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Arden Hills, and commonly known as "Lakeview Residence", a 177-unit elderly assisted-living facility, "Sutton Place," a 19-unit elderly independent-living facility and "McKnight Care Center," a 208-bed nursing home facility in the City of Arden Hills (the "Arden Hills Portion") and other facilities located in Spring Park and Bloomington, Minnesota and Ankeny, Iowa; and (iii) paying costs of issuance of the revenue obligations (the "Spring Park Portion" and, together with the Arden Hills Portion, the "Project"). (c) The City has been advised that the Note or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer, except the Project and the revenues to be derived from the Project or other financed facilities. Such Note or obligations will not be a charge against the general credit or taxing powers of the City or the Issuer, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement. (d) In connection with the issuance of the Series 1999B Bonds, a Regulatory Agreement, dated as of September 1, 1999 was entered into among the City, U.S. Bank Trust National Association (n/k/a U.S. Bank National Association), as Trustee (the "Trustee") and Mill-Pond, Inc., an Iowa Corporation ("Mill-Pond") (the "Regulatory Agreement"), duly recorded in the official records of Polk County, Iowa, Instrument No. 030891, on October 7, 1999. In connection with the issuance of the Note, the City shall assign the Regulatory Agreement to the City of Spring Park. (e) In connection with the issuance of the Note it is proposed that the Joint Powers Agreement be entered into among the City, and the City of Spring Park and Ankeny, Iowa, pursuant to Minnesota Statutes, Section 471.59 and Iowa Code, Chapter 28E. — Section 3. Recital of Representations Made by the Borrower. (a) The Borrower has agreed to pay any and all costs incurred by the City in connection with the issuance of the Note, whether or not such issuance is carried to completion. (b) The Borrower has represented to the City that no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Pro j ect. Section 4. Public Hearin. (a) As required by the Act and Section 147(f) of the Code a Notice of Public Hearing was published in the City's official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Note and the proposal to undertake and finance the Proj ect. (b) As required by the Act and Section 147(f) of the Code the City Council has on this same date held a public hearing on the issuance of the Note and the proposal to undertake and finance the portion of the Project located within the jurisdictional limits of the City, at which all those appearing who desired to speak were heard and written comments were accepted. 3 2494475v2