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<br /> . e e <br /> . <br /> - <br /> . <br /> - <br /> service facilities; halting the movement of talented, <br /> educated personnel to other areas and thus preserving <br /> the economic and human resources needed as a base for <br /> providing governmental services and facilities; and <br /> adding to the tax base of the City and the County and <br /> School District in which the Project will be located. <br /> (c) The Project has been approved by preliminary <br /> resolution of the Council duly adopted May 8, 1979 and <br /> by the Commissioner of Securities of the State ,of <br /> Minnesota as tending to further the purposes and poli- <br /> cies of the Act. <br /> (d) The issuance and sale of the Note, the <br /> execution and delivery of the Loan Agreement, Loan <br /> Agreement Assignment and Escrow Agreement and the <br /> performance of all covenants and agreements of the City <br /> contained in the Note, the Loan Agreement, Loan Agree- <br /> ment Assignment and the Escrow Agreement and of all <br /> other acts and things required under the Constitution <br /> and laws of the State of Minnesota to make the Note, <br /> Loan Agreement, Loan Agreement Assignment and the <br /> Escrow Agreement valid and binding obligations of the <br /> City in accordance with their terms, are authorized by <br /> the Act. <br /> (e) There is no litigation pending or, to the <br /> best of its knowledge threatened, against the City <br /> relating to the Project, Note, Loan Agreement, Loan <br /> Agreement Assignment or Escrow Agreement, or questioning <br /> the organization of the City or its power or authority <br /> to issue the Note or execute the Loan Agreement, Loan <br /> Agreement Assignment and Escrow Agreement. <br /> (f) The execution, delivery and performance of <br /> the City's obligations under the Note, the Loan Agree- <br /> ment, Loan Agreement Assignment and the Escrow Agree- <br /> ment have been fully authorized by all requisite action <br /> and do not and will not violate any law, any order of <br /> any court or other agency of government, or any inden- <br /> ture, agreement or other instrument to which the City <br /> is a party or by which it or any of its property is <br /> bound, or be in conflict with, result in a breach of, <br /> or constitute (with due notice or lapse of time or <br /> both) a default under any such indenture, agreement or <br /> other instrument. <br /> (g) The Loan Agreement provides for payments by <br /> the Company to the Holder of the Note for the account <br /> of the City of such amounts as will be sufficient to <br /> pay the principal of and interest on the Note when due. <br /> -1- <br />