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! <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> 4. The Borrower has entered into preliminary <br />discussions with Miller, Johnson & Kuehn Incorporated, as <br />underwriter, and the underwriter has reported preliminarily that <br />the Project and the sale of bonds therefor are feasible. <br /> <br /> 5. The Borrower has agreed to pay any and all costs <br />incurred by the City in connection with the Project whether or <br />not the Project is approved by the Minnesota Department of Trade <br />and Economic Development and whether or not the Project is <br />carried to completion. <br /> <br /> 6. The Project is hereby given preliminary approval <br />by the City subject to approval of the Project by the Minnesota <br />Department of Trade and Economic Development and subject to <br />final approval by this Council and by the purchasers of any <br />bonds to be issued as to the ultimate details of the Project and <br />as to the terms of the bonds. <br /> <br /> 7. In accordance with the requirements of the Act, <br />the Mayor, the City Clerk, and such other officers and <br />representatives of the City as may from time to time be <br />designated are hereby authorized and directed to submit the <br />proposal for the Project to the Minnesota Department of Trade <br />and Economic Development and request its approval thereof, and <br />the Mayor, the City Clerk, and other officers, employees and <br />agents of the City are hereby authorized to provide the <br />Department with such preliminary information as it may require. <br />The Borrower, Faegre & Benson, as bond counsel, the City Clerk, <br /> <br />-3- <br /> <br /> <br />