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1 <br /> grant a security interest therein to the Lender as <br /> • security for the payment of the principal of and interest <br /> and premium, if any, on the Note; <br /> (g) the loan payments contained in the Agreement <br /> are fixed, and required to be revised from time to time as <br /> necessary, so as to produce income and revenue sufficient <br /> to provide for prompt payment of principal of and interest <br /> on the Note issued under this Resolution when due, and the <br /> Agreement also provides that Plaisted is required to pay <br /> all expenses of the operation and maintenance of the <br /> Project including, but without limitation, adequate <br /> insurance thereon and all taxes and special assessments <br /> levied upon or with respect to the Facilities and payable <br /> during the term of the Agreement; and <br /> (h) under the provisions of Minnesota Statutes, <br /> Section 474. 10, and as provided in the Agreement and the <br /> Mortgage, the Note is not to be payable from nor charged <br /> upon any funds of the City other than the revenue pledged <br /> to the payment thereof; the City is not subject to any <br /> liability thereon; no holder of the Note shall ever have <br /> the right to compel any exercise of the taxing power of <br /> the City to pay the Note or the interest thereon nor to <br /> enforce payment thereof against any property of the City; <br /> the Note shall not constitute a charge , lien or <br /> • encumbrance, legal or equitable, upon any property of the <br /> City; the Note issued hereunder shall recite that the <br /> Note, including interest thereon, is payable solely from <br /> the revenue pledged to the payment thereof ; and the Note <br /> shall not constitute a debt of the City within the meaning <br /> of any constitutional or statutory limitation. <br /> Section 3. Authorization and Sale. <br /> 3. 01. Authorization. The City is authorized by <br /> the Act to issue revenue bonds and loan the proceeds <br /> thereof to business enterprises to finance the acquisition <br /> and construction of "projects" as defined in the Act, and <br /> to make all contracts, execute all instruments, and do all <br /> things necessary or convenient in the exercise of such <br /> authority. <br /> 3. 02. Preliminary City Approval. By preliminary <br /> resolution duly adopted by the Council on May 7, 1979, the <br /> Council approved the sale of a revenue note pursuant to <br /> the Act and the loan of the proceeds to Plaisted for the <br /> acquisition, construction and installation on the Land of <br /> -4- <br />