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(3) the successor lessee provides the Authority with a certificate executed by an <br />authorized representative of the successor lessee that such new lessee has a net worth and <br />revenues available to pay Basic Rent that are equal to or greater than the net worth and <br />revemies of the YMCA, immediately prior to the merger; and <br />(4) YMCA causes to be delivered to the Authority an opinion of bond counsel to <br />the effect that such merger shall not cause interest on the Bonds to be included in gross <br />income for federal tax purposes; and <br />The YMCA has provided forms of all the materials described in points 1 through 4 <br />above, and the Authority expects to receive fully signed copies of the relevant documents <br />on or before the effective date of the merger (which is December 31, 2011). The bond <br />counsel opinion will be provided by Gray, Plant, Mooty, Mooty & Bennett, P.A, which is <br />a nationally recognized bond counsel (as required under the terms of the Lease). <br />Therefore, in my view it is appropriate for the Authority's board of commissioners to <br />approve the consent form requested by the YMCA. <br />If you or commissioners have any questions on this topic, please let me know. <br />395661v1 SJB F.LI85-6 <br />