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I. Financing Purposes: refinancing the Project by redeeming and prepaying the 2017 Note, and paying costs of issuance of the Obligations. M. Governing Body: the City Council of the Issuer. n. Host City: the City of Shoreview, Minnesota. o. Issuer: the City of Arden Hills, Minnesota. P. Issuer Documents: the Assignment Agreement, the Compliance Policy, the DEED Application, and the Loan Agreement. q. Issuer's Counsel: the law firm of Kennedy & Graven, Chartered, Minneapolis, Minnesota. r. Lender: Premier Bank, a Minnesota Corporation, with an office located in Maplewood, Minnesota. S. Loan: the loan of the proceeds of the Obligations by the Issuer to the Borrower pursuant to the Loan Agreement. t. Loan Agreement: the Loan Agreement to be entered into between the Issuer and the Borrower and acknowledged by the Lender. U. Obligations: the Issuer's 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. V. 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 (i) the current library, computer lab space and a special services classroom into four classrooms, and (ii) 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. W. 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. X. Redemption Date: the earliest date on which the 2017 Note can be redeemed in accordance with its terms and conditions. Y. Refunding: the refinancing of the outstanding principal amount of the 2017 Note, and accrued interest thereon to the Redemption Date. Z. Registered Owner: the Lender, as the initial owner of the Obligations and its successors and assigns. Page 2