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<br />" <br /> <br />covenant to complete the Project and to pay amounts <br />sufficient to provide for the prompt payment of the <br />principal of and interest on the Bond; <br /> <br />(b) Combination Mortgage, Security Agreement and <br />Fixture Financing Statement (the "Mortgage") dated as <br />of September 1, 1981, from the Borrowers to the Bank, <br />whereby the Borrowers mortgage the Project Site, the <br />Project Building and the Project Equipment (the "Project <br />Facilities") as security for the Bond (this document <br />not to be executed by the City); and <br /> <br />(c) Assignment and Pledge Agreement (the "Assign- <br />ment") dated as of September 1, 1981, whereby the city <br />assigns to the Bank all of its interest in the Loan and <br />Purchase Agreement and Loan Repayments of the Borrowers <br />thereunder (except its rights under Sections 5.02, <br />7.0l, 8.04 and 8.05), for the purpose of securing the <br />Bond; and <br /> <br />(d) Assignment of Rents and Leases (the "Assign- <br />ment of Rents") dated as of September 1, 1981, from the <br />Borrowers to the Bank whereby the Borrowers assign the <br />rents and leases of the Project, including specifically <br />the Lease dated as of September 1, 1981, from the <br />Borrowers to Becker Bros., Inc., to the Bank as security <br />for the payment of and interest and premium, if any, on <br />the Bond (this document not to be executed by the <br />Ci ty) . <br /> <br />4. Findings. It is hereby found, determined and <br />declared that: <br /> <br />(a) The Project, as described in the Loan Agree- <br />ment, constitutes a project authorized by and described <br />in section 474.02, Subd. la of the Act. <br /> <br />(b) The purpose of the Project is and the effect <br />thereof will be to promote the public welfare by: <br />preventing the emergence of blighted and marginal lands <br />and areas of chronic unemployment; preventing economic <br />deterioration; the development of sound industry and <br />commerce to use the available resources of the community, <br />in order to retain the benefit of the community'S <br />existing investment in educational and public service <br />facilities; halting the movement of talented, educated <br />personnel to other areas and thus preserving the economic <br />and human resources needed as a base for providing <br />governmental services and facilities; adding to the tax <br />base of the City and the county and school district in <br />which the Project Facilities will be located. <br /> <br />(c) The Project has b en approved by preliminary <br />resolution of the Council d ly adopted after a public <br />hearing thereon, duly and r gularly called and held on <br /> <br />-2 <br />