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Section 2. City Council Approvals. 2.01. Preliminary Approval. The City hereby gives preliminary approval to the Project. The issuance of the Series 2012 Note in the original aggregate principal amount of approximately$8,500,000 to finance the Project is hereby preliminarily approved subject to the approval of the Project by DEED as required by the Act and subject to the mutual agreement of the City,the Borrower,and the initial purchaser of the Series 2012 Note as to the details of the Series 2012 Note and provisions for its payment. In all events, it is understood, however, that the Series 2012 Note shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City except the City's interest in the loan or revenue agreement with respect to the Series 2012 Note and the Project, and the Series 2012 Note,when, as, and if issued, shall recite in substance that the Series 2012 Note, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a general or moral obligation of the City. The adoption of this resolution does not constitute a guaranty or firm commitment that the City will issue the Series 2012 Note as requested by the Borrower. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Series 2012 Note, or issue the Series 2012 Note in an amount less that the amount referred to herein, should the City at any time prior to issuance thereof determine not to issue the Series 2012 Note,or to issue the Series 2012 Note in an amount less than the amount referred to in the preceding paragraph,or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. 2.02. Approval of the Project. It is hereby found and determined that the Project furthers the purposes set forth in the Act,and the Project constitutes a"project"within the meaning of Section 469.153,subdivision 2(d), of the Act. 2.03. Submission of Project to DEED. In accordance with Section 469.154 of the Act, the City Administrator of the City is hereby authorized and directed to submit the proposal for the Project to DEED. The City Administrator and other officers,employees and agents of the City are hereby authorized to provide DEED with any preliminary information needed for this purpose,and the City Administrator is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved. 2.04. Approval of Bond Counsel. The law firm of Kennedy&Graven, Chartered, is authorized to act as Bond Counsel and to assist in the preparation and review of necessary documents relating to the Project and the Series 2012 Note issued in connection therewith. The Mayor, City Administrator, and other officers, employees, and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents. Section 3. City's Costs. The Borrower will pay any administrative fees of the City and pay, or, upon demand, reimburse the City for payment of,any and all costs incurred by the City in connection with the Project and the issuance of the Series 2012 Note, whether or not the Series 2012 Note is issued. Section 4. Effective Date. This Resolution shall be in full force and effect from and after its passage. Approved by the City Council of the City of Mounds View, Minnesota, this 26th day of November, 2012. ayor ATTEST: JO✓YVL L D City Administrator (seal)