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(5) it is desirable, feasible and consistent with the <br />objects and purposes of the Act to issue the Tax Exempt Note <br />for the purpose of financing the Improvements to the Project; <br />(6) the Tax Exempt Note and the interest accruing <br />thereon do not constitute an indebtedness of the City within <br />the meaning of any constitutional or statutory limitation and <br />do not constitute or give rise to a pecuniary liability or a <br />charge against the general credit or taxing powers of the City <br />and neither the full faith and credit nor the taxing powers of <br />the City is pledged for the payment of the Tax Exempt Note or <br />interest thereon; and <br />(7) the Project has been and under the terms of the Loan <br />Agreement is required during the term of the Loan Agreement to <br />continue to be used exclusively for nonsectarian purposes. <br />1-4. Authorization and Ratification of Project. <br />The City has heretofore and does hereby authorize <br />the Company, in accordance with the provisions of Section <br />474.03(6) of the Act and subject to the terms and conditions <br />set forth in the Disbursing Agreement, to provide for the , <br />construction of the Improvements included in the Project under <br />the Plans and Specifications by such means as shall be <br />available to the Company and in the manner determined by the <br />Company and without advertisement for bids as may be required <br />for the construction and acquisition of any other municipal <br />facilities; and the City hereby ratifies, affirms, and <br />approves all actions heretofore taken by the Company <br />consistent with and in anticipation of such authority and in <br />compliance with the Plans and Specifications. <br />5 <br />