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in payment of Project Costs, to be issued by the City pur- <br />suant to this Resolution. <br /> <br /> Pledge/Disbursement Agreement: the Pledge and <br />Loan Disbursement Agreemen't, to be executed by. the City <br />and by the Lender; . ~- <br /> <br /> ProjeCt: the Land, the Improvements,· the Fix- <br />tures and the Equipment as they may at any time exist; <br /> <br /> Other Terms: Unless the context hereof clearly <br /> requires otherwise, the terms defined in Section 2 of the <br /> Mortgage shall, when used with initial capital letters <br /> herein, have the meanings ascribed to them in the Mort- <br /> gage. Without limiting the generality of the foregoing,. <br /> the terminology used herein ~ay include the following <br /> terms as defined in the Mortgage: Act; Borrower; City; <br /> Collateral Documents; Commitment; Completion Date; Con- <br /> struction Contract; Construction Costs; Construction Docu- <br /> ments; Construction Fund; Contractor; Counsel; Date of <br /> Taxability; Default; Determination of Taxability; Disburs- <br /> ing Agent; Equipment; Equipment Costs; Event of Default;, <br /> Fixtures; Guaranty Agreement; Holder; .Improvements; Land; <br /> Lender; Loan; Loan Agreement; Loan and Carrying Charges; <br /> Mortgage; Mortgaged Property; Note; Organizational Docu- <br /> ments; Permitted Encumbrances; PerSon; Plans and Specifi- <br />. cations; Pledge/Disbursement Agreement; Project; Project <br /> Costs; Resolution; and Subcontract. <br /> <br />Section 2. Findings. It is hereby found and declared <br />that: <br /> <br /> (a) The Project constitutes a "project" author- <br />ized by Section 474.02, subdivision la, of the Act. <br /> <br /> (b) The purpose of the Project is, and the <br />effect thereof will be to promote the public welfare by <br />the attraction, encouragement and development of economic- <br />ally sound industry and commerce so as to prevent the <br />emergence of or to rehabilitate, so far as possible, <br />blighted and marginal lands and areas of chronic unemploy- <br />ment; the retention of industry to use the available <br />resources of the community in order to retain the benefit <br />of its existing investment in educational and public ser- <br />vice facilities; halting the movement of talented, educa- <br />ted personnel of mature age to other areas and thus pre- <br />serving the economic and human resources needed as a base' <br />for providing governmental services and facilities; more <br />intensive development of'land available in the community <br />to provide an adequate and better balanced tax base to <br /> <br />-2- <br /> <br /> <br />