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(k) It is desirable that the Bonds be issued by the City upon the terms set forth • in the Indenture under the provisions of which the City's interest in the Loan Agreement will be pledged to the Trustee as security for the payment of principal of, premium, if any, and interest on the Bonds. (1) Under the provisions of the Act, and as provided in the Bond Documents, the Bonds are not to be payable from nor charged upon any funds other than amounts payable pursuant to the Loan Agreement and moneys in the funds and accounts held by the Trustee which are pledged to the payment thereof; the City is not subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of the City to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the City; the Bonds shall not constitute a general or moral obligation of the City or a charge, lien or encumbrance, legal or equitable, upon any property of the City (other than the interest of the City in the loan repayments to be made by the Borrower under the Loan Agreement); and each Bond issued shall recite that such Bond, including interest thereon, shall not constitute or give rise to a charge against the general credit or taxing powers of the City. 5. Approval and Execution of Documents. The housing program to finance the Project, the form of Bonds and the Bond Documents are approved. The Bond Documents are authorized to be executed in the name and on behalf of the City by the Mayor and the Administrator, at such time, if any, as they may deem appropriate, or executed or attested by other officers of the City, in substantially the form on file, but with all such changes therein, not inconsistent with the Act or other law, as maybe approved by the officers executing the same, • which approval shall be conclusively evidenced by the execution thereof; and then shall be delivered to the Trustee on behalf of the Bondholders. Modifications to the forms of Mortgage and Continuing Disclosure Agreement and other collateral security documents may be made at the discretion of the parties thereto. 6. Approval, Execution and Delivery of Bonds. The City is authorized to issue the Bonds, in an aggregate principal amount of not to exceed $5,500,000, in the form and upon the terms set forth in the Indenture, which terms are for this purpose incorporated in this resolution and made a part hereof; provided, however, that the interest rates on the Bonds shall be as set forth in the final form of the Indenture, to be approved, executed and delivered by the officers of the City authorized to do so by the provisions of this Resolution, which approval shall be conclusively evidenced by such execution and delivery; and provided further that, in no event, shall such rates exceed seven percent (7%) per annum. The Underwriter has agreed pursuant to the provisions of the Bond Purchase Agreement and subject to the conditions therein set forth, to place the Bonds for sale at par. The Mayor and Administrator and other City officers are authorized to execute the Bonds as prescribed in the Indenture at such time, if any, as they may deem appropriate, and to deliver them to the Trustee, together with a certified copy of this Resolution and the other documents required by the Indenture, for authentication, registration and delivery to the Underwriter. •