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Resolution 9575 the manner determined by the Borrower, and with or without advertisement for bids as required for the acquisition and installation of municipal facilities. (m) The payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Note, when due, and the Loan Agreement also provides that the Borrower (or its general partner) is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project and payable during the term of the Loan Agreement. (n) The City hereby finds, determines and declares that it is in the public interest of the residents of the City that the Project be undertaken in order to further the public purposes of rehabilitating existing property and increasing the supply of decent, safe, and sanitary rental housing units available to residents of the City. 1.2 Authorization and Ratification of Project. The City does hereby authorize the Borrower, in accordance with the provisions of the Act and subject to the terms and conditions imposed by the Lender, to provide for the acquisition, construction, and equipping of the Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisition of other municipal facilities; and the City hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority. SECTION 2. THE NOTE. 2.1 Authorized Maximum Amount, Form of Note and Interest Rate. (a) The Note is hereby approved and shall be issued pursuant to this Resolution in substantially the form on file with the City Administrator of the City with such appropriate variations, omissions and insertions as are necessary and appropriate and are permitted or required by this Resolution, and in accordance with the further provisions hereof. The Note shall be issued in a denomination equal to its entire principal amount. The Note shall mature in the year and amount and be subject to redemption as therein specified, as such may be modified by agreement of the Lender, Borrower and the City; and the principal amount of the Note that may be outstanding hereunder is expressly limited to $16,000,000, subject to receiving an allocation of bonding authority. The actual amount of the Note shall be determined by the agreement of the Lender and the Borrower and the Mayor and the City Administrator (the "Authorized Officers") as evidenced by their execution of the Note. (b) The Note will bear interest at the fixed or variable rates determined by the Borrower and the Lender, and set forth in the Note as executed by the Authorized Officers; provided that such rates shall be subject to adjustment pursuant to the terms as set forth in the Note, this Resolution, the Loan Agreement, the Assignment of Loan Agreement, a Loan Purchase Agreement or similar agreement with respect to the purchase of the Note by the MU210-289-787665.v1 4