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i Aik shall impair the rights of the holder or holders of the Note to enforce covenants made for the security thereof as provided in Minnesota Statutes 474 . 11. Section 3. Authorization and Sale. 3.1. Authorization. The City is authorized by the Act to issue revenue bonds and loan the proceeds thereof to business enterprises to finance the acquisition and construction of "projects" as defined in the Act, and to make all contracts, execute all instruments and do all things necessary or convenient in the exercise of such authority. 3. 2. Preliminary City Approval . By preliminary resolution duly adopted by the C uncil on October 30, 1981 , after public hearing duly alled , noticed and held on October 30, 1981 , this Counci approved the sale of industrial development revenue bonds pursuant to the Act and the loan of the proceeds to the Borrower for the construction of the Project and authorized the preparation of such documents as may be appropriate to the Project. The Note constitutes an industrial development revenue • bond in contemplation of the Act and said preliminary resolution. 3. 3. Approval of Documents. Pursuant to the above, there have been prepared and presented to this Council copies of the following documents, all of which are now, or shall be , placed on file in the office of the City Administrator- Clerk: (a) the Loan Agreement; (b) the Pledge Agreement; (c) the Construction Loan Agreement; and (d) the Mortgage. The forms of the documents listed in ( a) through (d) above are approved, with such variations, insertions and additions as are deemed appropriate by the parties and approved by the City Attorney. Section 4 . Authorizations. Upon the completion of the Loan Agreement, the Construction Loan Agreement and the Pledge Agreement, approved in Section 3 . 3 hereof, and I execution thereof by the Borrower and the Lender , as the case may be, the Mayor and the City Administrator-Clerk -4- .