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<br />3. The Project is hereby given preliminary approval by <br />the City and the issuance of the bonds, notes or other obli- <br />gations for such purpose and in such amount is hereby ap- <br />proved, subject to approval of the Project by the Minnesota <br />Energy and Economic Development Authority and to the mutual <br />agreement of this body, the Borrower and the ini tial pur- <br />chasers of the bonds, notes or other obligations as to the <br />details of the bond issue and provisions for their pay- <br />ment. In all events, it is understood, however, that the <br />bond, notes or other obligations of the City shall,not con- <br />stitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the City except the Project, and each <br />bond, note or other obligation when, as, and if issued shall <br />recite in substance that the bond, note or other obligation, <br />including interest thereon, is payable solely from the reve- <br />nues received from the Project and the property pledged to <br />the payment thereof and shall not constitute a debt of the <br />city. <br /> <br />4. In accordance with Minnesota Statutes, Section <br />474.01, Subdivision 7(a), the Mayor is hereby authorized and <br />directed to submit the proposal for the Project to the <br />Minnesota Energy and Economic Development Authority for <br />approval of the Project. The Mayor, the Clerk-Treasurer, <br />the city Attorney and other officers, employees and agents <br />of the City are hereby authorized to provide the Minnesota <br />Energy and Economic Development Authority wi th any pre- <br />liminary information needed for this purpose, and the City <br />Attorney is authorized to initiate and assist in the prep- <br />aration of such documents as may be appropriate to the <br />Project, if it is approved by the Minnesota Energy and <br />Economic Development Authority. <br /> <br />~1!r~ <br /> <br />Attest: <br /> <br />~surer <br /> <br />- 3 - <br />