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Trustee pursuant to a Mortgage and Security Agreement dated <br />August 1, 1986 (the "Mortgage ") and to further secure the <br />payment of the Bonds and the interest thereon, enter into an <br />Assignment of Leases and Rents dated August 1, 1986 (the <br />"Assignment of Leases and Rents "). 0. Larry Lee, Marlene Testa <br />Lee, Brian P. Carlson, Susan M. Carlson, Larry A. Carlson and <br />Bernetta J. Carlson have also entered into a Guaranty Agreement <br />dated August 1, 1986 in favor of the Trustee for the benefit of <br />the Bondholders (the "Guaranty "). <br />t „ , ap$ca da G q <br />llt <br />4. This Council by action taken July 9, 1986 gave -fat <br />preliminary approval to the proposal and / , <br />• -- ergy�g and Development of <br />the State of Minnesota approval to the P oject as tending <br />to further the purposes and policies of the A1bt� <br />0)72(0 <br />5. Pursuant to the preliminary approv 1 of the <br />Council, forms of the following documents have be n submitted <br />to the Council for approval: <br />• � - - <br />(a) The <br />(b) The <br />(c) The <br />(d) The <br />(e) The <br />(f) The <br />6. <br />Loan Agreement. <br />Indenture. <br />Mortgage. <br />Assignment of Leases and Rents. <br />Guaranty. <br />Purchase Agreement. <br />Yde cSch)es/ <br />'vat <br />QG &o6 <br />Q-lUOcata <br />It is hereby found, determined and declared that: <br />(a) the Project described in the Loan <br />Agreement and Indenture referred to above <br />constitutes a Project authorized by the Act; <br />(b) the purpose of the Project is and the <br />effect thereof will be to promote the public <br />welfare by the acquisition, construction and <br />equipping of a facility for <br />(c) the Project is to be located within the <br />City limits, at a site which is easily accessible <br />to employees residing within the City and the <br />surrounding communities; <br />11 <br />