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(e) the payments under the Series 2011 Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, • and interest on the Series 2011 Bonds issued under the Indenture when due, and the Senes 2011 Loan Agreement and Indenture also provide that the Borrower is required to pay all expenses of the operation and maintenance of the facilities to be financed by the Bonds, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and any taxes and special assessments levied upon or with respect to the premises of said facilities and payable during the term of the Series 2011 Loan Agreement and Indenture; (f) as provided therein and in the Series 2011 Loan Agreement and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holder of any Bond shall ever have the right to compel any exercise by the City of any taxing powers to pay any of the Bonds 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 Series 2011 Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the interests of the City in the Series 2011 Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds do not constitute or give rise to a pecuniary liability or moral obligation of the City, the State of Minnesota or any political subdivision, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. • 7. Approval of Forms; Execution. Subject to the provisions of Sections 12 and 13 hereof, the forms of the Financing Documents and exhibits thereto and all other documents listed in Section 6 hereof are approved substantially in the form submitted. Subject to the provisions of Section 12 hereof, the Financing Documents, in substantially the forms submitted, are directed to be executed in the name and on behalf of the City by the Mayor and the City Administrator. Subject to the provisions of Section 12 hereof, the Bonds are to be in executed the name of and on behalf of the City by the Mayor and the City Administrator, and are to be delivered to the Trustee for authentication and delivery to the Underwriter. Any other City documents and certificates necessary to the transaction described above maybe executed by one or more officers of the appropriate City, including but not limited to the City Administrator or Finance Director. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Financing Documents. 8. Official Statement. The City hereby consents to the preparation and distribution of the Official Statement for the Bonds; provided that it is understood that the City has relied upon the Borrower and the Underwriter and legal counsel retained by them to assure the accuracy and completeness of .the information set forth in the Official Statement and that therefore the City has not made, and will not make, any representations or warranties with respect to the information contained therein, except under the heading "The Issuer". The drafts of the Official Statement on file with the City are hereby designated as "near final" offering memoranda for purposes of Rule 15-c2-12 of the Securities Exchange Commission. • 391851v2 JSB EL185-16 4