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• l Cit� of ORONO RESOLUTION OF THE CITY COUNCIL • NO. 1253 • � • • 3. It is here�y found, determined and declared that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encouragement and development of economically sound industry , agriculture and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the retention and development of industry to use the available resources of the community, in order to retain the benefit of their exi5ting investment in educational and public service facilities, by halting the movement of talented and educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and the more intensive development of land available in the area to provide a more adequate tax base to finance the cost of governmental services in the City, County, and School District where the Project is located. • 4 . The Borrower has entered into preliminary discussions with The Towle Company (the "Financial Advisor" ) and the Financial Advisor has reported that the Project and the sale of the bond therefor. are economically feasible. 5 . The Project is hereby given preliminary approval by the City subject to approval of the Project by the Commissioner of Securities and subject to final approval by this Council and by the purchasers of any �onds to be issued and as to the ultimate details of the Project. 6 . In accordance with Section 474 . 01 , Subd. 7 , Minnesota Statutes , the P�Iayor, the City Clerk and such other officers and representatives of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissi�ner of Securities and request her approval thereof, and the Mayor, the City Clerk, and other officers , employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require. The Borrower, Messrs . Faegre & Benson as bond counsel , the Financial Advisor, the City Attorney, and other City officials are also authorized to initiate the preparation of a proposed loan agreement, mortgage and such other documents as may be necessary • or appropriate to the Project so that, when and if the proposed Project is approved by the Commissioner and this Council gives its final approval thereto, the Project may be carried forward expe- ditiously. PAGE 2 OF 3