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Obligations: the Issuer's proposed tax-exempt 501(c)(3) Educational Facilities Revenue Refunding Note, Series 2025 (St. Odilia School Project), in the maximum aggregate principal amount of $1,700,000. Project: the non -religious portions of (a) the construction of an approximately 18,872 square -foot two-story addition to the current school building to include school administration offices, a multi -purpose staff/youth room, locker rooms, specialty classrooms for a learning lab and science and computer instruction, a library/media center, an elevator, and ADA accessible restrooms, (b) renovations to the existing building including an addition of a new linking upper level corridor for access to the south education wing and remodeling to convert (y) the current library, computer lab space and a special services classroom into four classrooms, and (z) two existing classrooms into a large motor skills preschool room, and (c) site improvements to the exterior of the buildings, including moving the preschool playground and bus parking improvements, all originally financed by the 2017 Note and located at 3495 Victoria Street North, Shoreview, Minnesota. Qualified Services and Activities: educational services and activities as an elementary, secondary, or postsecondary school with revenue -producing facilities, and as are undertaken by organizations described in Section 501(c)(3) of the Code. Section 2. Recitals. The Governing Body makes the following recitals of fact: 2.01 Representatives of the Borrower have represented to the Issuer that: (a) the Borrower is an organization described in Section 501(c)(3) of the Code; (b) the Borrower is engaged in Qualified Services and Activities, which the Project supports; (c) the Borrower desires to refinance the Project by redeeming and paying off the 2017 Note; (d) the continued economic feasibility of the Project will be greatly enhanced through the issuance of the Obligations for the Financing Purposes in an amount not exceeding $1,700,000; and (e) the Borrower has incurred the existing indebtedness to be refinanced by the issuance of the Obligations for the acquisition and betterment of its existing Facilities. 2.02 The Borrower's representatives have requested that the Issuer declare its present intent to issue the Obligations for the Financing Purposes and hold a public hearing on the issuance of the Obligations and the Project. 2.03 Since the Project is not located in the jurisdiction of the Issuer, the Borrower has informed the Issuer that it has requested the Host City to approve the issuance of the Obligations. 2.04 Bond Counsel has represented to the Issuer as follows: (a) The Acts are the legal authority for the issuance of the Obligations. Page 2