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file with the City, but with all such changes therein as shall be approved by the officers <br />executing the same, which approval shall be conclusively evidenced by the execution thereof. <br />Copies of all of the transaction documents shall be delivered, filed and recorded as provided <br />therein. The Mayor, the City Administrator, and other City officers are also authorized and <br />directed to execute such other instruments as may be required to give effect to the <br />transactions herein contemplated. <br />(b) The officers of the City are authorized and directed to prepare and furnish to <br />the original purchaser of the Bonds, and to the attorneys approving the Bonds, certified copies <br />of all proceedings and records of the City relating to the power and authority of the City to <br />enter into the Ground Lease, the Lease, and the Continuing Disclosure Certificate within their <br />knowledge or as shown by the books and records in their custody and control, and such <br />certified copies and certificates shall be deemed representations of the City as to the facts <br />stated therein. <br />7. Issuance of Bonds. The issuance and sale by the Authority of the Bonds at the price, <br />par amount, and interest rates to be determined Authority are hereby approved in all respects. In <br />accordance with the Lease, the City will pay, from proceeds of the Bonds or from other City funds, the <br />costs of construction of the Facilities and the costs of issuance of the Bonds. The City hereby <br />authorizes and requests that the Authority issue the Bonds in accordance with the terms of a <br />resolution of the Board of Commissioners of the Authority. <br />8. Not Arbitrage Bonds. The City covenants and agrees with the holders from time to <br />time of the Bonds that the investment of proceeds of the Bonds, including the investment of any <br />revenues pledged to the Lease Payments which are considered proceeds under applicable <br />regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such <br />manner that the Bonds shall not be "arbitrage bonds" within the meaning of Section 148 of the Internal <br />Revenue Code of 1986, as amended (the "Code"), and applicable regulations thereunder (the <br />"Regulations"), and that the City shall comply with all other applicable requirements of Section 148. <br />On the basis of the existing facts, estimates and circumstances, including the foregoing findings and <br />covenants, the City hereby certifies that it is not expected that the proceeds of the Bonds will be used <br />in such manner as to cause the Bonds to be "arbitrage bonds" under Section 148 and any regulations <br />thereunder. <br />9. Not Private Activity Bonds. No action shall be taken or authorized to be taken in <br />connection with the application or investment of the proceeds of the Bonds which would cause the <br />Bonds to be or become "private activity bonds" within the meaning of Section 141 of the Code and the <br />applicable Regulations. The City shall take all such actions as may be required under the Code and <br />applicable Regulations to ensure that interest on the Bonds is not includable in gross income for <br />federal income tax purposes. The Site, the Facilities, and the proceeds of the Bonds will likewise be <br />used in such manner that the Bonds will not be "private activity bonds" under Section 141 of the Code <br />and the Regulations. <br />Adopted by the City Council of the City of Lino Lakes, Minnesota this 271h day of April, 2026. <br />3 <br />4910-3727-1958.3 <br />