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11041 ~, ~ (b) The authorization of the Bonds, the execution and delivery of the Bond Purchase Agreement, the Loan Agreement, the Indenture, the Declaration, the Subordination Agreement and any other documents authorized hereby to be executed by officers of the city and the performance of all covenants and agreements of the city contained in the Bond Purchase Agreement, the Loan Agreement, the Indenture, the Declaration, the Subordination Agreement and any such other documents and all other acts and things required under the Constitution and laws of the state of Minnesota to make the Bond Purchase Agreement, the Loan Agreement, the Indenture, the DeClaration, the SUbordination Agreement and any such other documents and the Bonds valid and binding obligations in accordance with their terms, are authorized by the Act; and (c) It is desirable that a series of revenue refunding obligations in the principal amount of not greater than $3,315,000 be issued by the city upon the terms set forth in the Indenture, under the provisions of which a pledge of and security interest in the city's interest in the Loan Agreement and the payments thereunder (except for certain expenses and indemnification) will be granted to the Trustee as security for the payment of principal of purchase price, premium, if any, and interest on the Bonds; and (d) The loan payments contained in the Loan Agreement are fixed, and required to be revised from time to time as necessary, so as to produce income and revenue sufficient to provide for prompt payment of principal of, purchase price, premium, if any, and interest on all Bonds issued under the Indenture when due, and the Loan Agreement also provides 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 all taxes and special assessments levied upon or with respect to the site of the Proj ect and payable during the term of the Loan Agreement; and (e) Under the prOV~S1ons of the Act, and as provided in the Loan Agreement and Indenture, the Bonds are not to be payable from nor charged upon any funds of the City other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon and no holders of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay any of the Bonds or the interest thereon nor to enforce payment thereof against any property of the City; and Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city; and each Bond issued under the Indenture shall recite that the Bonds, including interest thereon, are payable solely from the revenue pledged to the payment thereof and that no Bond shall constitute a debt of the city within the meaning 4