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<br />. <br /> <br />Project and to pay amounts sufficient to provide for the <br />prompt payment of the principal of and interest on the Bondi <br /> <br />(b) Combination Mortgage, Security Agreement and <br />Fixture Financing Statement (the "Mortgage") dated as of <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)i <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 Bondi <br /> <br />(d) Assignment of Rents and Leases (the "Lease Assign- <br />ment") dated as of December 1, 1985, from the Partnership to <br />the Bank assigning the Partnership's interest in the leases <br />of the Project to the Bank as additional security for the <br />Bond (this document not to be executed by the CitY)i and <br /> <br />. <br /> <br />(e) Guaranty Agreements (the "Guaranty Agreements") <br />dated as of December 1, 1985, from Roger H. Scherer, Gary M. <br />Scherer, Michael J. Scherer and Gregory T. Scherer (the <br />"Guarantors") to the Bank, whereby the Guarantors have <br />guaranteed the principal of, premium (if any) and interest <br />on the Bond to the extent provided therein (these documents <br />not to be executed by the City). <br /> <br />4. Findings. <br />declared that: <br /> <br />It is hereby found, determined and <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 la of the Act. <br /> <br />. <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 unemploymenti 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 facilitiesi and <br />adding to the tax base of the City and the county and school <br /> <br />-2- <br />