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(b)Sections 469.152 through 469.1655 of the Acts authorize a municipality to issue revenue obligations to finance a project consisting of any properties, real or personal, used or useful in connection with a revenue producing enterprise, and to discharge all or any part of the outstanding indebtedness of a "qualifying organization" that was previously incurred in the acquisition or betterment of its existing facilities. (c)The Financing Purposes qualify for financing under the Acts. ( d)Since the Project is not located within the jurisdiction of the Issuer, issuance of the Obligations is subject to the Host City holding a public hearing and approving the issuance of the Obligations by the Issuer. Section 3. Preliminary Approval. 3.01 It is declared to be the intention of the Issuer to issue the Obligations in the aggregate principal amount not to exceed $1,700,000 for the Financing Purposes. 3.02 Preliminary approval is given to the issuance of the Obligations, subject to satisfying the procedural requirements of the Acts, including, but not limited to, the approval of the refinancing of the Project by DEED, and approval by the Host City. 3.03 The final approval for the issuance, execution, and delivery of the Obligations and the approval of the necessary documents is expected to be considered and approved by this Governing Body at a subsequent meeting. Section 4. Public Hearing. 4.01 The Issuer will conduct a public hearing on 1ssumg the Obligations for the Financing Purposes on Monday, September 8, 2025. 4.02 Bond Counsel, at the direction of the Finance Director, is authorized and directed to publish the notice substantially in the form attached hereto as Exhibit A (the "Notice") in the official newspaper of the Issuer and a newspaper of general circulation in the jurisdiction of the Issuer not less than 10 days nor more than 30 days prior to the date for the public hearing. Section 5. Application. Bond Counsel is authorized and directed to prepare the Application for the Project and to provide a draft of the Application to the Finance Director on or prior to the date of publication of the Notice. The Authorized Officers are authorized to execute the Application on behalf of the Issuer. In accordance with Section 469 .154, Subdivision 3 of the Acts, the Authorized Officers are hereby authorized and directed to cause the Application to be submitted to DEED for approval. The Authorized Officers and other officers, employees and agents of the Issuer are hereby authorized and directed to provide DEED with any information needed for this purpose. Section 6. Authorization to Staff. The Authorized Officers and administrative staff of the Issuer and their agents are authorized to take further action as necessary to carry out the intent and purpose of this resolution and the requirements of the Acts. Section 7. Issuer Costs. Delivery of the Obligations to the purchaser thereof is subject to the agreement by the Borrower that it will pay the administrative fees of the Issuer and pay, or Page 3