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(i) The purpose of the Project is, and the effect thereof will be, to promote the <br /> public welfare by the acquisition and construction of a facility for use as a multifamily <br /> housing development designed primarily for occupancy by persons of low and moderate <br /> income. <br /> (j) The Act authorizes(i)the acquisition and construction of the Project,(ii) the <br /> issuance and sale of the Note, (iii) the execution and delivery by the City of the Loan <br /> Agreement, Regulatory Agreement, and Pledge Agreement (the "City Agreements"), (iv) <br /> the performance of all covenants and agreements of the City contained in the City <br /> Agreements and any other documents reasonably necessary to effectuate the intent of this <br /> resolution, and (v) the performance of all other acts and things required under the <br /> constitution and laws of the State of Minnesota to make the City Agreements and the Note <br /> valid and binding special, limited obligations of the City in accordance with its terms. <br /> (k) It is desirable that the Borrower be authorized, subject to the terms and <br /> conditions set forth in the Loan Agreement, which terms and conditions the City <br /> determines, based on representations of the Borrower, to be necessary, desirable, and <br /> proper, to complete the acquisition, construction, and installation of the Project by such <br /> means as shall be available to the Borrower and in the manner determined by the Borrower, <br /> and with or without advertisement for bids as required for the acquisition and installation <br /> of municipal facilities. <br /> (1) The payments under the Loan Agreement are fixed to produce revenue <br /> sufficient to provide for the prompt payment of principal of, premium, if any, and interest <br /> on the Note when due, and the Loan Agreement also provides that the Borrower is required <br /> to pay all expenses of the operation and maintenance of the Project, including,but without <br /> limitation, adequate insurance thereon and insurance against all liability for injury to <br /> persons or property arising from the operation thereof, and all taxes and special <br /> assessments levied upon or with respect to the Project and payable during the term of the <br /> Loan Agreement. <br /> (m) There is no litigation pending or, to the actual knowledge of the City, <br /> threatened against the City questioning the City's execution or delivery of the Note or the <br /> City Agreements or questioning the due organization of the City,or the powers or authority <br /> of the City to issue the Note and undertake the transactions contemplated hereby. <br /> (n) The execution, delivery, and performance of the City's obligations under <br /> the Note and the City Agreements do not and will not violate any order against the City of <br /> any court or other agency of government, or any indenture, agreement, or other instrument <br /> to which the City is a party or by which it or any of its property is bound, or be in conflict <br /> with,result in a breach of, or constitute(with due notice or lapse of time or both) a default <br /> under any such indenture, agreement or other instrument. <br /> (o) The City hereby finds, determines, and declares, based on representations <br /> of the Borrower, that it is in the public interest of the residents of the City that the Project <br /> be undertaken in order to further the public purpose by providing multifamily housing <br /> 4 <br /> 12119970v3 <br />