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. . . The revenue bonds, if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues specifically pledged to the payment thereof, and each bond, when, as and if issued, shall recite in substance that the bond, including interest thereon, is payable solely from the revenues and property specifically pledged to the payment thereof, and shall not constitute a debt of the City within the meaning of any constitutional, statutory or charter limitation. In addition, the Bonds will not be general obligations of the City, nor shall they be payable in any manner by taxation. The Revenue Bonds will be payable solely from the revenues of the Project pledged to the payment thereof, from investment proceeds and from other revenues of the Borrower, except that the Bonds may be secured by other encumbrances on the Project. 2.3. The Application to the Minnesota Department of Trade and Economic Development and the Department of Finance for the approval of the Project and the private activity bond allocation (collectively, the "Application"), with attachments, is hereby approved, and the Mayor and city Administrator are authorized to execute said documents on behalf of the City. 2.4. In accordance with section 469.154, Subdivision 3 of the Act, the Mayor and City Administrator are hereby authorized and directed to cause the Application to be submitted to the Department for approval of the Project. The Mayor, City Administrator, City Attorney and other officers, employees and agents of the City are hereby authorized and directed to provide the Department with any preliminary information needed for this purpose. The City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if approved by the Department of Trade and Economic Development and if a private activity bond allocation is received from the Department of Finance. SECTION 3 General 3.1. If the bonds are issued and sold, the City will enter into a loan agreement or similar agreement satisfying the requirements of the Act (the Revenue Agreement) with the Borrower. The loan payments or other amounts payable by the Borrower to the City under the Revenue Agreement shall be sufficient to pay the principal of, and interest and redemption premium, if any, on, the bonds as and when the same shall become due and payable. 3.2. The Borrower has agreed and it is hereby determined that any and all direct and indirect costs incurred by the City in connection with the Project, whether or not the Project is -3-