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(2) The City has made the necessary arrangements with the Borrower for the establishment within the City of a Project consisting of certain property all as more fully described in the Loan Agreement and which will be of the character and accomplish the purposes provided by the Act, and the City has by this Resolution authorized the Project and the execution of the Loan Agreement, the Pledge Agreement, the Note and the Disbursing Agreement, which documents specify certain terms and conditions of the acquisition and financing the Improvements to be included in the projecti (3) in authorizing the Project the City's purpose is, and in its judgment the effect thereof wil1 be, to promote the public welfare by: the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemploymenti the develop- ment of revenue-producing enterprises to use the available resources of the community, in order to retain the benefit of the community's existing investment in educational and public service facilitiesi the halting of the movement of talented, educated personnel of all ages to other areas thus preserving the economic and human resources needed as a base for providing governmental services and facilitiesi the provision of acces- . sible employment opportunities for residents in the areai the expansion pf an adequate tax base to finance the cost of governmental services, including educational services for the school district serving the community in which the Project is situatedi (4) the amount estimated to be necessary to partially finance the Project Costs, including the costs and estimated costs permitted by Section 474.05 of the Act, will require the issuance of the Note in the aggregate principal amount of $900,000 as hereinafter provided: (5) it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of financing the Project: (6) the Note and the interest accruing thereon do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation and do not consti- tute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the City and neither the full faith and credit nor the taxing powers of the City are pledged for the payment of the Note or interest thereon: and 5