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-4- law and regulations and, upon the effective date of such amendments, the Prior Notes will be treated as if they were refunded on such dates; and WHEREAS, the Series 2015 Note will constitute a revenue obligation of the City secured solely by: (i) the revenues derived from the Loan Agreement; and (ii) certain security provided by the Borrower to the Lender, as the purchaser of the Series 2015 Note, including a mortgage lien on the Phase II Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2011A Note (the “Amended Series 2011A Note”) will continue to constitute a revenue obligation of the City secured by: (i) the revenues derived from the Series 2011A Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2011B Note (the “Amended Series 2011B Note”) will continue to constitute a revenue obligation of Little Canada secured by: (i) the revenues derived from the Series 2011B Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2012A Note (the “Amended Series 2012A Note”) will continue to constitute a revenue obligation of the City secured by: (i) the revenues derived from the Series 2012A Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2012B Note (the “Amended Series 2012B Note”) will continue to constitute a revenue obligation of Little Canada secured by: (i) the revenues derived from the Series 2012B Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the Lender has agreed to purchase the Series 2015 Note in a manner consistent with the policies of the City relating to the issuance and sale of non-rated conduit revenue bonds; and WHEREAS, the Series 2015 Note, the interest on the Series 2015 Note, the Amended Series 2011A Note, and the interest on the Amended Series 2011A Note, the Amended Series 2012A Note, and the interest on the Amended Series 2012A Note: (i) shall not constitute general or moral obligations of the City and shall be payable solely from the revenues pledged therefor; (ii) shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation; (iii) shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers; and (iv) shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than the City’s interest in the Loan Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA, AS FOLLOWS: 1. For the purposes described in this resolution, there is hereby authorized the issuance of the Series 2015 Note in the original aggregate principal amount not to exceed $10,000,000. The Series 2015 Note shall bear interest at such rates, shall be in such denomination, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such form, and shall have such other details and provisions as are prescribed in the form of the Series 2015 Note on file with the City on the date hereof. All of the provisions of the Series 2015 Note, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof.