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• (b) an Indenture of Trust (the " Indenture" ) , to be <br /> dated as of September 1 , 1988, proposed to be made and <br /> entered into between the City and American National Bank <br /> and Trust Company, as trustee (the "Trustee" ) ; <br /> (c) an irrevocable letter of credit (the "Letter of <br /> Credit" ) , to be dated as of September 1 , 1988 , proposed to <br /> be issued by Norwest Bank Minnesota, National Association <br /> to the Trustee to secure the Bonds; <br /> (d) a Bond Purchase Agreement (the "Bond Purchase <br /> Agreement" ) , by and among the City, the Partnership and <br /> Norwest Investment Services, Inc . (the "Underwriter" ) ; and <br /> (e) a Preliminary Official Statement (the <br /> "Preliminary Official Statement" ) , dated September 2, 1988, <br /> relating to the Bonds , which was distributed to potential <br /> purchasers of the Bonds . <br /> Section 2 . Findings . <br /> It is hereby found, determined and declared that : <br /> (a) the financing of the Project, the authorization <br /> of the Bonds in the maximum aggregate principal amount of <br /> • $10 , 750, 000 the execution and delivery of the Loan <br /> Agreement and the Indenture and the performance of all <br /> covenants and agreements of the City contained in the Loan <br /> Agreement , the Bond Purchase Agreement , and the Indenture <br /> and of all other acts and things required under the <br /> Constitution and laws of the State of Minnesota to make the <br /> Loan Agreement , the Bond Purchase Agreement, the Indenture <br /> and the Bonds valid and binding obligations in accordance <br /> with their terms, are authorized by the Act; <br /> (b) the Program was submitted to the MHFA as provided <br /> in Minnesota Statutes, Section 462C. 04 , Subdivision 2 on <br /> November 29 , 1985 , and the MHFA did not reject the Program <br /> within 30 days after submission; <br /> (c) it is desirable that the Bonds in the amount of <br /> $10 , 750,000 issued by the City upon the terms set forth in <br /> the Indenture, under the provisions of which the City <br /> grants to the Trustee a security interest in certain <br /> revenues and payments to be received by the City under the <br /> Loan Agreement as security for the payment of the principal <br /> of, premium, if any, and interest on the Bonds; <br /> (d) the loan repayments contained in the Loan <br /> Agreement are fixed, and are required to be revised from <br /> • <br /> -3- <br />