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<br />(a) The Loan Agreement, <br /> <br />(b) The Indenture, and <br /> <br />(c) Placement Agreement. <br /> <br />The use of the Memorandum is hereby approved, but the Issuer takes <br />no responsibility for any of the information contained therein. <br /> <br />4. It is hereby found, determined and declared that: <br /> <br />(a) it is desirable that the Bonds be issued by the <br />Issuer upon the terms set forth in the Indenture; <br /> <br />(b) the basic payments under the Loan Agreement are <br />fixed to produce revenue sufficient to provide for the prompt <br />payment of principal of, premium, if any, and interest on the <br />Bonds issued under the Indenture when due, and the Loan <br />Agreement and Indenture also provide that the Company is <br />required to pay all expenses of the operation and maintenance <br />of the Project, including, but without limitation, adequate <br />insurance thereon and insurance against all liability for <br />injury to persons or property arising from the operation <br />thereof, and all taxes and special assessments levied upon or <br />with respect to the Project Premises and payable during the <br />term of the Loan Agreement and Indenture; and <br /> <br />(c) under the provisions of Minnesota Statutes, <br />Section 469.155, and as provided in the Loan Agreement and <br />Indenture, the Bonds and the interest thereon and any penalty, <br />charge or premium, or any amounts payable thereunder, however <br />designated, due thereunder are payable by the Issuer solely <br />from the revenues and proceeds derived from the Loan <br />Agreement, do not constitute a debt of the Issuer within the <br />meaning of any constitutional or statutory limitation, are not <br />payable from or a charge upon any funds of the Issuer other <br />than the revenues and proceeds pledged by the Issuer to the <br />payment thereof, and do not give rise to a pecuniary liability <br />of the Issuer nor of any of its officers, agents, or <br />employees, and no holder of the Bonds shall ever have the <br />right to compel any exercise of the taxing power of the Issuer <br />to pay the Bonds or the interest thereon or any penalty, <br />charge or premium or any amounts payable thereunder, however <br />designated, due thereunder, or to enforce payment thereof <br />against any property of the Issuer, and the Bonds and the <br />interest thereon and any penalty, charge or premium, or any <br />amounts payable thereunder, however designated, do not <br />constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the Issuer and the agreement of the <br />Issuer to perform or cause the performance of the covenants <br />and other provisions therein referred to shall be subject at <br />all times to the availability of revenues or other funds <br /> <br />787464.1 <br /> <br />2 <br />