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.', . facilities wilr-be Ibst, and the movement of talented, edu- cated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for the purposes of industry, commerce and tourism will deprive the commun i ty and the S ta te of the economic and human re- sources needed as a base for providing governmental services and facilities for the remaining population; and WBEBEAS, the Act further finds and declares that such governmental action is required by the increase in the amount and cost of governmental services and the need for more intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, the City of New Br igh ton, Ramsey County, Min- nesota (the "Issuer"), is authorized by the Act to enter into a revenue agreement with any person, firm or public or private corporation or federal or state governmental sub- division or agency in such manner that payments required thereby to be made by the contracting party shall be fixed and revised from time to time as necessary so as to produce income and revenues sufficient to provide' for the prompt payment of the principal of, premium, if any, and interest on all bonds issued under the Act when due, and the revenue agreement shall also provide that the contracting party shall be required to pay all expenses of the operation and maintenance of a project, including, but without limitation, adequate insurance thereon and insurance against all liabil- ity for injury to persons or property arising from the oper- ation thereof and all taxes and spec ial assessments lev ied upon or with respect to the project and payable during the term of the revenue agreement; and WHEREAS, the Act further authorizes the Issuer to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, installation, completion, recon- struction, improvement, betterment or extension of any such project; and WHEREAS, Sahara Investment Co., a corporation duly formed and existing under the laws of the State of Minnesota (the "Borrower"), proposes to acquire, construct and install a second story addition to an existing building and related facilities (the "Project") on certain land located within the corporate boundaries of the Issuer to be leased to First State Bank of New Brighton, a Minnesota banking corporation (the "Lessee"), pursuant to the Lease, to be dated as of the date of Closing, between the Borrower, as Lessor, and the Lessee, such facility to be owned by the Borrower and the Issuer desires to finance said Project upon the terms and - 2 -