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Section 3 . The authorization, issuance and sale of the Bonds <br /> by the Development Corporation contained herein are subject to the <br /> following conditions: <br /> (a) The Bonds shall be payable solely from money <br /> received from and security provided by the Company; <br /> (b) The Company shall enter into such contracts and <br /> agreements with the Development Corporation as shall be <br /> necessary to secure payment of the principal of, premium, if <br /> any, and interest on the Bonds as and when the same shall <br /> become due and payable; <br /> (c) On or before two (2 ) years from date hereof (or <br /> such later date as shall be mutually satisfactory to the <br /> Development Corporation and the Company) the Development <br /> Corporation and the Company shall have agreed to mutually <br /> acceptable terms and conditions of the contracts and agree- <br /> ments referred to in Paragraph (b) of this section; <br /> (d) The Project is determined to be consistent with <br /> policies and objectives of the City; and <br /> (e) The Development Corporation shall have received a <br /> preliminary opinion of the Development Corporation' s Bond <br /> Counsel that the Bonds may be issued as tax-exempt obliga- <br /> tions pursuant to the provisions of the Federal Internal <br /> Revenue Code of 1954, as amended, and applicable regulations <br /> thereunder. <br /> Section 4. The proper officials of the Development Corpora- <br /> tion are hereby authorized to take such further action as is <br /> -3- CMW1046 84/08/27 <br />