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• local, state and federal funds derived from taxation with the attendant necessity of relocating displaced persons and of duplicating public services in other areas; and WHEREAS, the Act further finds and declares that such governmental action is required by technological change that has caused a shift to a significant degree in the area of opportunity for educated youth to processing , transporting, marketing, service and other industries , and unless existing and related industries are retained and new industries are developed to use the available resources in each community, a large part of the existing investment of the community and of the State as a whole in educational and public service facilities will be lost , and the movement of talented, edu- cated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for the purposes of industry, commerce and tourism will deprive the community and the State of the economic and human re- sources needed as a base for providing governmental services and facilities for the remaining population; and WHEREAS, the Act further finds and declares that such governmental action is required by the increase in the amount and cost of governmental services and the need for more intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, the City of Elk River , Sherburne County, Minne- sota (the "Issuer" ) , is authorized by the Act to enter into a revenue agreement with any person, firm or public or pri- vate corporation or federal or state governmental subdivi- sion or agency in such manner that payments required thereby to be made by the contracting party shall be fixed and revised from time to time as necessary so as to produce income and revenues sufficient to provide for the prompt payment of the principal of, premium, if any, and interest on all bonds issued under the Act when due, and the revenue agreement shall also provide that the contracting party shall be required to pay all expenses of the operation and maintenance of a project, including , but without limitation, adequate insurance thereon and insurance against all liabil- ity for injury to persons or property arising from the oper- ation thereof and all taxes and special assessments levied upon or with respect to the project and payable during the term of the revenue agreement; and WHEREAS, the Act further authorizes the Issuer to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance , in whole or in part, the cost of acquisition, construction, installation, completion, recon- struction, improvement , betterment or extension of any such project; and - 2 -