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• Bond. Purchase .Agreement and the performance of all <br /> covenants and agreements of the City contained in the Loan <br /> Agreement , the Indenture, the Remarketing Agreement and the <br /> Bond Purchase Agreement and of all other acts and things <br /> required under the -Constitution and laws of the State of <br /> Minnesota to make the Loan Agreement, the Indenture, the <br /> Remarketing Agreement and the Bond Purchase Agreement and <br /> the Bonds valid and binding obligations in accordance with <br /> their terms, are authorized by the Act; <br /> (b) the Program was submitted to the Minnesota <br /> Housing Finance Agency as provided in Minnesota Statutes, <br /> Section 462C. 04, Subdivision 2 on November 29, 1985 , and <br /> such Agency has informed the City that it will not be <br /> rejected. within 30 days after submission; <br /> (c) it is desirable that a series of Multifamily <br /> Housing Revenue Bonds (Arkand Limited Partnership III <br /> Housing Project) in the amount of $11 , 990 , 000 be issued by <br /> the. City upon the terms set forth in the Indenture, under <br /> the provisions of which the City grants to the Trustee a <br /> security interest in' certain revenues and payments to be <br /> received by the City under the Loan Agreement as security <br /> for the payment of the principal of, premium, if any, and <br /> 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 /> time to time as necessary, so as to produce income and <br /> revenue sufficient to provide for prompt payment of <br /> principal of and interest on all Bonds issued under the <br /> Indenture when due; and the Loan Agreement also provides <br /> that the Borrower is required to pay all expenses of the <br /> operation and maintenance of the Project, including, but <br /> without limitation, adequate insurance thereon and <br /> insurance against all liability for injury to persons or <br /> property arising from the operation thereof, and all taxes <br /> and special assessments levied upon or with respect to the <br /> site of the Project and payable during the term of the Loan <br /> Agreement; <br /> (e) the execution and delivery of the Loan Agreement, <br /> the Indenture, the Remarketing Agreement and the Bond <br /> Purchase Agreement will not conflict with, or constitute on <br /> the part of the City a breach of -or a default under , any <br /> existing agreement , indenture, mortgage, lease or other_ <br /> instrument to which the City is subject or is a party or by <br /> which it is bound; provided that this finding is made <br /> solely for the purpose of estopping the City from denying <br /> -4- <br />