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such refinancing for the purpose, in the manner and upon the terms herein <br />provided. <br />SECTION 2. All of the recitals herein contained are true and correct and the <br />Governing Board so finds. <br />SECTION 3. The forms of Master Installment Agreement and the First <br />Supplement, on file with the secretary of the Authority, are hereby approved, and the <br />Chair or slice -Chair of the Authority, or such other member of the Governing Board as <br />the Chair may designate, the Executive Director of the Authority, the Treasurer of the <br />Authority and the Controller of the Authority (the "Authorized officers") are each hereby <br />authorized and directed, for and in the name and on behalf of the Authority, to execute <br />and deliver the Master Installment Agreement and the First Supplement in substantially <br />said form, with such changes therein as the Authorized officer executing the sane may <br />require or approve, such approval to be conclusively evidenced by the execution and <br />delivery thereof; provided, however, that the aggregate amount of the principal <br />components of the installment payments evidenced under the First Supplement shall <br />not exceed $47,000,000 and the true interest cost applicable to the interest components <br />of the installment payments shall not exceed 4.7 %. <br />SECTION 4. The form of Indenture, on file with the secretary of the Authority, is <br />hereby approved, and the Authorized officers are each hereby authorized and directed, <br />for and in the name and on behalf of the Authority, to execute and deliver the Indenture <br />in substantially said form, with such changes, insertions and omissions therein as the <br />Authorized officer executing the same may require or approve, such approval to be <br />conclusively evidenced by the execution and delivery thereof; provided, however, that <br />the aggregate amount of the Bonds shall net exceed $47,000,000 and the true interest <br />cost applicable to the Bonds shall not exceed 4.75% and, provided, further, that such <br />changes, insertions and omissions shall be consistent with the terms of the Bonds <br />established by the Purchase Agreement as finally executed. <br />SECTION 5. The issuance of not to exceed $47,000,000 aggregate principal <br />amount of the Bonds, in the principal amounts, bearing interest at the rates and <br />maturing on the dates. as specified in the Indenture as finally executed, and for the <br />purpose of financing the Project and refinancing the 2014 Bonds, is hereby authorized <br />and approved. <br />SECTION 6. The form of Purchase Agreement, on file with the Secretary of the <br />Authority, is hereby approved, and the Authorized officers are each hereby authorized <br />and directed, for and in the name and on behalf of the Authority, to execute and deliver <br />the Purchase Agreement in substantially said form, with such changes therein as the <br />Authorized officer executing the same may require or approve, such approval to be <br />conclusively evidenced by the execution and delivery thereof; provided, however, that <br />the underwriter's discount for the sale of the Bonds shall not exceed 1.15% of the <br />aggregate principal amount of such Bonds. <br />Resolution olution No. SAPFA 4-00 <br />Page 3 of <br />