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interest thereon, nar to enforce payment thereof against any properiy of any of the Municipalities; the Notes shall not constitute a charge, lien or encumbrance, legal or equitable, upon any properiy of any of the Municipalities; and the Notes do not constitute an indebtedness of any of the Municipalities within the meaning of any constitutional, statutory, or charter limitation. 5. $10,000,000 for North Oaks, $7,000,000 for White Bear, $10,000,000 for Bayport and $8,000,000 for Roseville of the aggregate principal amount of the Notes is hereby allocated to each of the Municipalities for purposes of Section 265(b) of the Code. Each Municipality agrees that, from and after the date hereof and for the remainder of calendar year 2004, it will refrain from designating, or causing to be designated, any other issue of obligations as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3)(B) of the Code if such designation would result in more than $10,000,000 of "qualified tax-exempt obligations" being designated. 6. Each Municipality agrees that, for purposes of Section 265 of the Code, its portion of the allocation set forth in paragraph 5 of the Notes bears a reasonable relationship to the benefits to be received by such Municipality by viriue of the issuance of the Notes. 7. North Oaks on behalf of itself and the other Municipalities pursuant to this Agreement will designate the entire $45,000,000 amount of the Notes as"qualified tax-exempt obligations" for purposes of Section 265 of the Code at or before the time of issuance of the Notes. 8. This Agreement shall terminate outstanding Notes and this Agreement may not defeasance. upon the retirement or defeasance of the last be terminated in advance of such retirement or 9. This Agreement may be executed in counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. ��s��Y� 3