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11 <br /> ARTICLE II <br /> 410 <br /> REPRESENTATIONS, COVENANTS AND WARRANTIES <br /> Section 2 . 1. Representations and Warranties by the <br /> Authority. The Authority represents and warrants that : <br /> (a) The Authority is a municipal limited liability <br /> company and political subdivision of the State organized and <br /> existing under the laws of the State . <br /> (b) The Authority has the authority to enter into this <br /> Agreement and carry out its obligations hereunder, subject to <br /> the same enforceability exceptions provided in Section 2 . 2 (a) <br /> with respect to the Developer. <br /> (c) The Authority represents that the City established <br /> the Development District and adopted its Development Program <br /> pursuant to the Minnesota Municipal Development District Act, <br /> previously found in Minnesota Statutes, Chapter 472A, and now <br /> codified in Minnesota Statutes, Sections 469 . 124 through <br /> 469 . 134, and that the City established the Tax Increment <br /> Financing District within the Development District pursuant to <br /> the Tax Increment Act . The Authority also represents that <br /> pursuant to Minnesota Statutes, Section 469 . 093 , on March 28 , <br /> 1994, the City Council adopted an enabling resolution and 411 <br /> thereby established the Authority. Pursuant to Minnesota <br /> Statutes, Section 469 . 094, Subdivision 2, the City transferred <br /> to the Authority, and the Authority accepted from the City <br /> transfer of, the control, authority, and operation of the <br /> Development District, including the Tax Increment Financing <br /> District therein, thereby empowering the Authority to exercise <br /> all of the powers that the City could exercise with respect to <br /> the Development District, subject to the covenant and pledge <br /> by the Authority to perform the terms, conditions, and <br /> covenants of all bond indentures and other agreements executed <br /> for the security of any bonds issued and any other activities <br /> undertaken with respect to the Development District . <br /> (d) The Authority makes no representation, guarantee, or <br /> warranty, either express or implied, and hereby assumes no <br /> responsibility or liability as to the Development Property or <br /> its condition (whether regarding soils, pollutants, hazardous <br /> wastes or materials or otherwise) or that the Development <br /> Property will be suitable for the purposes or needs of the <br /> Developer. <br /> S <br /> 298106.1 2-1 <br />