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~ and effectual to satisfy and discharge the liability upon the Note to the extent of the sum or sums so paid. The Note shall be initially registered in the name of the Lender. 11. Amendments, Changes and Modifications to Loan Agreement and Bond Resolutioti. Except pursuant to Section 9.09 of the Loan Agreement, the C~ty shall not enter into or make any change, modification, alteration or termination of the Loan Agreement, the Loan Agreement Assignment or this Bond Resolution, 12. Pledge to Holder. Pursuant to the Loan Agreement Assignment, the City shall pledge and assign to the Lender and its successor Holders of the Note all interest of the City in the revenues of the Project and the Project facilities, including all Loan Repayments to be made by the Company under the Loan Agreement and the interest of the City in any moneys derived from enforcement of the Mortgage or the Guaranty. All collections of moneys by the City in any proceeding for enforcement of the obligations of the Company under the Loan Agreement, the Mortgage or the Guaranty shall be received, held and applied by the City for the benefit of the Holder of the Note. 13. Covenants with Holder; Enforceabilit~. All provi- sions of the Note and of this Resolution and all representations and undertakings by the City in the Loan Agreement and the Loan Agreement Assignment are hereby declared to be covenants between the City and the Lender and its successor Holders of the Note and shall be enforceable by the Lender or any Holder in a proceeding brought for that purpose. 14. Small Issue Election. The City hereby elects that the $10,000,000 small issue exemption set forth in Section l03(b) (6)(0) of the Internal Revenue Code of 1954, as amended, shall apply to the Note, and the Mayor or the City Manager, or any other appropriate official authorized to execute documents on behalf of either, shall execute and file on behalf of the city the form of election required by said Section and the regulations thereunder, 15. Definitions and Interpretation. Terms not other- wise defined in this Resolution but defined in the Loan Agreement shall have the same meanings in this Resolution and shall be interpreted herein as provided therein. Notices may be given as provided in section 9.01 of the Loan Agreement. In case any provision of this Resolution is for any reason illegal or invalid or inoperable, such illegality or invalidity or inoperability shall not affect the remaining provisions of this Resolution, which shall be construed or enforced as if such illegal or invalid or inoperable provision were not contained herein. 16. Certifications. The Mayor, City Manager, city Clerk-Treasurer and other officers of the City are authorized and directed to prepare and furnish to Messrs. Faegre & Benson, bond counsel, to the Company, to the Lender and to counsel for the -6-