City 0 and the Borrower deem necessary or desirable for the financing of the Project. A draft of the Loan 02 Agreement has been submitted to the City. 1 ( I, (f) Pursuant to a Pledge Agreement (the "Pledge Agreement") between the City and the Lender, the City has pledged and granted a security interest in all of its rights, title, and interest in 05 the Loan Agreement to the Lender (except for certain rights of indemnification and to 0 reimbursement for certain costs and expenses) . A draft of the Pledge Agreement has been oc 7 submitted to the City. 0 (g) Pursuant to an Amended and Restated Mortgage, Security Agreement and Fixture 0 Financing Statement and a Security Agreement each to be executed by the Borrower in favor of the 0 Lender, the Borrower has secured payment of amounts due under the Loan Agreement and Note by granting to the Lender a mortgage lien on and security interest in the property described therein. 2 (h) The Note will be a special limited obligation of the City. The Note shall not be payable from or charged upon any funds other than the revenues pledged to the payment thereof, nor shall the City be subject to any liability thereon. No holder of the Note shall ever have the right 5 to compel any exercise of the taxing power of the City to pay the Note or the interest thereon, nor to enforce payment thereof against any property of the City. The Note shall not constitute a debt of 7 the City within the meaning of any constitutional or statutory limitation. (i) It is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of providing long term financing for the costs of the Project. 20 1.2 Authorization and Ratification of Pr . The City has heretofore and does hereby 2 authorize the Borrower, in accordance with the provisions of the Act and subject to the terms and �22 conditions imposed by the Lender, to provide for the construction and equipping of the Project by such 2 means as shall be available to the Borrower and in the manner determined by the Borrower, and without 2,4 advertisement for bids as may be required for the construction and acquisition of other municipal facilities; 2 5 and the City hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent 2 Ci, with and in anticipation of such authority, � 2 7 SECTION 2. THE NOTES. �28 2.1 Authorized Amount and Form of Note. The Note issued pursuant to this Resolution shall be 2 in substantially the form submitted to the Council on the date hereof, and shall mature in the years and amounts and be subject to redemption as therein specified, as such may be modified by agreement of the u. Lender, the Borrower and the City; and the total aggregate principal amount of the Note that may be 21'0�