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indebtedness of the City within the meaning, of any constitutional or statutory <br />limitation and do not constitute or give rise to a pecuniary liability or a <br />charge against the general credit or taxing powers of the City and neither the <br />full faith and credit nor the taxing powers of the City is pledged for the <br />payment of the Note or interest thereon; and <br /> <br /> (8) the Note is an industrial development bond within the meaning of <br />Section 103(b) of the Internal Revenue Code and is to be issued within the <br />exemption provided under subparagraph (A) of Section 103 (b) (6) of the Code with <br />respect to an issue of $1,000,000 or less; providd that nothing herein shall <br />prevent the City from hereafter qualifying the Note under a different exemption <br />if, and to the extent, such exemption is permitted by law and consistent with <br />the objects and purposes of the Project. <br /> <br />1--4, <br /> <br />Authorizatlnn and R~t]ficatfon of the Prog~t. <br /> <br /> The City has heretofore and does hereby authorize the Borrower, in <br />accordance with the provisions of Section 474.03(7) of the Act and subject to <br />the terms and conditions set forth in the Construction Loan Agreement, to <br />provide for the construction and installation of the project pursuant to the <br />Plans and Specifications by such means as shall be available to the Borrower <br />and in the manner determined by the Borrower, and without advertisement for <br />bids as may be required for the construction and acquisition of municipal <br />facilities; and the City hereby ratifies, affirms, and approves all actions <br />heretofore taken by the Borrower consistent with and in anticipation of such <br />authority and in compliance with the Plans and Specifications. <br /> <br />4 <br /> <br /> <br />