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upon demand, reimburse the Issuer for payment of, any and all costs incurred by the Issuer in <br />connection with the issuance of the Obligations, whether or not the Obligations are issued. The <br />Borrower has agreed to indem nify, defend, and hold harmless the Issuer against all liabilities, <br />losses, damages, costs, and expenses (including attorney's fees and expenses incurred by the <br />Issuer) arising with respect to the Obligations. <br />Section 8. Limitations. <br />9.01 Nothing in this resolution shall be construed as an approval of the Financing <br />Purposes or issuance of the proposed Obligations. The Governing Body specifically reserves the <br />right to approve or disapprove the issuance of the proposed Obligations after the public hearing. <br />9.02 The Obligations, when, as and if issued, will be special, limited obligations of the <br />Issuer payable solely from the revenues pledged to their payment by the Borrower. The Obligations <br />shall not be payable from or charged upon any funds other than the revenue pledged to the payment <br />thereof, nor shall the Issuer be subject to any liability thereon. The Obligations shall not constitute <br />a charge, lien or encumbrance, legal or equitable, upon the general credit of the Issuer or any <br />property of the Issuer or the Host City. The Obligations, when, as and if issued, shall recite in <br />substance that the Obligations, including interest thereon, are payable solely from the revenues <br />received from the Borrower and the property pledged to the payment thereof and shall not <br />constitute a debt of the Issuer nor the Host City within the meaning of any constitutional or <br />statutory limitation. No holders of the Obligations shall ever have the right to compel any exercise <br />of the taxing power of the Issuer to pay the outstanding principal on the Obligations or the interest <br />thereon, or to enforce payment thereon against any property of the Issuer, except such property as <br />may be expressly pledged for the security of the Obligations. <br />9.03 All details of and conditions precedent to the issuance of the Obligations and the <br />provisions for payment thereof shall be subject to final approval of the Issuer. <br />Adopted: August 25, 2025 <br />Mayor <br />Attest: <br />To view the final document, access adopted Resolutions via Arden Hills Public Laserfiche Web/ink by visiting <br />cityofardenhills.org and clicking on Archived Documents under Helpful Links on our main webpage. <br />Page4