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. " assignment of the lo-an repayments to be paid to the Issuer by the Borrower as required by the Agreement (the "Loan Repayments") and other revenues derived by the Issuer from the Project and the Issuer's rights (except certain rights as to indemnification and re imbursement of expenses) under the Agreement and the Mortgaged Property under the Mortgage (the "Mortgaged Property"), and, pursuant to the Assignment, all present and future leases, rents, and profits of the Project, and the principal of, premium, if any, and interest on the Note shall be payable sOlely from the revenues pledged therefor, and the Note shall not constitute a debt of the Issuer wi thin the meaning of any constitutional or statutory limitation nor shall constitute or give rise to a pecuniary liability of the Issuer or a charge against the Issuer's general credit or taxing powers and shall not con- stitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer other than its interest in said Project; and WHEREAS, the Issuer under the Pledge Agreement will pledge all its right, title and interest in the Ag reement (except certain rights to indemnification and reimbursement for expenses), the Mortgage and the Assignment to the Lender as security for payment of the principal, premium, if any, and interest on the Note; and WHEREAS, the Issuer proposes to loan the proceeds of the Note to the Borrower to acquire, construct and install the Project, and the Borrower desires to borrow the proceeds from the Issuer to finance the Project upon the terms and conditions as required by the Act and as set forth in the Agreement; and WHEREAS, under the Agreement, the Borrower is to pay to the Issuer sufficient moneys each year to pay the principal of, premium, if any, and interest on the Note issued to finance the Project, and the Borrower is to provide the cost of maintaining said Project in good repair, the cost of keeping the Project properly insured and any payments re- quired for taxes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA, THAT: Section 1. The City Council of the Issuer acknowledges, finds, determines and declares that the welfare of the State requires active promotion, attraction, encouragement and development of economically sound industry and commerce through governmental action to prevent, so far as possible, emergence of blighted lands and areas of chronic unemploy- ment, and it is the policy of the State to facilitate and encourage action by local government units to prevent the - 4 -