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<br />3. Forms of Documents Submitted. Forms of the <br />following documents have been submitted to the Council for <br />approval: <br /> <br />(a) the Loan Agreement; <br /> <br />(b) the Indenture; <br /> <br />(c) the Mortgage; <br />(d) the Assignment; <br /> <br />(e) the Bond Purchase Agreement; and <br /> <br />(f) the Escrow Agreement. <br /> <br />4. FindinGs. <br />declared that: <br /> <br />It is hereby found, determined and <br /> <br />(a) the advance refunding of the Prior Bonds and the <br />financing of the Improvements further the policies of the Act; <br /> <br />(b) the Improvements promote the public welfare by <br />providing necessary housing facilities, so that adequate housing <br />facilities are available to residents of the State of Minnesota <br />at a reasonable cost; <br /> <br />(c) the Act authorizes the refunding of the Prior <br />Bonds and the acquisition, construction and installation of the <br />facilities and equipment to be financed by the Bonds, the <br />issuance and sale of the Bonds, the execution and delivery by the <br />City of the Loan Agreement, Escrow Agreement, Indenture and Bond <br />Purchase Agreement (collectively the IIBond Documentsll), the <br />performance of all covenants and agreements of the City contained <br />in the Bond Documents, and the performance of all other acts and <br />things required under the constitution and laws of the State of <br />Minnesota to make the Bond Documents and Bonds valid and binding <br />obligations of the City in accordance with their terms; <br /> <br />(d) it is desirable that the Bonds be issued by the <br />City upon the terms set forth in the Indenture; <br /> <br />(e) the payments under the Loan Agreement are fixed to <br />produce revenue sufficient to provide for the prompt payment of <br />principal of, premium, if any, and interest on the Bonds issued <br />under the Indenture when due, and the Loan Agreement and <br />Indenture also provide that the Company is required to pay all <br />expenses of the operation and maintenance of the facilities to be <br />financed by the Bonds, including, but without limitation, <br />adequate insurance thereon and insurance against all liability <br />for injury to persons or property arising from the operation <br />thereof, and any taxes and special assessments levied upon or <br />with respect to the premises of said facilities and payable <br />during the term of the Loan Agreement and Indenture; <br /> <br />940544.~ <br /> <br />4 <br />