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<br /> 3 <br />2012A Note, the amended Series 2011B Note, and the amended Series 2012B Note will be treated as separate <br />issues for federal income tax purposes. <br /> <br />The Series 2015 Note proposed to be issued by the City to finance the Phase II Project will not <br />constitute a pecuniary liability or charge, lien, or encumbrance, legal or equitable, upon any funds, assets, <br />taxing powers, or any other property of the City except the City’s interest in the Loan Agreement and any <br />security specifically pledged to the Series 2015 Note. The Series 2015 Note will be payable solely from the <br />revenues received from the Borrower and the Phase II Project and other property pledged to its payment, and <br />will not constitute a general or moral obligation of the City. Therefore, the City cannot be compelled to <br />exercise its taxing power to pay any portion of the Series 2015 Note, and payment for the Series 2015 Note <br />cannot be enforced against any property of the City. <br /> <br />The Amended Series 2011A Note and the Amended Series 2012A Note will continue to constitute <br />special limited obligations of the City, payable solely from the revenues received from the Borrower and the <br />Phase I Project and other property pledged to their payment, and will not constitute general or moral <br />obligations of the City. Therefore, the City cannot be compelled to exercise its taxing power to pay any <br />portion of the Amended Series 2011A Note or the Amended Series 2012A Note, and payment for the <br />Amended Series 2011A Note and the Amended Series 2012A Note cannot be enforced against any property <br />of the City. <br /> <br />If the City Council adopts the Final Resolution, City will have final authority to issue the Series 2015 <br />Note, execute and deliver related loan documents, provide for the security of the Series 2015 Note, and <br />amend the Series 2011A Note and Series 2012A Note. <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 />Sofia E. Lykke <br /> <br /> <br />AR200-016 (SEL) <br />463656v.1