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and Rents"). It is further proposed that the Bank issue its Irrevocable Letter of Credit in favor of the Trustee which expires December 1, 1995, upon which the Trustee shall draw for payments of principal and interest on the Bonds and for the purchase price of Bonds, all as provided in the Indenture, while the Letter of Credit is in effect. The Letter of Credit is to be issued pursuant to the terms of a Reimbursement Agreement between the Company and the Bank. 4. Preliminary Approval. This Council by action taken on June 10, 1985, gave preliminary approval to the proposal, and the Department of Energy and Economic Development of the State of Minnesota has approved the Project as tending to further the purposes and pOlicies of the Act. 5. Documents. Pursuant to the preliminary approval of the Council, forms of the following documents have been submitted to this Council for approval: (a) The Loan Agreement; (b) The Indenture; (c) The Mortgage; (d) The Letter of Credit; (e) The Reimbursement Agreement; and (f) The Assignment of Leases and Rents. 6. Findings. It is hereby found, determined and declared that: (a) the Project described in the Loan Agreement and Indenture referred to above constitutes a Project authorized by the Act; (b) the purpose of the Project is and the effect thereof will be to promote the public welfare by the acquisition, construction and equipping of facilities for use as a warehouse/office building; (c) the Project is to be located within the City limits, at a site which is easily accessible to employees residing within the City and the surrounding communities; (d) the Act authorizes the acquisition, construction and installation of the Project described in the Loan Agreement and Indenture, the issuance and sale of the Bonds, the execution and delivery by the City of the Loan -2-