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132279206v1 <br />1 <br />Extract of Minutes of a Meeting of the <br />City Council of the City of <br />Little Canada, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Little Canada, Minnesota, was duly called and held at City Hall in said City on Wednesday, the <br />24th day of April, 2024, at 7:30 o’clock P.M. <br />The following members were present: Fischer, T. Miller, Gutierrez, D. Miller and <br />Kwapick, <br />and the following were absent: none. <br />During said meeting _____________ introduced the following resolution and moved its <br />adoption: <br />RESOLUTION NO. 2024-4-47 <br />A RESOLUTION APPROVING AND AUTHORIZING THE AMENDMENT OF A LOAN <br />AGREEMENT RELATED TO THE CITY'S EDUCATIONAL FACILITIES REVENUE <br />REFUNDING NOTE, SERIES 2017 (SAINT PAUL ACADEMY AND SUMMIT SCHOOL <br />PROJECT) <br />WHEREAS, pursuant to a resolution of the City adopted on September 6, 2017, the City <br />of Little Canada, Minnesota (the "City"), issued its Educational Facilities Revenue Refunding <br />Note, Series 2017 (Saint Paul Academy and Summit School Project) (the "2017 Note"), in the <br />original aggregate principal amount of $7,375,000 to Bremer Bank, National Association, a <br />national banking association (the "Lender"); and <br />WHEREAS, pursuant to a Loan Agreement dated as of September 6, 2017 (the "Loan <br />Agreement"), between the City and Saint Paul Academy and Summit School, a Minnesota <br />nonprofit corporation (the "Borrower"), the City loaned the proceeds of the 2017 Note to the <br />Borrower for the purpose of refinancing in part the acquisition, construction, and improvement of <br />certain school facilities of the Borrower, including facilities located on the campus of the Borrower <br />at Dunlap and Goodrich and at Randolph and Davern in the City of St. Paul, Minnesota, and the <br />Borrower agreed to repay the 2017 Note in specified amounts and at specified times sufficient to <br />pay in full when due the principal of, premium, if any, and interest on the 2017 Note; and <br />WHEREAS, pursuant to a Pledge Agreement (the "Pledge Agreement") dated as of <br />September 6, 2017 between the City and the Lender, the City pledged and granted a security <br />interest in all of its rights, title, and interest in the Loan Agreement to the Lender (except for certain <br />rights of indemnification and to reimbursement for certain costs and expenses); and