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! l L Section 1. Issuance and Sale of Bonds. The Authority hereby authorizes the issuance of the Bonds pursuant to and in accordance with the terms and provisions of the Act and the Indenture, all of which terms and provisions are incorporated herein by reference. The Bonds are hereby authorized to be sold to the Purchaser pursuant to and in accordance with the terms of a bond purchase agreement therefor (the "Bond Purchase Agreement") in substantially the form on file with the Secretary of the Board of Directors of the Authority. The Chairman or his designee is hereby authorized and directed to approve the terms of and accept an offer to purchase the Bonds which is acceptable to the Chairman or his designee, and to execute the Bond Purchase Agreement for and in the name and on behalf of the Authority; provided that the rate of interest on the Bonds shall not exceed twelve percent (12%) per annum and the Bonds shall be sold to the Purchaser for a price not less than nine-five percent (95%) of the par value thereof. Section 2. Indenture. The Identure, in substantially the form presented ~o the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Chairman or his designee, is hereby approved. The Chairman or his designee is hereby authorized and directed to execute and the Secretary of the Board of Directors of the Authority is hereby authorized to attest the Indenture for and in the name and on behalf of the Authority. Section 3. loan Agreement. The loan Agreement, in substantially the form presented to the Authority at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the chairman or his designee, is hereby approved. The Chairman or his designee is hereby authorized and directed to execute and the Secretary of the Board of Directors of the Authority is hereby authorized to attest the loan Agreement for and in the name and on behalf of the Authority. Section 4. Official Action. All actions heretofore taken by the officers and agents of the Authority with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Chairman, the Secretary of the Board of Directors of the Authority, the Executive Director of the Economic Development Agency, the Finance Officer, the Authority legal counsel and any and all other officers or designees of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, assignments, instruments of transfer, agreements and other documents, including but no limited to those described in the Bond Purchase Agreement, which they, or any of them may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Bond Purchase Agreement, the Identure, the Act and this resolution. Section 5. . This Resolution shall take effect immediately upon its passage and adoption.