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<br />, . <br /> <br />rental housing to low income persons (as described below) and <br /> <br /> <br />primarily to elderly persons and will otherwise further the <br /> <br /> <br />policies and purposes of the Act. A public hearing on the <br /> <br /> <br />Project and the financing program therefore was duly held by <br /> <br />this City Council on April 12, 1988. The findings made in the <br /> <br /> <br />preliminary resolution adopted by this City Council on <br /> <br /> <br />April 12, 1988 with respect to the Project are hereby <br /> <br /> <br />ratified, affirmed and approved. <br /> <br /> <br />3. It is proposed that, pursuant to a Loan <br /> <br /> <br />Agreement to be dated as of July 1, 1988, between the City as <br /> <br /> <br />Lender and the Company as Borrower (the "Loan Agreement"), the <br /> <br />City loan the proceeds of the Bonds to the Company to finance <br /> <br /> <br />in part the costs of the Project. The basic payments to be <br /> <br /> <br />made by the Company under the Loan Agreement are fixed so as <br /> <br /> <br />to produce revenue sufficient to pay the principal of, <br /> <br /> <br />premium, if any, interest on, and the purchase price of, the <br /> <br /> <br />Bonds when due. It is further proposed that the City assign <br /> <br /> <br />its rights to the basic payments and certain other rights <br /> <br /> <br />under the Loan Agreement to National City Bank of Minneapolis, <br /> <br /> <br />located in Minneapolis, Minnesota (the "Trustee") as security <br /> <br /> <br />for payment of the Bonds under an Indenture of Trust dated as <br /> <br /> <br />of July 1, 1988 between the City and the Trustee (the <br /> <br /> <br />"Indenture"). The operation and occupancy of the Project will <br /> <br />be subject to the terms and conditions of a Contract for <br /> <br />2 <br />