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<br />charge, lien or encumbrance, legal or equitable, upon
<br />any property of the City; and the Note does not con-
<br />stitute an indebtedness of the City within the meaning
<br />of any constitutional or statutory limitation,
<br />
<br />(i) No member of the City Council (i) has a
<br />direct or indirect interest in the Project, the Loan
<br />Agreement, the Loan Agreement Assignment or the Note,
<br />(ii) owns any capital stock of or other interest in the
<br />Project or the Company, (iii) is an officer or director
<br />of the Company, (iv) will be involved in supervising
<br />the completion of the Project, or (v) will receive any
<br />commission, bonus or other remuneration for or in
<br />respect of the Project, the Loan Agreement, the Loan
<br />Agreement Assignment or the Note,
<br />
<br />5. Approval and Execution of Documents. The forms of
<br />Loan Agreement, Loan Agreement Assignment, Mortgage and Guaranty
<br />referred to in paragraph 3 hereof are approved, The Loan Agreement
<br />and Loan Agreement Assignment shall be executed in the name and
<br />on behalf of the City by the Mayor, the City Manager and the City
<br />Clerk-Treasurer, or other appropriate officers of the City authorized
<br />to execute documents on the behalf of such officers, in substantially
<br />the form on file, but with all such changes therein, not inconsistent
<br />with the Act or other law, as may be approved by the officers
<br />executing the same, which approval shall be conclusively evidenced
<br />by the execution thereof. The Mortgage and the Guaranty may
<br />contain such revisions as may be approved by the Lender and the
<br />Company.
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<br />6. AFproval of Terms and Sale of Note. The City shall
<br />proceed forthwith to issue its City of New Brighton Industrial
<br />Development Revenue Note (Wolkerstorfer Company, Inc. Project),
<br />in the authorized principal amount of $1,400,000, substantially
<br />in the form, maturing, bearing interest, payable in the install-
<br />ments and otherwise containing the provisions set forth in the
<br />form of Note attached hereto as Exhibit I, which terms and
<br />provisions are hereby approved and incorporated in this Resol-
<br />ution and made a part hereof.
<br />
<br />A single fully registered note, substantially in the
<br />form of Exhibit 1 to this Resolution, shall be issued and delivered
<br />to the Lender in the authorized principal amount of $1,400,000 as
<br />authorized by the Act, Principal of and interest on the Note
<br />shall be payable at the office of the registered owner thereof as
<br />it appears on the registration records maintained by the City
<br />Clerk in lawful money of the United States, The proposal of the
<br />Lender to purchase the Note at a price of $1,400,000 (100% of the
<br />par value thereof) is hereby found and determined to be reasonable
<br />and is hereby accepted,
<br />
<br />7, Execution, Deliverr and Endorsement of Note, The
<br />Note may be in typewritten or pr~nted form and shall be executed
<br />by the manual signatures of the Mayor, City Manager and City
<br />Clerk-Treasurer and the official seal of the City shall be affixed
<br />thereto,
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