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Agreement, the Pledge Agreement, the Disbursement Agree- ment or the Mort9a~e by reason-of the existence of any facts contrary to t Is finding; (i) no litigation is pending or, to the best know- ledge of the members of this City Council, threatened against the Issuer questioning the organization or boun- daries of the Issuer or the right of any officer of the Issuer to hold his or her office or in any manner ques- tioning the right and power of the Issuer to execute and deliver the Note or otherwise questioning the validi ty of the Note or the execution, delivery or validity of the Agreement, the pledge Agreement~ the Disbursing Agreement or the Mortgage or questionIng the direction of revenues to payment of the Note or the right of the Issuer to loan the proceeds of the Note to the Borrower; (j) all acts and things required under the Consti- tution and the laws of the State of Minnesota to make the Note, the Agreement, the Pledge Agreement the Dis- bursement Agreement and the Mortgage the vali~and bind- ing Obligations of the Issuer in accordance with their terms shall have been done upon adoption of this Resolu- tion and execution of the Note, the Agreement, the Pledge Agreemen~ the Disbursement Agreement and the Mortqaqe: provided that this finding is made solely for the purpose of estopping the Issuer from denying the validity of the Note, the Agreement, the Pledge Agree- men~ the Disbursement Agreement or the Mortgage by reason of the existence of any facts contrary to this finding; and (k) the Issuer, a municipal corporation and poli- tical subdivision of the State of Minnesota, is duly organi zed and existing under the Consti tution and the laws of the State of Minnesota and is authorized to issue the Note in accordance with the Act. Section 3. Authorization and Sale. 3.01. Authorization. The Issuer is authorized by the Act to issue revenue bonds and loan the proceeds thereof to business enterprises to finance the acquisition, construc- tion and installation of fac'ili ties consti tuting a "proj- ect," as defined in the Act, and to make all contracts, execute all instruments and do all things necessary or con- venient in the exercise of such authority. 3.02. Preliminary Issuer Approval. By preliminary resolution duly adopted by the City Council on October 26, 1982, after a public hearing held on that date, this City Council approved the acquisition, construction and installa- - 7 -