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of the Equipment (as such terms are defined in the Agree- ment) , be and the same is hereby authorized. Section 6. For the purpose of financing the cost of the acquisition, construction and installation of the Project, there is hereby authorized the issuance of $400,000 aggre- gate principal amount City of Elk River , Minnesota, Indus- trial Development Revenue Bonds (Elk River Post Office Proj- ect) , Series 1982 . The Bonds shall be issued in coupon form, registrable as to principal only , shall be in such denominations , shall be numbered, shall be dated, shall mature , shall be subject to redemption prior to maturity, shall be in such form and shall have such other details and provisions as are prescribed by the Indenture . Due to the inability to obtain printed bonds at this time, the Bonds shall initially be issued as a single bond , which shall be exchanged for printed bonds as soon as is practicable , all as provided in Section 203 of the Indenture . Interest rates on the Bonds shall not exceed thirteen percent (13%) per annum, and the rates of interest shall be approved by the Mayor and the Administrator-Clerk. The Bonds may also be issued in bearer form. Section 7 . The Bonds shall be special obligations of the Issuer , payable solely from the revenues received by the Issuer from the Agreement, in the manner provided in the Indenture. As security for the payment of the principal of, premium, if any, and interest on the Bonds, pro rata and without preference of any one Bond over any other Bond, the City Council of the Issuer hereby authorizes and directs the Mayor to execute and the Administrator-Clerk to attest under the corporate seal of the Issuer the Indenture and to de- liver to the Trustee the Indenture and does hereby authorize and direct the execution of the Bonds by the Mayor and the Administrator-Clerk and does hereby provide that the Inden- ture shall provide the terms and conditions, covenants, rights , obligations , duties and agreements of the holders of the Bonds , the Issuer and the Trustee as set forth therein. All of the provisions of the Indenture, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Indenture shall be substantially in the form on file in the office of the Administrator-Clerk with such necessary and appropriate variations , omissions and inser- tions as permitted or required or as the Mayor , in his dis- cretion, shall determine , and the execution thereof by the Mayor shall be conclusive evidence of such determination. Section 8 . The Mayor and the Administrator-Clerk are 410 hereby authorized and directed to execute , attest and de- . - 6 -