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