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<br />5 <br /> <br /> <br />. <br /> <br />WHEREAS, the Original Letter of Credit may be replaced from <br />time to time by an Alternate Letter of Credit as provided in the <br />Indenture (the Original Letter of Credit and any Alternate Letter <br />of Credit are collectively referred to herein as the "Letter of <br />Credit"); and <br /> <br />WHEREAS, Norwest Bank Minnesota, National Association acting <br />by and through its Norwest Corporate Finance division (the <br />"Placement Agent") has placed the Series 1991 Bonds with an initial <br />purchaser upon the terms and conditions described below; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council as follows: <br /> <br />Section 1. The City hereby finds and determines that: <br /> <br />(a) By virtue of the Act, the City has been vested with <br />all powers necessary and convenient to carry out and <br />effectuate the purposes and provisions of the Act <br />and to exercise all powers granted to it under the <br />Act. <br /> <br />. <br /> <br />(b) It is desirable and in the public interest for the <br />City to issue and sell the Series 1991 Bonds upon <br />the terms and conditions set forth in the Indenture, <br />for the purpose of financing the costs of a project <br />consisting of an expansion of the existing <br />manufacturing facility owned and operated by the <br />Company in the City of Elk River, Minnesota pursuant <br />to the Loan Agreement (the "Project"). <br /> <br />(c) The proposed project is a "project" as such term is <br />now defined in and as authorized by section 469.153, <br />Subd. 12 of the Act. <br /> <br />(d) The acquisition and construction of the Project will <br />further the purposes stated in the Act. <br /> <br />(e) To enhance the marketability of the Series 1991 <br />Bonds, the Bank shall issue the original Letter of <br />Credit to secure the payment of the principal and <br />purchase price of, and premium, if any, and interest <br />on the Series 1991 Bonds, which original Letter of <br />Credit by its terms will expire no later than June <br />30, 1993. <br /> <br />. <br /> <br />(f) The issuance of the Series 1991 Bonds is authorized <br />by the Act and it is necessary and desirable that <br />the Series 1991 Bonds in an amount not to exceed <br />$1,000,000 be issued by the City upon the terms set <br />forth in the Indenture, under the provisions of <br />which Indenture the city's interest in the Loan <br />Agreement and the payments thereunder will be <br />