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545836v1 SEL VA265-10 <br />requested to consider the resolution providing host approval for the issuance of the Bonds. If the <br />Council authorizes the issuance of the Bonds by the City of Vadnais Heights, the Bonds will be issued <br />as conduit revenue bonds of the City of Vadnais Heights secured solely by the revenues derived from <br />the Loan Agreement executed by the Company and from other security provided by the Company, <br />including the proceeds of a mortgage. The Bonds will not constitute a general or moral obligation of the <br />City or the City of Vadnais Heights and will not be secured by or payable from any property or assets of <br />the City (other than the interests of the City of Vadnais Heights in the Loan Agreement) and will not be <br />secured by any taxing power of the City or the City of Vadnais Heights. The Bonds will not be subject <br />to any debt limitation imposed on the City or the City of Vadnais Heights and the issuance of the Bonds <br />will not have any adverse impact on the credit rating of the City or the City of Vadnais Heights, even in <br />the event that the Company encounters financial difficulties. <br /> <br /> <br />