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I <br />I <br /> <br /> I <br /> I <br /> I <br />:i <br /> I <br />I <br /> <br /> 1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> (U) The ~lote is an industrial development bo~]d within the <br />meaning of Section 103(b) of the Internal Revenue Code and is <br />to be issued within the exemption provided Under subparagraph <br />(A) of Section 103(b)(6) of the Code with respect to an i~sue <br />of $1,000,000 or less; provided that nothing herein shall <br />prevent the City from hereafter qualifying the Note under a <br />different exemption if, and to the extent, such exemption is <br />permitted by law and consistent with the objects and purposes <br />of the Project. <br /> <br /> 1-4. Authorization and Ratification of Pro~ect. <br /> <br /> The City has heretofore and does hereby authorize the <br />Borrower, in accordance with the provisions of Section <br />474.03(7) of the Act and sub3ect to the terms and conditions <br />set fOrth in the Construction Loan Agreement, to provide for <br />the construction and installation of the Project pursuant to <br />the Plans and Specifications by such means as.shall be <br />available to the Borrower and in the n~nner determined by the <br />Borrower, and without advertisement for bids as may be required <br />for the construction and acquisition of municipal facilities; <br />and the City hereby ratifies, affirms, and approves all actions <br />heretofore taken by tne Borrower consistent with and in <br />anticipation of such authority and in compliance with the Plans <br />and Specifications. <br /> <br />5 <br /> <br /> <br />