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