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I. .. the city; and such Bond does not constitute an indebt- edness of the city within the meaning of any constitu- tional 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, the Company or the Bank, (iii) is an officer or director of the Company, (iv) will be involved in supervising the completion of the Project on behalf of the Company, or (v) will receive any commission, bonus or other remun- eration for or in respect of the Project, the Loan Agreement or the Bond. 5. Approval and Execution of Documents. The forms of security Agreement, Loan Agreement, Guaranty Agreement and Assign- ment 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 and the city Manager, 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 and city Manager, which approval shall be conclusively evidenced by the execution thereof. The Security Agreement may contain such revisions as may be approved by the Bank and the Company. The Guaranty Agreement may contain such revisions as may be approved by the Guarantor and the Bank. 6. APErova1 of Terms and Sale of Bond. The City shall proceed forthwit to issue its City of New Brighton Industrial Development Revenue Bond (Chemical Technology, Inc. Equipment Project), Series 1980 in the authorized principal amount of $300,000 substantially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provi- sions set forth in the form of Bond attached hereto as Exhibit 1, which terms and provisions are hereby approved and incorporated in this Bond Resolution and made a part hereof. A single Bond, dated the date of delivery, 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 $300,000 and as authorized 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 up to $300,000 (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 installments up to the authorized principal amount of the Bond to provide funds to be loaned by the city to the Company to pay Project Costs, as defined in the Loan Agreement, then due. -4-