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(5) it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Notes, for the purpose of partially financing the Improvements to be included in the Project; (6) the Notes and the interest accruing thereon do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation and do not consti- tute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the City and neither the full faith and credit nor the taxing powers of the City are pledged for the payment of the Notes or interest thereon; and (7) the Notes are industrial development bonds within the meaning of Section 103(b) of the Internal Revenue Code and are to be issued within the exemption provided under subparagraph (D) of Section 103(b)(6) of the Code with respect to an issue of $10,000,000 or less; provided that nothing herein shall prevent the City from hereafter qualifying the Notes under a different exemption if, and to the extent, such exemption is permitted by law and consistent with the objects and purposes of the Project. 1-4. Authorization and Ratification of Project. The City has heretofore and does hereby authorize the Borrower, in accordance with the provisions of Section 474.03(7) of the Act and subject to the terms and conditions set forth in the Construction Loan Agreement, to provide for the acquisition, construction and installation of the Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisi- tion of municipal faci1ities7 and the City hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority and in compliance with the Plans and Specifications. 5