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,-..... , '" (c) The Pr-oject Ila III I dpproved by preliminar-y resolution of the COI"'( i I ':'" '. 'Iopted after a public hearing thereon, duly i.:nJ l';(jlll.lrly called and held on April 14, 1981, and has been dpproved by the Corrunis- sioner of Securities of the state of Minnesota as tend- ing to further the purpO;,t;, ill1d policies of the Act. (d) The issuance aIilj sille of the Bond, the execu- tion and delivery of the Loan Agreement and the Assign- ment and the performance of all covenants and agreements of the City contained in th~' Bond, the Loan Agreement and the Assignment and of all other acts and things required under the Constitution and laws of the State of Minnesota to make the Bond, Loan Agreement and the Assignment valid and binding obligations of the City in accordance with their terms, are authorized by the Act. (e) There is no litigation pending or, to the best of its knowledge thrcat~led, against the City relating to the Project ur to the Bond or Loan Agree- ment, or questioning the organization of the City or its power or authority to issue the Bond or execute and deliver the Loan Agreement and the Assignment. (f) The execution and delivery of and performance of the City's obligations under the Bond, the Loan Agreement and the Assigrmlent have been fully authorized by all requisite action and do not and will not violate any law, any order of any court or other agency of government, or any indenture, agreement or other instru- ment to which the City is a party or by which it or any of its property is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument. (g) The Loan Agreement provides for payments by the Partnership to the Holder of the Bond for the account of the City of such amounts as will be sufficient to pay the principal of and interest on the Bond when due. No reserve funds are deemed necessary for this purpose. The LOdn Agreement obligates the Partnership to provide for the operation and maintenance of the Project Facilities, including adequate insurance, taxes and special assessments. (h) Under the provisions of Section 474.10 of the Act, and the Bond shall recite that, the Bond is not to be payable from nor charged upon any funds other than amounts payable by the Partnership pursuant to the Loan Agreement which are pledged to the payment thereof, and moneys derived from foreclosure or other enforcement of the Mortgage, Lease Assignment or the Guaranty Agreement; the city is not subject to any liability thereon; no -3-