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249075 authorized by the Act and the housing program for the Project is authorized by the Act; (b) the purpose of the Project and the housing program for the Project is, and the effect thereof will be, to promote the public welfare by the construction, installation and equipping of a rental housing facility for assisting elderly persons within the City to obtain decent, safe and sanitary housing at rentals they can afford; (c) the project is to be located within the City limits, at a site which is easily accessible to persons residing within the City and the surrounding communities; (d) the acquisition, construction and installation of the Project, the issuance and sale of the Bonds, the execution and delivery by the City of the Loan Agreement, the Indenture, the Regulatory Agreement and the Bond Purchase Agreement (collectively, the "Agreements"), and the performance of all covenants and agreements of the City contained in the Agreements, and of all other acts and things required under the constitution and laws of the state of Minnesota to make the Agreements and the Bonds valid and binding obligations of the city in accordance with their terms, are authorized by the Act; (e) it is desirable that the Company be authorized, in accordance with the provisions of the Act and subject to the terms and conditions set forth in the Loan Agreement, the Regulatory Agreement and the Declaration (which terms and conditions the City determines to be necessary, desirable and proper), to construct and install the Project by such means as shall be available to the 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 the Bonds be issued by the City upon the terms set forth in the Indenture; (g) the Basic Payments under the Loan Agreement are fixed to produce revenues sufficient to provide for-the prompt payment of principal of, premium, if any, interest on, and the purchase price of, the Bonds issued under the Indenture when due, and the Loan Agreement, Mortgage, Regulatory Agreement, Declaration 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 4