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bonds to redeem and prepay the outstanding amount of the Series 2003 Note and to finance public improvements to be undertaken by the City in the Redevelopment Project. 1.02. Drafts of the following documents relating to the Bonds have been prepared and submitted to this Board and are hereby directed to be filed with the Executive Director: (a) the Indenture; (b) a Preliminary Official Statement (the ."Preliminary, Official. Statement"), to be used in connection with the offer and sale of the Bonds by the Underwriter, as hereinafter defined; and (c) a Continuing Disclosure Certificate (the "Continuing Disclosure Certificate") to be executed by the Authority. Section 2. Approval of Bonds. 2.01. The Authority hereby determines that the issuance of Bonds is in the best interests of the Authority and authorizes its staff, together with Ehlers & Associates, Inc., the financial advisor to the Authority, and Dorsey & -Whitney LLP, as bond counsel to the Authority, to prepare documents necessary to issue the Bonds for the purposes provided in the Indenture. The Authority approves the issuance of its Bonds in the maximum principal amount of $5,800,000 for the purposes of refunding the Series 2003 Note, financing public improvements to be undertaken by the City in the Redevelopment 'Proj ect, funding a debt service reserve fund for the Bonds, if determined to be necessary to market the Bonds, and paying costs of issuance of the Bonds. The Bonds shall be sold to Dougherty. & Company LLC (the "Underwriter"), pursuant to a Bond Purchase Agreement between the Authority and the Underwriter (the "Bond Purchase Agreement"), in the form approved by the Executive Director within the limitations provided in this Section 2. The Bonds shall be payable solely from tax increment revenues from the Commercial Development Property pledged to the payment thereof pursuant to the Indenture and from certain funds held by the Trustee under the Indenture and pledged to the payment of the Bonds. 2.02. The Executive Director is hereby authorized to approve (i) the purchase price to be paid by the Underwriter for the Bonds; (ii) the aggregate principal amount of the Bonds, provided that such principal amount -.is not in excess.of $5,800,000; (iii) the maturity schedule of the Bonds, provided that the Bonds mature at any time or times in such amount or amounts not exceeding 30 years from the date of issuance thereof; (iv) the provisions for prepayment and redemption of the Bonds prior to their stated maturity; and (v) the interest rates for the Bonds, provided that no interest rate on any of the Bonds exceeds 6.50% per annum. Such approval b pp y the Executive Director shall be conclusively evidenced by the execution .of the Bond Purchase Agreement as provided herein by the Executive Director. Section 3. Approval of Documents. ..2- 62