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<br />Section 3. Authorization and Sale. <br /> <br />3.01. Authorization. The City is authorized by the Act <br />to issue revenue bonds and loan the proceeds thereof to <br />business enterpr ises to finance the acquisition, construc- <br />tion, and installation of facilities constituting a "proj- <br />ect," as defined in the Act, and to make all contracts, <br />execute all instruments, and do all things necessary or con- <br />venient in the exercise of such authority. <br /> <br />3.02. Preliminary City Approval. By resolution duly <br />adopted by the Ci ty Council on December 19, 1985, after a <br />public hearing held on that date, this City Council gave <br />preliminary approval to financing the the acquisition, con- <br />struction, and installation of the Project through the issu- <br />ance of the Note. <br /> <br />3.03. Approval of Documents. Pursuant to the fore- <br />going, there have been prepared and presented to the Ci ty <br />Council copies of the following documents, all of which are <br />now or shall be placed on file in the office of the Ci ty <br />Clerk-Treasurer: <br /> <br />(a) the Agreement; <br /> <br />(b) the Pledge Agreement; and <br /> <br />(c) the Investment Agreement, and the Security <br />Documents. <br /> <br />The forms of the documents listed in (a) through (c) above <br />are approved, and the officers of the City are hereby autho- <br />rized to execute the same with such variations, insertions, <br />and additions as are deemed appropriate by such officials, <br />as evidenced by their execution thereof. The City Council <br />recognizes that some or all of the Security Documents will <br />not be prepared or executed until the Conversion Date but <br />authorizes the officers of the City to execute and deliver <br />the same at the appropriate time, with the prior approval of <br />O'Connor & Hannan, bond counsel for the Note. <br /> <br />Section 4. Authorizations. <br /> <br />4.01. upon the completion of the Agreement, the Pledge <br />Agreement, the Investment Agreement, and the Security Docu- <br />ments approved in Section 3.03 hereof and the execution <br />thereof, the City officials are authorized to execute and <br />deliver the Note, in substantially the form approved in <br />paragraph 5.01 hereof, and the off ieers of the City are <br />authorized to execute such other certifications, documents, <br />or instruments as Bond Counsel shall require, and all cer- <br />tifications, recitals, and representations therein shall <br />