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powers of the City is pledged for the payment of the principal of <br />or interest on the Bonds. <br />6. Forms of the following documents have been submitted <br />to the City: <br />776937.1 <br />(a) The Loan Agreement; <br />(b) The Indenture; <br />(c) The Bond Placement Agreement; and <br />(d) The Placement Memorandum. <br />7. It is hereby found, determined and declared that: <br />(a) the Project described in the Indenture and the Loan <br />Agreement constitutes a "Project" authorized by the Act; <br />(b) the purpose of the Project is, and the effect <br />thereof will be, to promote the public welfare by expanding <br />the City's economic base through the acquisition, construction <br />and equipping of an 150,000 sq. ft. manufacturing facility; <br />(c) the Project is to be located within the City limits, <br />at a site which is easily accessible to employees residing <br />within the City and the surrounding communities; <br />(d) the construction of the Project, the issuance and <br />sale of the Bonds, the execution and delivery by the City of <br />the Loan Agreement, the Indenture, and the Bond Placement <br />Agreement, and the performance of all covenants and agreements <br />of the City contained therein, and the City's performance of <br />all other acts and things required under the Constitution and <br />laws of the State of Minnesota to make the Indenture, the Loan <br />Agreement, the Bond Placement Agreement, and the Bonds valid <br />and binding obligations of the City in accordance with their <br />terms, are authorized by the Act; <br />(e) it is desirable that the Company be authorized, in <br />accordance with the provisions of the Act and subject to the <br />terms and conditions set forth in the Loan Agreement, which <br />terms and conditions the City hereby determines to be <br />necessary, desirable and proper, to complete the acquisition <br />and construction of the Project by such means as shall be <br />available to the Company and in the manner determined by the <br />Company, and with or without advertisement for bids as <br />required for the acquisition and construction of municipal <br />facilities; <br />(f) it is desirable that the Bonds be issued by the City <br />upon the terms set forth in the Indenture; <br />3 <br />