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tain and provide for additional opportunities for employment for residents of the Issuer and that wh ile conventional, commercial financing to pay the capital cost of the Project is available at such costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, with the aid of municipal financing and its result- ing lower borrowing cost, the Project is economically more feasible. Section 5. The loan to the Company under the Agreement to finance the acquisition, construction and installation of the Project be and the same is hereby authorized. Section 6. For the purpose of financing the cost of the acquisition, construction and installation of the Project, there is hereby authorized the issuance of $l,850,OOG aggre- gate principal amount City of New Brighton, Minnesota, Com- mercial Development Revenue Bonds (New Br ighton Venture I Project), dated as of September 1, 1983. The Bonds shall be issued in fully registered form, shall be in such denomina- tions, shall be numbered, shall be dated, shall mature, shall be sUbject to redemption prior to maturity, shall be in such form and shall have such other details and provi- sions as are prescribed by the Indenture. Section 7. The Bonds shall be special obligations of the Issuer, payable solely from the revenues received by the Issuer from the Agreement, in the manner provided in the Indenture. As security for the payment of the principal of, premi urn, if any, and interest on the Bonds, pro rata and without preference of anyone Bond over any other Bond, the City Council of the Issuer hereb? authorizes and directs the Mayor to execute and the Clerk-Treasurer to attest under the corporate seal of the Issuer the Indenture and to deliver to the Trustee the Indenture and does hereby author ize and direct the execution of the Bonds by the facsimile signa- tures of the Mayor and the Clerk-Treasurer and the affixing of the corporate seal thereon and does hereby provide that the Indenture shall provide the terms and conditions, cove- nants, rights, obligations, duties and agreements of the holders of the Bonds, the Issuer and the Trustee as set forth therein. ' All of the prov is ions of the Indenture, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Indenture shall be substantially in the form on file in the office of the Clerk-Treasurer with such necessary and appropr iate var iations, omissions and inser- tions as permitted or required or as the Mayor, in his dis- - 6 -