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<br />WHEREAS, the City has been advised that, although the City will not issue the Bonds, a <br />public hearing and City Council approval of the financing of the Project is required under <br />Section 147(f) of the Internal Revenue Code because a portion of facilities to be financed or <br />refinanced by the Revenue Note are located in the City; and <br /> <br />WHEREAS, the City acknowledges and understands that the Borrower shall reimburse <br />the City for all costs incurred, including reasonable attorney fees, with respect to approval of the <br />Project and the issuance of the Bonds by Roseville; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the <br />City of Arden Hills, Minnesota, as follows: <br /> <br />1. A public hearing on the proposal of the Borrower will be held at the time and <br />place set forth in the Notice of Hearing hereto attached as Exhibit A. The general nature of the <br />Project and an estimate of the aggregate principal amount of the Bonds or other obligations to be <br />issued to finance the Project are described in the Notice of Hearing. <br /> <br />2. The Borrower shall cause notice of the hearing to be given one publication in the <br />official newspaper and newspaper of general circulation available in the City, not less than 14 <br />days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the <br />attached Notice of Hearing. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />and, after a full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof: <br /> <br />And the following voted against the same: <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br /> <br />2343675v3 <br /> <br />2 <br />