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l non-payment by or a bankruptcy of the Company, to be issued by Norwest Bank Minnesota, National Association, in favor of the Trustee (the "Letter of Credit.,). 3. Pursuant to the preliminary approval of the Council, forms of the following documents have been submitted to the Council for approval: ( a) The Loan Agreement. (b) The Indenture. (c) The Letter of Credit. 4. It is hereby found, determined and declared that: (a) the issuance and sale of the Bonds, the execution and delivery by the City of ,the Loan Agreement, and the Indenture, and the performance of all covenants and agreements of the City contained in the Loan Agreement and Indenture and of all other acts and things required under the constitution and laws of the State of Minnesota to make the Loan Agreement, Indenture and Bonds valid and binding obligations of the City in accordance with their terms, are authorized by the Act; (b) it is desirable that the Bonds be issued by the City upon the terms set forth in the Indenture; (c) the basic payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement 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 against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project Premises and payable during the term of the Loan Agreement and Indenture;