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DRAFT 07-22-08 312576v1 SJR- 163485 MU205210-435 11 U. Continuance of Center/Governmental Program. This Agreement shall be subject to termination in the event the City discontinues operation of the Center or the Governmental Program as set forth in Article IX. ARTICLE IX - STATE BOND FINANCE PROPERTY ACKNOWLEDGEMENT AND COMPLIANCE The City and YMCA acknowledge that funding for a portion of the Center was obtained through a grant from the State of Minnesota’s Department of Children, Families and Learning, and as such, the Center is considered state bond financed property. The following requirements contained within this Agreement are included to satisfy the state bond finance property requirements of Minnesota Statutes Section 16A.695 for Use Agreements, to comply with the requirements contained in the G.O. Compliance statutes, and pursuant to the Commissioner’s Order. A. Entity Status. The City is defined as a public entity organized as a charter city pursuant to Minnesota Statutes Chapter 410, and is thus, a Minnesota municipal corporation. B. Center Ownership. The Center is owned solely and completely by the City of Mounds View. C. Agreement Authority. The City has entered into this Agreement with the YMCA pursuant to Minnesota Statutes Section 471.15 and the City of Mounds View Municipal Charter and Municipal Code. D. Governmental Program. This Agreement is (i) being executed and entered into to carry out a Governmental Program, (ii) such Governmental Program is the City of Mounds View Parks and Recreation Program, including the operation of the Community Center and its accompanying facilities, as well as the parks within the City and general recreational programming within the City; and (iii) such Governmental Program constitutes the Mounds View Parks and Recreation Program and is authorized pursuant to Municipal Charter Section 6.02, Subdivision 1, Municipal Code Section 106.05 and Chapter 405, and Minnesota Statutes Section 471.15. E. Governmental Program Oversight. Oversight of the Governmental Program by the City is provided by the requirement, hereby agreed to by the parties that the YMCA provide City the right to inspect and audit YMCA’s books and records for its portion of the governmental program, with each such review to show the program budget, revenues and expenses. F. Term of the Use Agreement. As the Center consists of land and buildings, the term of this Agreement as provided herein relating to the building and improvements, and including all renewals which are solely at the option the YMCA, is for a period of time which is less then 50% of the useful life of the Center.