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Plans and Specifications: the plans and specifications for the construction and installation of the Improvements on the Land, which are approved by the Lender, together with such modifications thereof and additions thereto as are reasonably determined by the Borrower to be necessary or desirable for the completion of the Improvements and are approved by the Lender except that only such modifications or additions which occur prior to the Completion Date (as defined in the Construction Loan Agreement) and which individually increase the cost of the Improvements by more than $10,000 or which in the aggregate increase the cost of the Improvements by $50,000 need such approval by the Lender; Pledge Agreement: the agreement to be executed by the City and the Lender pledging and assigning the Loan Agreement to the Lender; Principal Balance: so much of the principal sum on the Notes as remains unpaid at any time; Project: the Land and Improvements as they may at any time exist7 Project Costs: the total of all "Construction Costs" and "Loan and Carrying Charges," as those terms are defined in the Loan Agreemen t ; Resolution: this Resolution of the City adopted , 1982, authorizing the issuance of the Notes, together-With any supplement or amendment thereto. All references in this instrument to designated "Articles," "Sections" and other subdivisions are to the desig- nated Articles, Sections and subdivisions of this resolution as originally adopted. The words "herein," "hereof" and "hereund- er" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivis- ion. 1-2. Legal Authorization. The City is a political subdivision of the State of Minnesota and is authorized under the Act to initiate the revenue producing project herein referred to, and to issue and sell the Notes for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution. 3