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8333729v2 B-1 EXHIBIT B FORM OF DISBURSEMENT REQUEST $ Requisition No. __________, 201_ Bremer Bank, National Association 225 South Sixth Street, Suite 200 Minneapolis, MN 55402 Ladies and Gentlemen: On behalf of Saint Paul Academy and Summit School, a Minnesota nonprofit corporation (the "Borrower"), I hereby requisition from the funds representing the proceeds of the $7,500,000 City of Little Canada, Minnesota Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project) (the "Note"), issued by the City of Little Canada, Minnesota (the "Issuer"), and dated __________, 2017, which funds are to be advanced by the Bremer Bank, National Association (the "Lender"), under the Loan Agreement, date as of __________, 2017 (the "Loan Agreement") between the Issuer and the Borrower, the sum of $____________________. I hereby certify that (a) the amount set forth above was incurred by the Borrower in connection with the Project (defined to in the Loan Agreement), is a proper charge against the Project Costs (as defined in the Loan Agreement), and has not been the basis for any prior requisition which has been paid; (b) the Borrower has not received written notice of any lien, right to lien or attachment upon, or claim affecting the right of any payee to receive payment of, any of the money payable under this requisition to any of the persons, firms or corporations named herein, or if any notice of any such lien, attachment or claim has been received such lien, attachment or claim has been released or discharged or will be released or discharged upon payment of this requisition; (c) this requisition contains no items representing payment on account of any retained percentages which the Borrower is entitled to retain at this date; (d) subject to the last sentence of this paragraph, the payment of this requisition will not result in (i) less than substantially all (95% or more) of the proceeds of the Note to be expended under this requisition and under all prior requisitions having been used for the acquisition and installation of real property or property of a character subject to the allowance for depreciation under the Internal Revenue Code of 1986, as amended (the "Code") or (ii) more than 2% of the proceeds of the Note having been used to pay for issuance costs within the meaning of Section 147(g)(1) of the Code; and (e) no "Event of Default" (as defined in the Loan Agreement), or event which after notice or lapse of time or both would constitute such an "Event of Default" has occurred and not been waived. Notwithstanding the foregoing, the undersigned may requisition to pay issuance costs with respect to the Note at any time and from time to time, so long as such requisition,