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• It is hereby found, determined and declared that: <br /> (a) It is desirable that the Refunding Bonds be issued by the City upon the terms set forth <br /> in this resolution and the Senior Bonds Indenture, as amended by the First Supplemental <br /> Indenture (as so amended, the"Indenture"), under the provisions of which the City grants to the <br /> Trustee a security interest in certain revenues and payments to be received by the City under the <br /> Senior Bonds Loan Agreement, as amended by the First Amendment to Loan Agreement (as so <br /> amended, the "Loan Agreement") as security for the payment of the principal of, premium, if <br /> any, and interest on the Refunding Bonds. <br /> (b) The payments required to be made to the Trustee pursuant to the Loan Agreement are <br /> determined, and are required to be revised from time to time as necessary, so as to produce <br /> income and revenue sufficient to provide for prompt payment of principal of and interest on all <br /> Bonds issued under the Indentures when due; and the Loan Agreement also provides that the <br /> Borrower is required to continue to pay all expenses of the operation and maintenance of the <br /> Project, including but without limitation, adequate insurance thereon and insurance against all <br /> liability for injury to persons or property arising from the operation thereof, and all taxes and <br /> special assessments levied upon or with respect to the site of the Project and payable during the <br /> term of the Loan Agreement. <br /> (c) The execution and delivery of the Documents and all other acts and things required <br /> under the Constitution and laws of the State of Minnesota to make the Documents and the <br /> • Refunding Bonds valid and binding special, limited obligations in accordance with their terms, <br /> are authorized by the Act. <br /> Section 3. Authorization and Approval of Documents. The City is hereby authorized to <br /> issue the Refunding Bonds to provide funds, to be used, with other available funds, to refinance <br /> the Project and pay costs of issuance of the Refunding Bonds, and to pledge and assign the Loan <br /> Agreement and the loan repayments due thereunder, all as provided in the Loan Agreement and <br /> the Indenture. It is acknowledged that the purchase price of the Refunding Bonds, the principal <br /> amount of the Refunding Bonds, the initial reoffering prices of the Refunding Bonds, the <br /> maturity schedule of the Refunding Bonds,the provisions for redemption of the Refunding <br /> Bonds and the initial interest rate on the Refunding Bonds have not been determined as of the <br /> date of adoption of this resolution and are not reflected in the Indenture, the Loan Agreement or <br /> the Bond Purchase Agreement. The Mayor and the City Manager are hereby authorized to <br /> approve: (1) the purchase price of the Refunding Bonds; (2) the initial reoffering prices of the <br /> Refunding Bonds; (3)the maturity schedule of the Refunding Bonds, provided that the weighted <br /> average maturity of the Refunding Bonds shall not exceed the remaining weighted average <br /> maturity of the Subordinate Bonds; (4)the provisions for redemption of the Refunding Bonds; <br /> and (5)the initial interest rate on the Refunding Bonds. The approval of such officers of the <br /> terms of the Bonds shall be conclusively presumed by the execution of the Documents by said <br /> officers. <br /> • -4- <br />