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_ .,?? . . . .?., . <br /> <br />WHEREAS, the City and the Borrowers anticipate that <br />tne Project would preserve jobs within the City and provide <br />additional jobs and employment opportunities for residents of <br />the City, and that the Project would improve the economic <br />welfare of the City and its people; <br />NOW THEREFORE BE IT RESOLVED by the Council of the <br />City that: <br />Section 1. The City will undertake to authorize and <br />issue its Bonds from time to time, in one or more series, in an <br />aggregate principal amount currently estimated not to exceed <br />$450,000 for the purpose of financing the Project, and both the <br />City and its officers will take all further action necessary or <br />desirable for that purpose, all subject, however, to the <br />conditions stated in the Agreement, and upon the terms therein <br />provided. <br />Section 2. The City intends that this Ordinance, <br />including the Agreement, shall constitute "official action" <br />with respect to the issuance of Bonds to finance the c:osts of <br />the Project, within the meaning of Treasury Regulations Section <br />1.103-8 (a) (5) . <br />Section 3. The Agreement is hereby approved and the <br />Mayor is hereby authorized to execute the Agreement on behalf <br />of the City in the form attached hereto. <br />Section 4. The President of Council, Mayor or any <br />other officer of the City, be and hereby is authorized to <br />execute and deliver, on behalf of the City, any applications, <br />-4-