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.' " . . (b) Security Agreement (the "Security Agreement") dated as of August 1, 1980, by and between the Company and the Bank, whereby the Company grants a security interest in the Project Equipment, all other equipment owned by the Company and accounts receivable of the Company as security for the Bond (this document not to be executed by the City); (c) Guaranty Agreement dated as of August 1, 1980, between Irvin. P. Moen and the Bank whereby Irvin P. Moen unconditionally guarantees to the Bank payment of principal of, premium (if any) and interest on the Bond (this document not to be executed by the City); and (d) Loan Agreement Assignment (the "Assignment") dated as of August 1, 1980, whereby the City assigns to the Bank all of its interest in the Loan and Purchase Agreement and Loan Repayments of the Company thereunder (except its rights under Sections 5.02, 7.01, 8.04 and 8.05), for the purpose of securing the Bond. 4. Findings. It is hereby found, determined and declared that: (a) The Project, as described in the Loan Agree- ment, constitutes a project authorized by and described in Section 474.02, Subd. la of the Act. (b) The purpose of the Project is and the effect thereof will be to promote the public welfare by: preventing the emergence of blighted and marginal lands and areas of chronic unemployment; preventing economic deterioration; the development of sound industry and commerce to use the available resources of the com- munity, in order to retain the benefit of the community's existing investment in educational and public service facilities; halting the movement of talented, educated personnel to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; adding to the tax base of the city and the County and School District in which the Project Facilities will be located. (c) The Project.has been approved by preliminary resolution of the Council duly adopted March 13, 1979, and approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Act. (d) The issuance and sale of the Bond, the execu- tion and delivery of the Loan Agreement, and the Assignment and the performance of all covenants and agreements of the city contained in the Bond, the Loan Agreement, and -2-