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(c) the Proposal, the issuance and sale of the Bonds, the execution and delivery by the City of the Loan Agreement, Indenture and Bond Purchase Agreement and the performance of all covenants and agreements of the City contained in the Loan Agreement, Indenture and Bond Purchase ~greement and the Bonds, and of all other acts and things required under the constitution and laws of the State of Minnesota to make the Loan Agreement, Indenture, and Bond Purchase Agreement and the Bonds, valid and binding obligations of the Issuer, in accordance with their terms, are hereby authorized by the City; (d) it is desirable that the Bonds be issued by the City upon the terms set forth in the Indenture; (e) the basic payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, Premium, if any, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement, Mortgage and Indenture also provide that the Company is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project Premises and payable during the term of the Mortgage, Loan Agreement and Indenture; (f) under the provisions of Minnesota Statutes, Section 474.10, and as provided in the Loan Agreenent and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holder of any Bonds shall ever have the right to compel any exercise by the City of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the City except the interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture: the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable upon any property of the City except the interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds are issued without moral obligation on the part of the state or its political SUbdivisions, and that the Bonds, 4