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aa. Registrar: bond registrar and transfer agent for the Obligations. bb. State: the State of Minnesota. Section 2. Summary of the Documents. Bond Counsel has provided the following information relating to the Documents: a. The Obligations will be issued and sold by the Issuer and purchased by the Lender. b. In the Loan Agreement, the Issuer loans the proceeds of the sale of the Obligations to the Borrower, and the Borrower agrees to repay the loan in the amounts and at the times required to pay the principal of, premium, if any, and interest on the Obligations in full when due. C. In the Assignment Agreement, the Issuer pledges and grants a security interest in all of its right, title and interest in the Loan Agreement (except for certain rights of the Issuer to payment, indemnification and enforcement) to the Lender. d. The Compliance Policy is recommended by the Internal Revenue Service and describes the steps the Issuer will take to comply with the applicable provisions of the Code, including but not limited to requiring the Borrower to assume the responsibility for compliance, in all respects, with the provisions of the Code applicable to the Obligations. e. The DEED Application is required by the Acts to be submitted by the Issuer to DEED and to be approved by DEED as a condition precedent to the lawful issuance of the Obligations. Section 3. Recitals Regarding Proceedings. The Governing Body makes the following recitals of fact: a. The Governing Body scheduled a public hearing on issuing the Obligations and the proposal to refinance the Project, in an amount not to exceed $1,700,000. b. A notice of public hearing was published in the Pioneer Press, the Issuer's official newspaper, and a newspaper of general circulation in the Issuer, with respect to (i) the required public hearing to be held by the City under Section 147(f) of the Code; (ii) the required public hearing under Section 469.154, subdivision 4 of the Acts; and (iii) the approval of the issuance of the Obligations. The notice was published at least 10 days prior to the date of the public hearing. C. On the date hereof, the Governing Body of the Issuer conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views, both orally and in writing, with respect to the proposed issuance of the Obligations and the refinancing of the Project. d. Drafts of the Documents have been submitted to the Issuer and are on file in its administrative offices. Page 3