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• the benefit of its existing investment in educational and <br /> public service facilities ; halting the movement of <br /> talented, educated personnel of mature age to other areas <br /> and thus preserving the economic and human resources <br /> needed as a base for providing governmental services and <br /> facilities ; more intensive development of land available <br /> in the community to provide an adequate and better <br /> balanced tax base to finance the increase in the amount <br /> and cost of governmental services. <br /> (c) The Project when completed will add to the <br /> tax base of the City, and will accordingly be of direct <br /> benefit to the taxpayers of the City as well as those of <br /> the County and School District in which the Project is <br /> located. <br /> (d) The Project has been approved by the <br /> Commissioner of Securities of the State of Minnesota as <br /> tending to further the purposes and policies of the Act. <br /> (e) The financing of the Project, the issuance <br /> and sale of the Note, the execution and delivery of the <br /> Construction Loan Agreement; Loan Agreement and the Pledge <br /> Agreement and the performance of all covenants and agreements <br /> of the City contained in the Note, the Construction Loan <br /> • Agreement, the Loan Agreement, the Pledge Agreement and <br /> of all other acts and things required under the Constitution <br /> and laws of the State of Minnesota to make the Note, the <br /> Construction Loan Agreement, the Loan Agreement and the <br /> Pledge Agreement valid and binding obligations of the City <br /> enforceable in accordance with their terms , are authorized <br /> by the Act. <br /> (f) It is desirable that the Note in the maximum <br /> principal amount of $780, 000 be issued by the City upon <br /> the terms set forth herein, and that the City assign its <br /> interest in the Loan Agreement and grant a security <br /> interest therein to the Lender as security for the payment <br /> of the principal of and interest and premium, if any, on <br /> the Note. <br /> (g) The loan payments required by the Loan <br /> Agreement are fixed , and required to be revised from time <br /> to time as necessary, so as to produce income and revenue <br /> sufficient to provide for prompt payment of principal of <br /> and interest on the Note issued under this Resolution when <br /> due, and the Loan Agreement also provides that the <br /> Borrower is required to pay all expenses of the operation <br /> and maintenance of the Project including, but without <br /> limitation, adequate insurance thereon and all taxes and <br /> • <br /> -3- <br />