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5. The Borrower has agreed to pay any and all costs <br />incurred by the City in connection with the Project whether or <br />not the Project is approved by the Minnesota Department of Trade <br />and Economic Development and whether or not the Project is <br />carried to completion. <br />6. The Project is hereby given preliminary approval by <br />the City subject to approval of the Project by the Department and <br />subject to final approval by this Council and by the purchasers <br />of any bonds to be issued as to the ultimate details of the <br />Project and as to the tel. s of the bonds. <br />7. In accordance with the requirements of the Act, the <br />Mayor, the City Administrator, and such other officers and <br />representatives of the City as may from time to time be <br />designated are hereby authorized and directed to submit the <br />proposal for the Project to the Department and request its <br />approval thereof, and the Mayor, the City Administrator, and <br />other officers, employees and agents of the City are hereby <br />authorized to provide the Department with such preliminary <br />information as it may require. The Corporation, Faegre & Benson, <br />as bond counsel, the City Administrator, the City Attorney, and <br />other City officials are also authorized to initiate the <br />preparation of a proposed loan agreement and such other documents <br />as may be necessary or appropriate to the Project so that, when <br />and if the proposed Project is approved by the Department and <br />this Council gives its final approval thereto, the Project may be <br />carried forward expeditiously. <br />-5- <br />Page 12 <br />