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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 />Troy dams <br />Title: General Manager <br />As to matters relating to the [electric] [integrated) utility <br />system <br />..~- <br />~,. <br />Calvin Portner <br />Title: City Administrator <br />As to matters relating to the City <br />Dated: June 7, 2012 <br />GP:3183859 vl <br />E-2 <br />