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5. It is hereby found, determined and declared that: <br />(a) the issuance and sale of the Bonds, the execution and delivery by the City <br />of the Bond Documents and the performance of all covenants and agreements of the City <br />contained in the Bond Documents and of all other acts and things required under the constitution <br />and laws of the State of Minnesota to make the Bond Documents and the Bonds valid and <br />binding obligations of the City in accordance with their terms, are authorized by the Act; <br />(b) it is desirable that the Bonds be issued by the City upon the terms set forth <br />in the Resolution; <br />(c) the basic payments under the Financing Agreement are fixed to produce <br />revenue sufficient to provide for the prompt payment of principal of, premium, if any, and <br />interest on the Bonds issued under this Resolution when due, and the Financing Agreement and <br />Resolution also provide that the Borrower is required to pay all expenses of the operation and <br />maintenance of the Project, including, but without limitation, adequate insurance thereon and <br />insurance against all liability for injury to persons or property arising from the operation thereof, <br />and all taxes and special assessments levied upon or with respect to the Project premises and <br />payable during the term of the Financing Agreement and Resolution; <br />(d) under the provisions of the Act and as provided in the Financing <br />Agreement and this Resolution, the Bonds are not to be payable from or charged upon any funds <br />other than the revenue pledged to the payment thereof; the City is not subject to any liability <br />thereon; no holder of any Bonds shall ever have the right to compel any exercise by the City of <br />its taxing powers to pay any of the Bonds or the interest or premiums thereon, or to enforce <br />payment thereof against any property of the City except the interests of the City in the Financing <br />Agreement which have been assigned to the Purchaser under the Financing Agreement; the <br />Bonds shall not constitute a charge, lien, or encumbrance, legal or equitable upon any property of <br />the City except the interests of the City in the Financing Agreement which have been assigned to <br />the Purchaser under the Financing Agreement; the Bonds shall recite that the Bonds are issued <br />without the faith and credit or the taxing powers of the state or its political subdivisions pledged <br />thereto, and that the Bonds, including interest thereon, are payable solely from the revenues <br />pledged to the payment thereof, and, the Bonds shall not constitute a debt of the City within the <br />meaning of any constitutional or statutory limitation. <br />6. The forms of the Bond Documents and exhibits thereto are approved substantially <br />in the form submitted. The Bond Documents, in substantially the forms submitted, are directed <br />to be executed in the name and on behalf of the City by the Mayor and the City Administrator. <br />Any other documents and certificates necessary to the transaction described above shall be <br />executed by the appropriate City officers. Copies of all of the documents necessary to the <br />transaction herein described shall be delivered, filed, and recorded as provided herein and in the <br />Bond Documents. <br />7. The City shall proceed forthwith to issue the Bonds, in the form and upon the <br />terms set forth in the Financing Agreement. The Bonds will be purchased on substantially the <br />teens set forth in the Financing Agreement which has been submitted to the City in connection <br />with this Resolution. The Mayor and City Administrator are authorized and directed to prepare <br />3 <br />82788490 <br />