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the issuance of the Notes. The Public Notice was published at least 7 days prior to the date of the public hearing. On the date hereof, the Council conducted a public hearing at which a reasonable opportunity was provide for interested individuals to express their views, both orally and in writing, with respect to the proposed issuance of the Notes and the location and nature of the Project. NOW THEREFORE BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota (the "City") as follows: Section 1. Issuance of the Notes. 1.01. Findings. The Council hereby finds, determines, and declares that: (a) The issuance and sale of the Notes, the execution and delivery by the City of the Notes, the Loan Agreement, and the Assignment of Loan Agreement, and the performance of all covenants and agreements of the City contained in the Loan Agreement and the Assignment of Loan Agreement are undertaken pursuant to the Act. (b) The acquisition, construction, renovation and equipping of the School Facility previously financed by the 2015A Bonds furthers the economic development purposes stated in Section 469.152 of the Act and constitutes a revenue producing "project," as defined in Section 469.153, subdivision 2(b) of the Act. (c) In accordance with Section 469.154, subdivision 7, of the Act, the officers, employees, and agents of the City are hereby authorized and directed to encourage the Company and the School to provide employment opportunities to economically disadvantaged or unemployed individuals. Such individuals may be identified by such mechanisms as are available to the Company and the School, such as a first source agreement in which the Company and the School agrees to use a designated State employment office as a first source for employment recruitment, referral, and placement. (d) The loan repayments to be made by the Company under the Loan Agreement are fixed to produce revenues sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Notes issued under this resolution when due, and the Loan Agreement also provides that the Company is required to pay all expenses of the operation and maintenance of the School Facility, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all lawfully imposed taxes and special assessments levied upon or with respect to the School Facility and payable during the term of the Loan Agreement. (e) As provided in the Loan Agreement, the Notes shall not be payable from nor charged upon any funds other than the revenues pledged to its payment, nor shall the City be subject to any liability thereon, except as otherwise provided in this paragraph. No holder of the Notes shall ever have the right to compel any exercise by the City of its taxing powers to pay the Notes or the interest or premium thereon, or to enforce payment thereof against any property of the City except the interests of the City in the Loan Agreement and 3 SA130\288\879898.v3