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(b) The Borrower has proposed that the City of Chanhassen, Minnesota ("Chanhassen"), the City of St. Bonifacius, Minnesota ("St. Bonifacius"), and the City of Spring Park, Minnesota("Spring Park", and together with Chanhassen and St. Bonifacius, the "Issuers"), issue revenue obligations, in one or more series (the "Notes"), under the Act, in order to, in part, refinance the cost of the Arden Hills Portion of the Project, in the approximate aggregate principal amount not to exceed $27,900,000 (the "Notes"); and (c) The City has been advised that the Notes or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City or the Issuers, except the Project and the revenues to be derived from the Project or other financed facilities. Such Notes or obligations will not be a charge against the general credit or taxing powers of the City or the Issuers, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement; and (d) In connection with the issuance of the Notes it is proposed that the Amended and Restated Joint Powers Agreement be entered into between the City, the Issuers, and Ankeny, Iowa,pursuant to Minnesota Statutes, Section 471.59 and Iowa Code, Chapter 28E. Section 3. Recital of Representations Made by the Borrower. (a) The Borrower has agreed to pay any and all costs incurred by the City in connection with the issuance of the Notes, whether or not such issuance is carried to completion. (b) The Borrower has represented to the City that no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. Section 4. Public Hearing. (a) As required by the Act and Section 147(f) of the Code a Notice of Public Hearing was published in the City's official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Notes and the proposal to undertake and finance the Project. (b) As required by the Act and Section 147(f) of the Code the City Council has on this same date held a public hearing on the issuance of the Notes and the proposal to undertake and refinance the portion of the Project located within the jurisdictional limits of the City, at which all those appearing who desired to speak were heard and written comments were accepted. Section 5. Host Approval. The City Council hereby gives the host approval required under Section 147(f) of the Code and, pursuant to Minnesota Statutes §471.656, Subd. 2(2), the City Council hereby consents to the issuance of the Notes. Section 6. Joint Powers Agreement. The Amended and Restated Joint Powers Agreement is hereby approved in substantially the form now on file with the City; and the Mayor and the Administrator of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or City Administrator of the City, such other officers of the City who may act in their behalf 3 6140662v1