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W}{EREAS, by its Articles of Incorporation and by its <br />Bylaws no part of the net earnings, funds or assets of said <br />Corporation shall inure to the benefit of any director th'ereof <br />or any other person, firm or corporation, except the City; <br /> <br /> WHEREAS, the City has full legal right, power and <br />authority to enter into an improvement agreement with the <br />Corporation pursuant to which the Corporation will acquire and <br />construct the Project for, and sell the Project to, the City; <br /> <br /> WHEREAS, this City Council hereby determines that it <br />would be in the best interest of the City and the residents of <br />the City for the City and the Corporation to enter into an <br />agreement, entitled "Improvement Agreement" and tentatively <br />dated as of September 1, 1989 (herein called the "Improvement <br />Agreement"), pursuant to which the City will purchase the <br />Project from the Corporation; <br /> <br /> WHEREAS, under the Improvement Agreement, the City <br />would be obligated to make revenue payments to the Corporation <br />for the purchase of the Project; <br /> <br /> WHEREAS, it is proposed that all rights to receive <br />such revenue payments will be assigned without recourse by the <br />Corporation to a trustee pursuant to an agreement, entitled <br />"Assignment Agreement" and tentatively dated as of <br />September 1, 1989; <br /> <br /> WHEREAS, it is further proposed that the <br />Corporation, the City and Bank of America National Trust and <br />Savings Association, as trustee (herein called the "Trustee"), <br /> <br /> <br />