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<br />B-2 <br />529986v2 JSB TW185-2 <br /> IT IS HEREBY CERTIFIED AND RECITED that in and by the Resolution, the City has <br />covenanted and agreed that it will continue to own and operate the City’s water, sanitary sewer, <br />and storm sewer utilities free from competition by other like municipal utilities; that adequate <br />insurance on said systems and suitable fidelity bonds on employees will be carried; that proper <br />and adequate books of account will be kept showing all receipts and disbursements relating to a <br />utility fund, into which it will pay all of the gross revenues from the water, sanitary sewer, and <br />storm sewer utilities; that it will also create and maintain the General Obligation Water Revenue <br />Note Debt Service Fund; and that it will provide, by ad valorem tax levies, for any deficiency in <br />the City SAC and City WAC as of the Maturity Date. <br /> <br /> IT IS FURTHER CERTIFIED, RECITED, COVENANTED AND AGREED that all <br />acts, conditions and things required by the Constitution and laws of the State of Minnesota to be <br />done, to exist, to happen and to be performed preliminary to and in the issuance of this Note in <br />order to make it a valid and binding general obligation of the City in accordance with its terms, <br />have been done, do exist, have happened and have been performed as so required, and that the <br />issuance of this Note does not cause the indebtedness of the City to exceed any constitutional, or <br />statutory limitation of indebtedness.