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complete the design, construction, and equipping of the Project, and evidence satisfactory to The Issuer of • compliance with the standards and requirements for the completion of the financing established by The Issuer, as set forth herein; and in connection therewith, The Issuer or its representatives may inspect the relevant books and records of the Owner in order to confirm such ability, intention, and compliance. In addition, The Issuer may periodically require certifications from either the Owner or such other person deemed necessary concerning compliance with various aspects of this Program. Section E. Issuance of Bonds. To finance the Program authorized by this Section The Issuer may by resolution approve the issuance and sale of the Bonds by The Issuer. The Bonds shall be issued pursuant to Section 46X.07, subdivision 1, of the Act, and shall be payable primarily from the revenues to be derived by the Owner from the Project financed through this Program. Total costs of the Project are expected to not exceed $5,500,000. The costs of the Project may change between the date of preparation of this Program and the date of issuance of the Bonds. The Bonds are expected to be issued within one year following the adoption of this Program. Subsection F. Severability. The provisions of this Program are severable and if any of its provisions, sentences, clauses or paragraphs shall be held unconstitutional, contrary to statute, exceeding the authority of The Issuer or otherwise illegal or inoperative by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions. Subsection G. Amendment. The Issuer shall not amend this Program, while the Bonds authorized hereby are outstanding, to the detriment of the holders of such Bonds. • Subsection H. State Ceiling. None of the state ceiling for private activity bonds, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, and Chapter 474A of Minnesota Statutes, will be applied for with respect to the Bonds. Adopted: May _, 2005. -4- ~~