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dated and executed as of May 31, 2001, between the City of Hugo, Minnesota and Hugo Land <br />Development, LLC. <br />Section 6. Certification of Proceedings. <br />6.01. Certification of Proceedings. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Registered Owner of the Note certified copies of all <br />proceedings and records of the City, and such other affidavits, certificates, and information as <br />may be required to show the facts relating to the legality and marketability of the Note as the <br />same appear from the books and records under their custody and control or as otherwise known <br />to them, and all such certified copies, certificates, and affidavits, including any heretofore <br />fiunished, shall be deemed representations of the City as to the facts recited therein. <br />Section 7. Continuing Disclosure. The continuing disclosure requirements of Rule <br />15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange <br />Act of 1934 (the "Rule") do not apply to the Note, because the offering is exempt from such <br />requirements under Section 15c2-12(dxlxi). Consequently, the City will not enter into any <br />undertaking to provide continuing disclosure of any kind with respect to the Note. <br />Section 8. Effective Date. This Resolution shall take effect and be in force from and <br />after its approval and publication. <br />(The remainder of this page is intentionally left blank.) <br />12 <br />