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(25) Sylvan Equipment: all machinery, equipment, <br />inventory, accounts receivable, chattel paper, general <br />intangibles, documents, instruments, furniture, fixtures, <br />leasehold improvements, motor vehicles, trademarks, <br />tradenames, patents and goods now owned or hereafter acquired <br />by Sylvan. <br />1-2. Legal Authorization. <br />The City is a political subdivision of the State of <br />Minnesota and is authorized under the Act to initiate the <br />revenue producing project herein referred to, and to issue and <br />sell bonds in the form of the Tax Exempt Note for the purpose, <br />in the manner and upon the terms and conditions set forth in <br />the Act and in this Resolution. <br />1-3. Findings. <br />The City Council has heretofore determined, and does <br />hereby determine, as follows: <br />(1) the City is authorized by the Act to enter into a <br />Loan Agreement for the public purposes expressed in the Act; <br />(2) The City has made the necessary arrangements with <br />the Company for the establishment within the City of a Project <br />consisting of certain property all as more fully described in <br />the Loan Agreement with the Company and which will be of the <br />character and accomplish the purposes provided by the Act, and <br />the City has by this Resolution authorized the Project and <br />execution of the Committment Letter, the Loan Agreement, <br />Assignment of Loan Agreement, Tax Exempt Note and Disbursing <br />Loan Agreement, specifying the terms and conditions of the <br />construction and financing of the Improvements to be included <br />in the Project; <br />(3) in authorizing the Project the City's purpose is, <br />and in its judgment the effect thereof will be, to promote the <br />public welfare by: the encouragement and promotion of <br />economically sound development and additional employment <br />opportunities for residents of the City and surrounding area; <br />and the Project has been approved by the Commissioner of <br />Economic Development of the State of Minnesota as tending to <br />further the purposes and policies of the Act; <br />(4) the amount estimated to be necessary to finance the <br />Project Costs, including the costs and estimated costs per- <br />mitted by Section 474.05 of the Act, will require the issu- <br />ance of the Tax Exempt Note in the aggregate principal amount <br />of $820,000 as hereinafter provided; <br />9 <br />