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132755433v2 Extract of Minutes of a Meeting of the City Council of the City of Gem Lake Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Gem Lake was duly held in the City of Gem Lake, Minnesota, on Tuesday, May 21, 2024, at 7:00 o’clock P.M. The following members were present: and the following were absent: During said meeting _________ introduced the following resolution and moved its adoption: RESOLUTION NO. _______ RESOLUTION APPROVING THE ISSUANCE AND SALE OF EDUCATIONAL FACILITIES REVENUE NOTES AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (WHITE BEAR MONTESSORI SCHOOL, INC. PROJECT) WHEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165, as amended (the “Act”), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of obligated and marginal lands and areas of chronic unemployment; (b) The City of Gem Lake, Minnesota (the “City”) desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population, including educational services to its youth; and the Project, as defined below, will assist the City in achieving those objectives and will enhance the image and reputation of the community; (c) White Bear Montessori School, Inc., a Minnesota nonprofit corporation (the “Borrower”), and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), has proposed that the City undertake a program to finance the Project through the issuance of revenue notes or other obligations, in one or more series (the “Notes”), pursuant to the Act and in an aggregate principal amount not to exceed $3,500,000;