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finance .the increase in the amount and cost of governmen- <br />tal 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 Commis- <br />sioner of Securities of the State of Minnesota as tending <br />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 and agreements of the <br />City contained in the Loan Agreement and the Pledge/Dis- <br />bursement Agreement and of all other acts and things <br />required under the Constitution and laws of the State of <br />Minnesota to make the Note, the Loan Agreement and the <br />Pledge/Disbursement Agreement valid and binding obliga- <br />tions of the City enforceable in accordance with their <br />terms, are authorized by the Act. <br /> <br /> (f) It is desirable that the Note in the'maximum <br />principal amount of $450,000 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 inter- <br />est therein to the Lender as security for the payment of <br />the principal of and interest and premium, if any, on the <br />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 Agreement also provides that the Borrow- <br />er is required to pay all expenses of the operation and <br />maintenance of the Project including, but without limita- <br />tion, adequate insurance thereon and all taxes and special <br />assessments levied upon or with respect ~o the Land pay- <br />able during the term of the Loan Agreement. <br /> <br /> (h) Under the provisions of Minnesota Statutes, <br />Section 474.10, and as to be provided in the Note, the <br />Note is not to be payable from nor charged upon any funds <br />of the City other than the revenue under the Loan Agree- <br />ment pledged to the payment thereof; the City is not sub- <br /> <br />-3- <br /> <br /> <br />