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r;; .' finance the Project of the Company at a cost presently esti- mated not to exceed $1.980,000. 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 Secur i ties and to the mutual agreement of this bOdy, the Company and the initial purchasers of the bonds, notes or other obligations as to the details of the bond issue and provisions for their payment. In all events, it is understood, however, that the bond, notes or other obli- gations of the City shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the Project, and each bond, note or other obli- gation when, as, and if issued shall recite in substance that the bond, note or other obligation, including interest thereon, is payable solely from the revenues rece i ved 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 Secur i ties for approval of the Project. The Mayor, the Clerk-Treasurer, the City Attorney and other officers, employees and agents of the City are hereby autho- rized to provide the Commissioner of Securities with any preliminary information needed for this purpose, and the City 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 Com.."tIissioner of Secur i- ties. Attest: uJ~ J ~;L...j - 0- h- C"f~-~- ci ty ~1anager James \01]. Farnell 90- - 5 -