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BRIGGS AND MORGAN <br />Joel Hanson <br />May 22, 2014 <br />Page 3 <br />The issuance of the Bonds will not affect the City's credit rating on bonds it issues for <br />municipal purposes. <br />Under federal and State law, in order for the Bonds to be tax exempt obligations, they <br />must be issued by a political subdivision. This requires that the City hold a public hearing and <br />approve issuance of the Bonds and the execution of related documents. Little Canada will hold a <br />public hearing and give final approval to the actual issuance of the Bonds and approve all related <br />documents on May 28th. The cities of Osseo, North Oaks, and Brooklyn Center will also hold <br />public hearings. <br />Please feel free to contact me if you have any further questions or comments. The <br />Borrower appreciates the consideration of the City of Little Canada in this matter. <br />Very truly yours, <br />Catherine J. Courtney <br />CJC <br />6269743v1 <br />