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12316306v3
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<br />WHEREAS, the execution and delivery of this Indenture have been duly authorized by
<br />the Governing Body, and all conditions, acts and things necessary and required by the
<br />Constitution and laws of the State of Minnesota, or otherwise, to exist, to have happened or to
<br />have been performed precedent to and in the execution and delivery of this Indenture, and in the
<br />issuance of the Series 2020 Bonds, do exist, have happened or have been performed in regular
<br />form, time and manner, and the execution and delivery of this Indenture have been in all respects
<br />duly authorized; and
<br />WHEREAS, the Trustee has accepted the trust created by this Indenture and in evidence
<br />thereof has joined in the execution hereof;
<br />NOW, THEREFORE, THIS INDENTURE WITNESSETH:
<br />GRANTING CLAUSES
<br />That the City of Little Canada, Minnesota in order to secure the payment of the principal
<br />of, premium (if any) and interest on the Bonds issued under this Indenture according to their
<br />tenor and effect and the performance and observance of each and all of the covenants and
<br />conditions herein and therein contained, and for and in consideration of the premises and of the
<br />purchase and acceptance of the Bonds by the respective purchaser or purchasers and registered
<br />owners thereof, and for other good and valuable consideration, the receipt whereof is hereby
<br />acknowledged, has executed and delivered this Indenture and has granted, bargained, sold,
<br />assigned, transferred, conveyed, pledged and set over, and by these presents does hereby grant,
<br />bargain, sell, assign, transfer, convey, pledge and set over, unto the Trustee, and to its successor
<br />or successors in the trust hereby created and to its assigns forever:
<br />I.
<br />All of the rights and interests of the Issuer in the Loan Agreement, except for the rights of
<br />the Issuer relating to expenses, indemnity, payment of attorneys' fees and advances of the Issuer
<br />under Sections 4.04(b), 6.01, 7.04 and 7.05 thereof.
<br />II.
<br />A first lien on and pledge of all right, title and interest in (i) the moneys and investments
<br />in the Bond Fund, Sinking Fund, Reserve Fund, and Optional Redemption Fund covenanted to
<br />be created and maintained under this Indenture, (ii) moneys and investments in the Project Fund
<br />not paid out to meet Project Costs and (iii) Net Proceeds of any insurance or condemnation
<br />award held by the Trustee pursuant to the terms of the Loan Agreement, the Mortgage, or this
<br />Indenture.
<br />III.
<br />Any and all other property of every name and nature from time to time hereafter by
<br />delivery or by writing of any kind conveyed, mortgaged, assigned or transferred, or in which a
<br />security interest is granted by the Issuer or the Borrower or by anyone in behalf of them or with
<br />their written consent, to the Trustee, which is hereby authorized to receive any and all such
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