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, . enforce payment thereof against any property of the City; the Bond shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city; and such Bond does not constitute an indebted- ness of the city within the meaning of any constitutional or statutory limitation. (i) No member of the City Council (i) has a direct or indirect interest in the Project, the Loan Agreement, the Assignment or Bond, (ii) owns any capital stock of or other interest in the Project or the Bank, (iii) will be involved in supervising the completion of the Project on behalf of the Borrowers, or (iv) will receive any commission, bonus or other remuneration for or in respect of the Project, the Loan Agreement or the Bond. 5. Approval and Execution of Documents. The forms of Mortgage, Assignment,of Rents, Loan Agreement, and Assignment referred to in paragraph 3 are approved. The Loan Agreement and Assignment shall be executed in the name and on behalf of the city by the Mayor, city Manager or Assistant City Manager and the City Clerk, in substantially the form on file, but with all such changes therein, not inconsistent with the Act or other law, as may be approved by the Mayor, City Manager or Assistant city Manager, City Clerk or city Attorney, which approval shall be conclusively evidenced by the execution thereof. The Mortgage and Assignment of Rents may contain such revisions as may be approved by the Bank and the Borrowers. 6. Approval of Terms and Sale of Bond. The city shall proceed forthwith to issue its City of New Brighton Industrial Development Revenue Bond (Harold and William Becker Project), in the authorized principal amount of $600,000 substantially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provisions set forth in the form of Bond attached hereto as Exhibit I, which terms and provisions are hereby approved and incorporated in this Bond Resolution and made a part hereof. A single Bond, substantially in the form of Exhibit 1 to this Bond Resolution, shall be issued and delivered to the Bank in the authorized principal amount of $600,000 and as auth- orized by the Act, principal of and interest on the Bond shall be payable at the office of the Bank in New Brighton, Minnesota. The proposal of the Bank to purchase such Bond at a price of $600,000 (100% of par value) is hereby found and determined to be reasonable and is hereby accepted. Pursuant to the Loan Agreement the Bank has agreed to pay the purchase price of the Bond in the full principal amount thereof to provide funds to be loaned by the City to the Borrowers to pay Project Costs, as defined in the Loan Agreement. 7. Execution, Deliver:y and Endorsement of Bond. The Bond may be in typewritten or pr1nted form and shall be executed -4-