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Issuance and in accordance with the Trust Agreement is hereby <br />approved. The City Bonds shall be in substantially the form <br />set forth in the Trust Agreement presented to the City Council <br />at the meeting at which this Resolution was adopted, with such <br />appropriate variations, omissions and insertions as are <br />permitted or required by this Resolution of Issuance, and in <br />accordance with the further provisions hereof; and the total <br />principal amount of the City Bonds for financing the Project <br />pursuant to the Trust Agreement and the Loan Agreement that may <br />be outstanding hereunder is expressly limited to an amount <br />equal to $5,800,000. The City shall lend the proceeds of the <br />City Bonds to the Developer through the Trustee pursuant to the <br />requirements of the Trust Agreement and the Loan Agreement. <br /> <br /> 2.02. Terms of the City Bonds. The City Bonds shall be <br /> <br />payable at the times and in the manner and shall bear interest <br />at a rate to be set forth in the Trust Agreement, Loan <br />Agreement and the City Bonds which shall not exceed 10.5~ per <br />annum, and shall be subject to such other terms and conditions <br />as are set forth therein. <br /> <br /> 2.03. Execution. The City Bonds shall be executed on <br /> <br />behalf of the City by the manual or facsimile signature of its <br />Mayor and attested by the manual or facsimile signature of its <br />City Clerk and shall have the seal of the City affixed <br />thereon. In case any officer whose signature shall appear on <br />the City Bonds shall cease to be such officer before the <br />delivery of the City Bonds, such signature shall nevertheless <br /> <br />11-07-84 <br />1666p/2105/02 -5- <br /> <br /> <br />