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<br /> 2 <br />in order to ensure that all Revenue Obligations are issued in calendar year 2015, the Company may request <br />that the City authorize one or more other political subdivisions of the State to issue the remaining $2,000,000 <br />of Revenue Obligations to finance the Project. The Company has previously agreed that the administrative <br />fee payable by the Company under Section 7.1(b) of the Development Contract will be paid by the Company <br />to the City with respect to all the Revenue Obligations regardless of the actual issuer of the Revenue <br />Obligations. If all the Revenue Obligations are to be issued in calendar year 2015, then in exchange for such <br />fee payment, the Company will ask that the City waive the application of Section 7.1(d) which precludes the <br />issuance of any of the Revenue Obligations by any unit of government other than the City. <br /> <br /> The Preliminary Resolution will be drafted to authorize the issuance of the entire $12,000,000 of <br />Revenue Obligations by the City because the Company may alter its plans regarding the issuance of the <br />Revenue Obligations as bank-qualified bonds (in which case the City would be asked to issue the entire <br />$12,000,000 of Revenue Obligations) and because the Housing Program references the entire $12,000,000 of <br />Revenue Obligations to be issued to finance the Project. <br /> <br /> If the City Council adopts the Preliminary Resolution, the Company will enter into negotiations with <br />one or more purchasers of the Revenue Obligations and provide for the preparation of the Revenue <br />Obligations and of the documents securing the Revenue Obligations. Once the Revenue Obligations and <br />such documentation are in appropriate form, the City will request that the City Council consider and adopt a <br />final resolution authorizing the issuance of the Revenue Obligations to be issued by the City and, if <br />applicable, approving the issuance by other governmental units of any portion of the Revenue Obligations to <br />be issued by such other jurisdictions. <br /> <br /> Please contact the undersigned at your convenience with any questions with regard to the foregoing. <br /> <br /> <br /> <br />KENNEDY & GRAVEN, CHARTERED <br /> <br /> <br /> <br /> <br />John Utley <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />AR200-016 (JU) <br />461149v.1