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• special assessments levied upon or with respect to the <br /> Project payable during the term of the Loan Agreement. <br /> (h) Under the provisions of Minnesota Statutes, <br /> Section 474. 10 , and as to be provided in the Note, the <br /> Note is not to be payable from nor charged upon any funds <br /> of the City other than the revenue under the Loan <br /> Agreement pledged to the payment thereof ; the City is not <br /> subject to any liability thereon; no Holder of the Note <br /> shall ever have the right to compel any exercise of the <br /> taxing power of the City to pay the Note or the interest <br /> thereon , nor to enforce payment thereof against any <br /> property of the City except the Project, or portions <br /> thereof , mortgaged or otherwise encumbered by the <br /> Mortgage ; the Note issued hereunder shall recite that the <br /> Note, including interest thereon, is payable solely from <br /> the revenue under the Loan Agreement pledged to the <br /> payment thereof ; and the Note shall not constitute a debt <br /> of the City within the meaning of any constitutional, <br /> statutory or charter limitation ; provided, however , that <br /> nothing contained in this paragraph (h) shall impair the <br /> rights of the Holder or Holders of the Note to enforce <br /> covenants made for the security thereof as provided in <br /> Minnesota Statutes 474. 11. <br /> • Section 3. Authorization and Sale. <br /> 3. 1. Authorization. The City is authorized by the Act to <br /> issue revenue bonds and loan the proceeds thereof to <br /> business enterprises to finance the acquisition and <br /> construction of "projects" as defined in the Act, and to <br /> make all contracts, execute all instruments and do all <br /> things necessary or convenient in the exercise of such <br /> authority. <br /> 3. 2. Preliminary City Approval. By preliminary <br /> resolution duly adopted by the Council on July 24, 1979, <br /> this Council approved the sale of industrial development <br /> revenue bonds pursuant to the Act and the loan of the <br /> proceeds to the Borrower for the construction of the <br /> Project and authorized the preparation of such documents <br /> as may be appropriate to the Project. The Note <br /> constitutes an industrial development revenue bond in <br /> contemplation of the Act and said preliminary resolution. <br /> 3. 3. Approval of Documents. Pursuant to the above , there <br /> have been prepared and presented to this Council copies of <br /> the following documents , all of which are now, or shall <br /> be, placed on file in the office of the City <br /> Clerk-Treasurer : <br /> • <br /> -4- <br />