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WHEREAS, on the date hereof, the City Council conducted a public hearing at which a <br />reasonable opportunity was provided for interested individuals to express their views, both orally and in <br />writing, on the following: (i) consent to the issuance of the Bonds by the City of Bethel pursuant to the <br />requirements of Section 147(f) of the Code and the regulations promulgated thereunder; and (ii) approval <br />of the issuance of the Bonds by the City of Bethel to finance the Project; and <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELK <br />RIVER, MINNESOTA, AS FOLLOWS: <br />1. The City Council finds that it is in the best interest of the City to approve the issuance of <br />the Bonds by the City of Bethel to finance the Project and hereby consents to the issuance of the Bonds <br />by the City of Bethel for the purposes set forth above in an aggregate principal amount not to exceed <br />$10,000,000. <br />2. The Bonds are to be issued by the City of Bethel pursuant to the Act. The Bonds will <br />constitute special, limited obligations of the City of Bethel secured solely by revenues derived from the <br />operation of the Project and other security provided by the Company and the School, including but not <br />limited to a mortgage on the land and buildings comprising the Project. The Bonds will not constitute a <br />general or moral obligation of the City or the City of Bethel and will not be secured by any taxing powers of <br />the City or the City of Bethel. <br />3. The Mayor and the City Administrator are hereby authorized and directed to execute and <br />deliver any documents deemed necessary to fulfill the intentions of this resolution. <br />4. The Mayor and City Administrator and other officers, employees, and agents of the City <br />are hereby authorized and directed to prepare and furnish to bond counsel and the original purchaser of <br />the Bonds certified copies of all proceedings and records of the City relating to the approval of the <br />issuance of the Bonds, including a certification of this resolution. <br />5. The Company will, upon demand, reimburse the City for costs paid or incurred by the <br />City in connection with this resolution. <br />6. This resolution shall be in full force and effect from and after its passage. <br />Approved by the City Council of the City of Elk River, Minnesota this 5th day of August, 2024. <br />ATTEST: <br />City Clerk <br />BE250-29-964435.v2 2 <br />