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Participant Agreements or that would materially and adversely affect the ability of <br /> the City to perform its obligations under the CMMPA Brookings Participant <br /> Agreements. <br /> (e) As of the date hereof there are no bonds, notes or other evidences of indebtedness <br /> of the City or any agency, board, commission, or department thereof, or any <br /> agreement by any of the foregoing to take or pay for power or energy, payable <br /> from the revenues of the electric utility system of the City, superior to payments <br /> under the CMMPA Brookings Participant Agreements. Inasmuch as the <br /> obligations of the City under the CMMPA Brookings Participant Agreements <br /> constitute operating expenses of the City's electric utility system, such obligations <br /> will have a right to payment prior to the right to payment on any bonds, notes, or <br /> other evidences of indebtedness of the City now outstanding that are payable out <br /> of the revenues derived from the City's electric utility system. <br /> (f) To the best of our knowledge, the Agency Agreement (as defined in the Official <br /> Statement) and the CMMPA Brookings Participant Agreements each constitutes a <br /> valid and binding obligation of the City, enforceable in accordance with its terms. <br /> < t <br /> By: <br /> Troy Adams <br /> Title: General Manager <br /> As to matters relating to the [electric] [integrated] utility <br /> system <br /> By: `� <br /> Calvin Portner <br /> Title: City Administrator <br /> As to matters relating to the City <br /> "Dated: June 7, 2012 <br /> GP:3183859 v 1 <br /> E-2 <br />