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"ResolUtion" means this resolution of the Issuer. <br /> <br />Section 2. Ffndings. <br /> <br />2.01. <br /> <br />It is hereby found and declared that: <br /> <br /> (a) based upon representations made to the Issuer <br />by representatives of the Borrower as to the nature of <br />the Project as described in the Agreement and the Mort- <br />gage, the Project constitutes 'a project authorized by <br />the Act; <br /> <br /> (b) the purpose of the Project is and the effect <br />thereof shall be to promote the public welfare by the <br />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 un- <br />employment, the retention of industry to use the avail- <br />able resources of the community in order to retain the <br />benefit of its existing investment in educational and <br />public service facilities, halting the movement of <br />talented, educated personnel of mature age to other <br />areas and thus preserving the economic and human re- <br />sources needed as a base for providing governmental <br />services and facilities and more intensive development <br />of land available in the community; <br /> <br /> (c) the Project has been approved by the Commis- <br />sioner of Securities of the State of Minnesota as tend- <br />ing to further the purposes and policies of the Act; <br /> <br /> (d) the financing of the Project, the issuance and <br />sale of the Note, the execution and delivery ~of the <br />Agreement and the Pledge Agreement and the performance <br />of all covenants and agreements of the Issuer contained <br />in the Note, the Agreement and the Pledge Agreement and <br />of all~ other acts and things required under the Con- <br />stitution and laws of the State of Minnesota to make the <br />Note, the Agreement and the Pledge Agreement valid and <br />binding obligations of the Issuer in accordance with <br />their terms are authorized by the Act; <br /> <br /> (e) it is desirable that the Note in the principal <br />amount of $380,000 be issued by the Issuer upon the <br />terms set forth herein and that the Issuer pledge its <br />interest in the Agreement and grant a security interest <br />therein to the Lender as security for the payment of the <br />principal of, premium, if any, and interest on the Note; <br /> <br />- 4 - <br /> <br /> <br />