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3. The Project is hereby given preliminary approval by the City and the issuance of the bonds, notes or other obli- gations for such purpose and in such amount is hereby ap- proved, subject to approval of the Project by the Commis- sioner of Energy, Planning and Development and to the mutual agreement of this body, the Company and the ini tial pur- chasers of the bonds, notes or other obligations as to the detail.s of the bond issue and provisions for their pay- ment. In all events, it is understood, however, that the bond, notes or other obligations of the City shall not con- stitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the project, and each bond, note or other obligation when, as, and if issued shall recite in substance that the bond, note or other obligation, including interest thereon, is payable solely from the reve- nues received from the Project and the property pledged to the payment thereof and shall not constitute a debt of the City. 4. In accordance with Minnesota Statutes, Section 474.01, subdivision 7(a), the Mayor is hereby authorized and directed to submit the proposal for the project to the Com- missioner of Energy, Planning and Development for approval of the Proj ect. The Mayor, the Cler k-Treasurer, the Ci ty Attorney and other officers, employees and agents of the City are hereby authorized to provide the Commissioner of Energy, Planning and Development with any preliminary infor- mation needed for this purpose, and the Ci ty Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved by the Commissioner of Energy, Planning and De- velopment. /j o 'I /;/i', /;.~;;?-h;) ;/J A/~;/:~A" ( . .;Mayor Attest:, .., ~.",".... "'..~\/ / .\, ,'.<~ \\I.---XY ~)v, ~:" _le-rk-:Tr~a~urer - 5 -