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reserved, allocated on a long-term basis or otherwise set aside) to provide permanent financing for the <br />expenditures related to the Project to be financed from proceeds of the Bonds, other than pursuant to the <br />issuance of the Bonds. This resolution, therefore, is determined to be consistent with the budgetary and <br />financial circumstances of the Borrower as they exist or are reasonably foreseeable on the date hereof. <br />Section 9. Costs. The Borrower will pay the administrative fees of the City and pay, or, upon <br />demand, reimburse the City for payment of, any and all costs incurred by the City in connection with the <br />Project and the issuance of the Bonds, whether or not the Bonds are issued. <br />Section 10. Commitment Conditional. The adoption of this resolution does not constitute a <br />guarantee or a firm commitment that the City will issue the Bonds as requested by the Borrower. If, as a <br />result of information made available to or obtained by the City during its review of the Project, it appears <br />that the Project or the issuance of Bonds to finance or refinance the costs thereof is not in the public <br />interest or is inconsistent with the purposes of the Act, the City reserves the right to decline to give final <br />approval to the issuance of the Bonds. The City also retains the right, in its sole discretion, to withdraw <br />from participation and accordingly not issue the Bonds should the City Council, at any time prior to the <br />issuance thereof, determine that it is in the best interests of the City not to issue the Bonds or should the <br />parties to the transaction be unable to reach agreement as to the terms and conditions of any of the <br />documents for the transaction. <br />Section 11. Effective Date. This Resolution shall be in full force and effect from and after its <br />passage. <br />Adopted by the City Council of the City of Mounds View, Minnesota, on July 12, 2010. <br />CITY OF MOUNDS VIEW, MINNESOTA <br />Attest: <br />(Seal) <br />Joe ahe , Mayor <br />~~{/~~-~t,e~ 4`~~~ ~. <br />James Ericson, City Administrator <br />371381v1 JSB KG400-1 4 <br />