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RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF V ARIABLE RATE DEMAND PRN ATE SCHOOL FACILITY REVENUE BONDS TO PROVIDE FUNDS FOR A PROJECT ON BEHALF OF NORTHWESTERN COLLEGE BE IT RESOLVED by the City Council of the City of Roseville, Minnesota (the "City"), as follows: I. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment. 2. Authorization of Proiect; Documents Presented. Northwestern College, a Minnesota nonprofit corporation (the "Borrower"), has proposed to this Council that the City issue and sell its Variable Rate Demand Private School Facility Revenue Bonds (Northwestern College Project), Series 2002 in substantially the form set forth in the hereinafter-mentioned Indenture (the "Bonds"), pursuant to the Act and loan the proceeds thereof to the Borrower to finance the costs of the acquisition, construction and equipping of portions not used for radio broadcasting of a new approximately 40,000 square foot media center to be located at 2993 Snelling Avenue in the City; refinance taxable debt issued to finance the acquisition and construction of three student housing facilities located at 2906 (16 units), 2924 and 2930 (29 units), and 3003 (238 units) Snelling Avenue in the City and finance miscellaneous educational facilities, including equipment, furnishings renovations and landscaping on campus, the address of which is 3003 Snelling Avenue. Forms of the following documents relating to the Bonds have been submitted to the City: (a) Loan Agreement (the "Loan Agreement") dated as of November I, 2002 between the City and the Borrower; and (b) Indenture of Trust (the "Indenture") dated as of November I, 2002, between the City and Wells Fargo Bank Minnesota, National Association, as trustee (the "Trustee"); and (c) Reimbursement Agreement (the "Reimbursement Agreement"), dated as of November I, 2002, between the Borrower and Wells Fargo Bank Minnesota, National Association (the "Bank"); and (d) Bond Purchase Agreement (the "Bond Purchase Agreement"), by and between Griffin, Kubik, Stephens & Thompson, Inc. (the "Underwriter"), the Borrower and the City; and (e) Form of the Official Statement, which together with all Appendices thereto and the insertion of the final underwriting details of the Bonds, including the interest rates thereon, and any other changes deemed necessary or desirable, is intended to constitute the final Official Statement (together the "Official Statement"). 1 459564vl 2