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<br />to promote the public welfare by the construction, <br />installation and equipping of a rental housing facility for <br />assisting elderly persons within the City to obtain decent, <br />safe and sanitary housing at rentals they can afford; <br /> <br />(c) the Project is to be located within the City <br />limits, at a site which is easily accessible to persons <br />residing within the City and the surrounding communities; <br /> <br />(d) the acquisition, construction and <br />installation of the Project, the issuance and sale of the <br />Bonds, the execution and delivery by the City of the Loan <br />Agreement, the Indenture and the Bond Purchase Agreement <br />(collectively, the "Agreements"), and the performance of all <br />covenants and agreements of the City contained in the <br />Agreements, and of all other acts and things required under <br />the constitution and laws of the state of Minnesota to make <br />the Agreements and the Bonds valid and binding obligations <br />of the City in accordance with their terms, are authorized <br />by the Act; <br /> <br />(e) it is desirable that the Company be <br />authorized, in accordance with the provisions of the Act and <br />subject to the terms and conditions set forth in the Loan <br />Agreement (which terms and conditions the City determines to <br />be necessary, desirable and proper), to construct and <br />install the Project by such means as shall be available to <br />the Company and in the manner determined by the Company, and <br />with or without advertisement for bids as required for the <br />acquisition and installation of municipal facilities; <br /> <br />(f) it is desirable that the Bonds be issued by <br />the City upon the terms set forth in the Indenture; <br /> <br />(g) the Basic Payments under the Loan Agreement <br />are fixed to produce revenues sufficient to provide for the <br />prompt payment of principal of, premium, if any, interest <br />on, and the purchase price of, the Bonds issued under the <br />Indenture when due, and the Loan Agreement, Mortgage and <br />Indenture also provide that the Company is required to pay <br />all expenses of the operation and maintenance of the <br />Project, including, but without limitation, adequate <br />insurance thereon and insurance against all liability for <br />injury to persons or property arising from the operation <br />thereof, and all taxes and special assessments levied upon <br />or with respect to the Project Premises (as defined in the <br />Indenture) and payable during the term of the Loan <br />Agreement, Mortgage and Indenture; and <br /> <br />249097 <br /> <br />4 <br />