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a. The Refunding will further the purposes and policies of the Act and <br />promote the public welfare of the City and its residents. <br />b. There is no litigation pending or, to the knowledge of the City, threatened <br />against the City relating to the Project Facilities, the Refunded Bonds or the Refunding, <br />or questioning the organization, powers or authority of the City to authorize the issuance <br />of the Refunding Bonds by the Issuer. <br />C. Under the provisions of the Act, the Refunding Bonds shall not be payable <br />from or charged upon any funds other than amounts pledged thereto, including amounts to <br />be payable by the Borrower pursuant to a loan agreement or similar agreement with the <br />Issuer; the City will not be subject to any liability thereon; no owner of the Refunding Bonds <br />shall ever have the right to compel the exercise of the taxing power of the City to pay the <br />Refunding Bonds or the interest thereon, nor to enforce payment thereof against any <br />property of the City, neither the Bonds nor any document executed or approved in <br />connection with the issuance thereof shall constitute a pecuniary liability, general or moral <br />obligation, charge, lien or encumbrance, legal or equitable, upon any property of the City; <br />and the Bonds shall not constitute or give rise to a charge against the general credit or taxing <br />powers of the City. <br />d. Within the meaning of Section 462C.14, Subd. 3, of the Act, the City <br />hereby confirms the necessity of the joint actions being taken pursuant hereto by the City <br />of Elk River, the City of Otsego and the City of Albertville, in order to successfully <br />effectuate the refunding of the Series 2011 Bonds, the Series 2013 Albertville Bonds and <br />the Series 2013 Otsego Bonds. <br />3. Public Hearing. A public hearing was held by the City Council of the City (the <br />"Public Hearing"), with respect to the issuance of the Refunding Bonds in an aggregate principal <br />amount not to exceed $17,500,000. The Public Hearing was called and held as required by the <br />Act and the provisions of section 147(f) of the Code and regulations thereunder. At the Public <br />Hearing all persons present were afforded an opportunity to express their views with respect to <br />the issuance of the Refunding Bonds. <br />4. Approval of Refunding and Cooperative Agreement. Approval is hereby given <br />to: (a) the issuance of the Refunding Bonds by the City of Otsego, in an aggregate principal <br />amount not to exceed $17,500,000, (b) the execution and delivery by one or more officers of the <br />City of the Cooperative Agreement, substantially in the form currently on file in the offices of <br />the City, together with such modifications thereto as are approved by the officer or officers of the <br />City authorized to execute the same, which approval shall be conclusively evidenced by such <br />execution thereof. <br />None of the Bonds shall constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the City, or a pledge of or charge against the City's general credit or taxing <br />powers. <br />All costs of the City relating to the issuance of the Refunding Bonds, whether or not the <br />Refunding Bonds are successfully issued, shall be paid or reimbursed by the Borrower. <br />2 <br />