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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />4. It is hereby found, determined and declared that: <br /> <br />(a) it is desirable that the Bonds be issued by the <br />City upon the terms set forth in the Indenture; <br /> <br />(b) the basic payments under the Loan Agreement are <br />fixed to produce revenue sufficient to provide for the prompt <br />payment of principal of, premium, if any, and interest on the <br />Bonds issued under the Indenture when due, and the Loan <br />Agreement and Indenture also provide that the Company is <br />required to pay all expenses of the operation and maintenance <br />of the Project, including, but without limitation, adequate <br />insurance thereon and insurance against all liability for <br />injury to persons or property arising from the operation <br />thereof, and all taxes and special assessments levied upon or <br />with respect to the Project Premises and payable during the <br />term of the Loan Agreement and Indenture; and <br /> <br /> <br />(c) under the provisions of Minnesota statutes, <br />Section 469.155, and as provided in the Loan Agreement and <br />Indenture, the Bonds are not to be payable from or charged <br />upon any funds other than the revenue pledged to the payment <br />thereof; the City is not subject to any liability thereon; no <br />holder of any Bonds shall ever have the right to compel any <br />exercise by the City of its taxing powers to pay any of the <br />Bonds or the interest or premium thereon, or to enforce <br />payment thereof against any property of the city except the <br />interests of the City in the Loan Agreement which have been <br />assigned to the Trustee under the Indenture; the Bonds shall <br />not constitute a charge, lien or encumbrance, legal or <br />equitable upon any property of the City except the interests <br />of the City in the Loan Agreement which have been assigned to <br />the Trustee under the Indenture; the Bonds shall recite that <br />the Bonds are issued without moral obligation on the part of <br />the state or its political sUbdivisions, and that the Bonds, <br />including interest thereon, are payable solely from the <br />revenues pledged to the payment thereof; and, the Bonds shall <br />not constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br /> <br />5. Subject to the final approval of the City Attorney <br />the forms of the Loan Agreement and Indenture and exhibits thereto <br />are approved substantially in the form submitted. The Loan <br />Agreement and Indenture are directed to be executed in the name and <br />on behalf of the City by the Mayor and the City Administrator. Any <br />other documents and certificates necessary to the transaction <br />described above shall be executed and delivered by the appropriate <br />City officers. Copies of all of the documents necessary to the <br />transaction herein described shall be delivered, filed and recorded <br />as provided herein and in the Loan Agreement and Indenture. <br /> <br />633447 <br /> <br />3 <br />