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talented, educated personnel of mature age to other areas <br />and thus preserving the economic and human resources <br />needed as a base for providing governmental services and <br />facilities; more intensive development of land available <br />in the community'to provide an adequate and better <br />balanced tax base to finance the increase in the amount <br />and cost of governmental services. <br /> <br /> (c) The Project when completed will add to the <br />tax base of the City, and will accordingly be of direct <br />benefit to the taxpayers of the City as well as those of <br />the County and School District in which the Project is <br />located.. <br /> <br /> (d) The Project has been approved by the <br />Commissioner of Securities of the State of Minnesota as <br />tending to further the purposes and policies of the Act. <br /> <br /> (e) The financing of the Project, the issuance <br />and sale of the Note, the execution and delivery of ~the <br />Loan Agreement and the Pledge/Disbursement. Agreement and <br />the performance of all covenants ahd agreements of the <br />City contained in the Loan Agreement and the <br />Pledge/Disbursement Agreement and of all other acts and <br />things required under the Constitution and laws of the <br />State of Minnesota to make the Note, the Loan Agreement <br />and the Pledge/Disbursement Agreement valid and binding <br />obligations of the City enforceable in accordance with <br />their terms, are authorized by the Act. <br /> <br /> (f) It is desirable that the Note in the maximum <br />principal amount of $550,000 be issued by the City upon <br />the terms set forth herein, and that the City assign its <br />interest in the Loan Agreement and grant a security <br />interest therein to the Lender as security for the payment <br />of the principal of and interest and premium, if any, on <br />the' Note. <br /> <br /> (g) The loan payments required by the Loan <br />Agreement are fixed, and required to be revised from time <br />to time as necessary, so as to produce income and revenue <br />sufficient to provide for prompt payment of principal of <br />and interest on the Note issued under this Resolution when <br />due, and the Loan Agreemeht also provides that the <br />Borrower is required to pay all expenses of the operation <br />and maintenance of the Project including, but without <br />limitation, adequate insurance thereon and all taxes and <br />special assessments levied upon or with respect to the <br />Land payable during the term of the Loan Agreement. <br /> <br />-3- <br /> <br /> <br />