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(b) the purpose of the Project is and the effect thereof will be to p~omote the public welf3re by the acquisition, construction and equipping of a multi-fa~ily rental housing faciltty for occupancy primarily by elderly pers~ns and in part by persons of low income. (c) the Project is to be located within the City limits, at a site which is easily accessLble to persons residing within the City and the surrounding communities; (d) the acqui~ition, construction and installation of the Project, the issuance and sale of the Bonds, the execution and delivery by the City of the Loan Agreements, and the Indenture, and the performance of all covenants and agreements of the City contained in the Loan Agreements and Indenture and of all other acts and things required under the constitution and laws of the State of Minnesota to mak.e the Loan Agreements, Indenture and Bonds valid and binding obligations of the City in accordance with their terms, are authorized by the Act; (e) it is desirable that each Company be authorized, and subject to the terms and conditions set forth in the Loan Agreements, which terms and conditions the City determines to be necessary, desirable and proper, to complete the acquisition and installation of the phase of the Project Owned by each Company by such means as shall be available to such Company and in the manner determined by the Company, and with or without advertisement for bids as required for the acquisition and installation of municipal facilities; (f) it is desirable that both series of the Bonds be issued by the City upon the terms set forth in the Indenture; (g) the basic payments under each Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the related series of the Bonds issued under the Indenture when due, and the Loan Agreements, and Indenture also provide that applicable company is required