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11116805v1 <br />The 2018 Bonds would be issued by the end of this year. The 2019 Bonds would be <br />issued in the fall of 2019. <br />The Bonds, as issued, shall not constitute a charge, lien, or encumbrance, legal or <br />equitable, upon any property or funds of the City except the revenues and proceeds pledged to <br />the payment thereof, nor shall the City be subject to any liability thereon. The holders of the <br />Bonds shall never have the right to compel any exercise of the taxing power of the City to pay <br />the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereof <br />against any property of the City. The Bonds will recite in substance that the Bonds, including <br />interest thereon, are payable solely from the revenue and proceeds pledged to the payment <br />thereof. The Bonds shall not constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br />Briggs and Morgan will act as the City’s bond counsel and Northland Securities will act <br />as the underwriter for both transactions. <br />I understand that you will present this to the City Council at the meeting on September <br />26th. If the City Council is agreeable to act as conduit issuer, the transaction will proceed fairly <br />quickly after that in order to be able to close the 2018 Bonds by the end of the year. <br />Please feel free to contact me if you have additional questions or comments. I can be <br />reached at 612-977-8765 or ccourtney@briggs.com.