Resolution - #90-06-183 - 06/26/1990

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3) (d~ (g) Findings: 5t is (c) Assignment of Leases and Rents (the "Assignment") dated as of June 1, 1990, from the Borrower to the Trustee, by which the Borrower assigns to the Trustee its interest in all leases and rents with respect to the Mortgaged Property (this document not to be executed by the City); and Guaranty Agreement (the "Guaranty") dated as of June 1, 1990, from Dennis L. Sharp, Lindy L. Zelinski, Kyle D. Sharp and Kelly S. Sweigert (collectively the "Guarantors") to the Trustee, by which the Guarantors, jointly and severally, guarantee payment of all principal of, premium, if any, and interest on the Bonds (this document not to be executed by the City); and Lease Guaranty Agreement (the "Lease Guaranty") dated as of June 1, 1990, from the Lessee to the Trustee, whereby the Lessee guarantees to the Trustee, for the benefit of the owners of the Bonds, all payments of rent to become due under its lease of the project from the Borrower (this document not to be executed by the City); and Bond Purchase Agreement (the "Bond Purchase Agreement"), by and between Miller, Johnson & Kuehn Incorporated (the "Underwriter"), the Borrower, the Lessee and the City, providing for the purchase of the Bonds fi'om the City by the Underwriter and setting the terms and conditions of purchase; and lh-eliminary Official Statement and form of final Official Statement, the form of the Preliminary Official Statement, together with the insertion of the final underwriting details of the Bonds, including the interest rates to be borne thereby, and such other changes as may be necessary or desirable, intended to constitute the form of the final Official Statement, including the Appendices thereto (together the "Official Statement"), describing the offering of the Bonds, and certain terms and provisions of the foregoing documents. hereby found, determined and declared that: The Project, based upon information furnished by the Borrower, constitutes a project authorized by and described in the Act. The purpose of the Project is and the effect thereof will be to promote the public welfare by: Promoting, attracting, encouraging and developing economically sound industry and commerce through governmental action for the purpose of preventing the emergence of blighted and marginal lands and areas of chronic unemployment; and increasing the tax base of the City and the county and school district in which the Project is located. The Project has been approved by the Department of Trade and Economic Development for the State of Minnesota, as tending to further the purposes and policies of the Act. Resolution #90-06-183 Page 2