Resolution - #80-51 - 06/01/1980

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(b) Pledge Agreement (the "Pledge Agreement") dated as of June 1, 1980, from the City to the Lender, whereby the City assigns to the Lender all of its interest in the Loan Agreement (except its rights under Sections 5.02, 7.01, 8.04, 8.05 and 9.07 thereof relating to indemnity, expenses and advances of the City), for the purpose of securing the full and prompt payment of the Bond; (c) Combination Mortgage, Security Agreement and Fixture Financing Statement (the "Mortgage") dated as of June 1, 1980, from the Borrower to the Lender, whereby the Borrower grants a mortgage on and security interest in the Mortgaged Property, as defined therein, as further securitY for the full and prompt payment of the Bond (this document not to be executed by the City); and (d) Assignment of Rents (the "Assignment~') dated as of June t, 1980, from the Borrower to the Lender whereby the Borrower assigns to the Lender as future security for the full and prompt payment of the Bond the Borrower's right, title and interest on all present or future leases and all other rents, profits or other income to become due or payable as the result of any use or possesion of the Mortgaged Property (this document not to be executed by the City). 4. Findings. declared that: It is hereby found, determined and (a) The Project, as described in paragraph 2 hereof and in the Loan Agreement, based upon the repre- sentations of the Borrower, constitutes a revenue-producing enterprise and is a project authorized by and described in Section ~7~.02, Subd. la, of the Act. (b) The purpose of the Project is and the effect thereof will be to promote the public welfare by: preventing the emergence of blighted and marginal lands and areas of chronic unemployment; preventing economic deterioration; the development of sound industry and conunerce to use the available resources of the com- munity, in order to retain the benefit of the com- munity's existing investment in educational and public service facilities; and halting the movement of talented, educated personnel to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and adding to the tax base of the City and the County and School District in which the Project will be located. (c) The Project has been approved by preliminary resolutions of the City Council duly adopted on April 22, 1980, and by the Commissioner of Securities of the State of Minnesota, as tending to further the purposes and policies of the Act. --2--