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<br />(c) the financing of the Project, the issuance and <br />sale of the Note, the execution and delivery of the <br />Agreement, the Pledge Agreement, the Investment Agree- <br />ment, and the Security Documents, and the performance of <br />all covenants and agreements of the Ci ty contained in <br />the Note, the Agreement, the Pledge Agreement, the <br />Investment Agreement, and the Security Documents and of <br />all other acts and things required under the Constitu- <br />tion and laws of the State of Minnesota to make the <br />Note, the Agreement, the Pledge Agreement, the Invest- <br />ment Agreement, and the Secur i ty Documents valid and <br />binding obligations of the City in accordance with their <br />terms are authorized by the Act; <br /> <br />(d) it is desirable that the Note in the principal <br />amount of $ 5,200,000 be issued by the Ci ty upon the <br />terms set forth herein and that the City pledge its <br />interest in the Agreement and grant a security interest <br />therein to the Lender as security for the payment of the <br />principal of, premium, if any, and interest on the Note; <br /> <br />(e) the Loan Repayments provided in the Agreement <br />are fixed and are required to be revised from time to <br />time as necessary, so as to produce income and revenue <br />sufficient to provide for prompt payment of the princi- <br />pal of, premium, if any, and interest on the Note when <br />due, and the Agreement also provides that the Borrower <br />is required to pay all expenses of the operation and <br />maintenance of the Land and the Project, including, but" <br />not limited to, adequate insurance thereon and all taxes <br />and special assessments levied upon or with respect to <br />the Land and payable during the term of the Agreement; <br /> <br />(f) under the provisions of Minnesota Statutes, <br />Section 474.10, the Note is not to be payable from nor <br />charged upon any funds of the City other than the reve- <br />nue pledged to the payment thereof; the City is not <br />subject to any liability thereon; no Holder of the Note <br />shall ever have the right to compel any exercise of the <br />taxing power of the City to pay the Note or the interest <br />thereon nor to enforce payment thereof against any pro- <br />perty of the City; the Note, premium, if any, and in- <br />terest thereon shall not constitute an indebtedness of <br />the City within the meaning of any constitutional or <br />statutory limitation and shall not constitute or give <br />rise to a pecuniary liability of the Ci ty or a charge <br />against its general credi t or taxing powers and shall <br />not constitute a charge, lien, or encumbrance, legal or <br />equitable, upon any property of the City other than its <br />interest in the Project; <br />