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RESOLUTION NO. R85-~7 AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF FALCON HEIGHTS, MINNESO"CA, COMMERCIAL DEVELOPMENT REVENUE BONDS (STRATFORD COMMERCIAL CONDOMINIUM PROJECT), SERIES 1985, WHICH BONDS AND THE INTEREST AND ANY PREiVIIUM THEREON SHALL BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE LOAN AGREEMENT; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE INDENTURE OF TRUST, THE LOAN AGREEMENT, THE SERVICING AGREEMENT, THE BOND PURCHASE AGREEMENT, AND THE ARBITRAGE AND PREMIUM GUARANTY AGREEMENT; APPROVING CERTAIN OTHER DOCUIYIENTS AND AUTHORIZING EXECUTION OF CERTAIN DOCUMENTS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; AND PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS OF SAID BONDS. WHEREAS, the purpose of the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended (the "Act"), as found and determined by the Legislature of the State of rJiinnesota, is to promote the welfare of the State of Minnesota by the active attraction, encouragement, and develop- ment of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment, and for this purpose the State of Minnesota has encouraged action by local governmental units; and . WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in urban and metropolitan areas, the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased .population, and the need for development and use of land which will provide an adequate tax base to finance these increased costs; and WHEREAS, the City of Falcon Heights, Minnesota (the "City"), desires to expand the business and employment opportunities, and the available tax base of the City, and to promote the development of property within the City, and that but for the availability of the tax-exempt financing, the project would not otherwise be undertaken in the City; and WHEREAS, the City is authorized by the Act to enter into a revenue agreement with any person, firm, or public or private corporation or federal or state governmental subdivision or agency in such manner that payments required thereby to be made by the contracting party shall be fixed, and revised from time to time as necessary, so as to produce income and revenue sufficient to provide for .the prompt payment of principal of and interest on all bonds issued under the Act when due, and the revenue agreement shall also provide that the contracting party shall be required to pay all expenses of the ,operation and maintenance of the project including, without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the • ,project and payable during the term of the revenue agreement; and