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portion of the costs of the Project, such costs presently estimated to be approximately <br /> $7,186,500; and (c) the execution and delivery of such contracts and agreements with the <br /> Borrower as are necessary to provide for the payment by the Borrower of amounts sufficient to <br /> pay the principal of, premium, if any, and interest on the Bonds, together with certain costs of the <br /> Development Corporation, will all be in furtherance of the Act, the Resolution and the Charter of <br /> the Development Corporation. <br /> Section 2. The Development Corporation presently intends to authorize the issuance and <br /> sale of the Bonds pursuant to the provisions of the Act when and if requested to do so by the <br /> Borrower and hereby expresses its present approval of such issuance and sale. This resolution is <br /> not intended to legally bind the Development Corporation to authorize, issue or sell the Bonds. <br /> Section 3. The authorization, issuance and sale of the Bonds by the Development <br /> Corporation contained herein are subject to the following conditions: <br /> (a) The Bonds shall be payable solely from money received from and security provided <br /> by the Borrower; <br /> (b) The Borrower shall enter into such contracts and agreements with the <br /> Development Corporation as shall be necessary to secure payment of the principal of, premium, if <br /> any, and interest on the Bonds as and when the same shall become due and payable; <br /> (c) On or before three years from date hereof(or such later date as shall be mutually <br /> satisfactory to the Development Corporation and the Borrower) the Development Corporation <br /> and the Borrower shall have agreed to mutually acceptable terms and conditions of the contracts <br /> and agreements referred to in Paragraph (b) of this section; <br /> (d) The Project is determined to be consistent with the policies and objectives of the <br /> City Council; and <br /> (e) The Development Corporation shall have received an opinion of the Development <br /> Corporation's Bond Counsel that the Bonds may be issued as tax-exempt obligations pursuant to <br /> -2- CMW 2JK.DOC 97/02/11 <br />