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3: It is hereby found, determined and declared that the Project furthers the purposes stated in Section 474.01 of the Act in that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the retention and development of industry to use the available resources of the community, in order to retain the benefit of its existing investment in educational and public service facilities; by halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and the more intensive development of land avail- able in the area to provide a more adequate tax base to finance the cost of governmental services in the Municipality, county and school district where the Project is located. 4. The Company has entered into preliminary discussions with First State Bank of New Brighton which has agreed to purchase the Bond at the face amount thereof. 5. The Company has agreed to pay `any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Commissioner of securities and whether or not the Project is carried to completion. 6. The Project is hereby given preliminary approval by the City subject to approval of the Project by the Commissioner of Securities and subject to final approval by this Council and by the purchasers of any bonds to.be issued as to the ultimate details of the Project-and as to the terms of the bonds. 7.. In accordance with Section 474.01, Subd. 7 of the Act, the Mayor, the Cty Manager, and such other officers and representatives of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request her approval thereof, and the Mayor, the City Manager, and other officers, employees and agents of the City are hereby authorized to provide the commissioner with such preliminary information as she may require. The Company, Messrs. Faegre & Benson as bond counsel, the City Manager, the City Attorney, and other City officials are also authorized to initiate the preparation of a proposed loan agreement and such other documents as may be necessary or appro- priate to the Project so that, when and if the proposed Project is approved by the Commissioner and this council gives its final approval thereto, the Project may be carried forward expeditiously. . 8. The Company is hereby authorized to enter into such contracts, in its own name and not as agent for the City, as may be necessary for the construction of the Project by any means. available to it and in the manner it determines without advertise- ment for bids as may be required for the acquisition or construc- tion of other municipal facilities, but the City shall not be liable on any such contracts. -4-