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<br />. <br /> <br />December 1, 1985, by and between the Partnership and the <br />Bank, whereby the Partnership mortgages the Project Site, <br />the Project Building and the Project Equipment (the "Project <br />Facilities") as security for the Bond (this document not to <br />be executed by the City); <br /> <br />(c) Loan Agreement Assignment (the "Assignment") dated <br />as of December 1, 1985, whereby the City assigns to the Bank <br />all of its interest in the Loan and Purchase Agreement and <br />Loan Repayments of the Partnership thereunder (except its <br />rights under Sections 5.02, 7.01, 8.04 and 8.05), for the <br />purpose of securing the Bond; and <br /> <br />(d) Guaranty Agreements (the "Guaranty Agreements") <br />dated as of December 1, 1985, from Jay Morrell and John <br />Plaistad (the "Guarantors") to the Bank, whereby the <br />Guarantors have guaranteed the principal of, premium (if <br />any) and interest on the Bond to the extent provided therein <br />(these documents not to be executed by the City) . <br /> <br />4. Findings. It is hereby found, determined and <br />declared that: <br /> <br />. <br /> <br />(a) The Project, as described in the Loan Agreement, <br />constitutes a project authorized by and described in Section <br />474;02, Subdivision 1a of the Act. <br /> <br />(b) The purpose of the Project is and the effect <br />thereof will be to promote the public welfare by: pre- <br />venting the emergence of blighted and marginal lands and <br />areas of chronic unemployment; preventing economic deterio- <br />ration; the development of sound industry and commerce to <br />use the available resources of the community, in order to <br />retain the benefit of the community's existing investment in <br />educational and public service facilities; halting the <br />movement of talented, educated personnel to other areas and <br />thus preserving the economic and human resources needed as a <br />base for providing governmental services and facilities; and <br />adding to the tax base of the City and the county and school <br />district in which the Project Facilities will be located. <br />The Project, as proposed, would not be undertaken but for <br />the availability of industrial development financing. <br /> <br />(c) The Project has been approved by preliminary <br />resolution of the City Council duly adopted after a public <br />hearing thereon, duly and regularly called and held on <br />December 16, 1985. <br /> <br />. <br /> <br />(d) The City Council has obtained and reserved for the <br />Project and the Bond $304,260 in 1985 bond issuance authority <br />pursuant to the Act and has applied for an additional <br />allocation of $95,740 in 1985 bond issuance authority for <br />the Project and the Bond. <br /> <br />-2- <br />