1. MIDA Bond Sisters of the Presentation

RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PRO,JECT PRELIMINARY APPROVAL, SUBJECT TO A PUBLIC HEARING (SISTERS OF THE PRESENTATION BVM PROJECT) BE IT RESOLVED by the Board of County Commissioners ofCass County, North Dakota (the "County"), as follows: Section 1. Policv and Purnose. 1.01. For the purpose of promotion, attraction, eneouragement, and development of economieally sound eommerce, preserving and developing a tax base adequate to finance necessary public services, and encouraging employment opportunities for the citizens of the County, the County is authorized by Chapter 40-57, North Dakota Century Code ("N.D.C.C."), to issue revenue bonds of the County and to loan the proceeds to nonprofit eorporations to provide finaneing for equipment and improvements to real propeliy. 1.02. Sisters of the Presentation of the Blessed Virgin Mary, Fargo, a North Dakota nonprofit corporation, (the "Company") has requested the County to issue its Multifamily Housing Revenue Bonds (Sisters of the Presentation BVM Project) Series 2006 (the "Bonds") in the amount not to exeeed $450,000 for the purpose of financing the renovation and equipping of a six-unit apartment faeility located at 1120 30lh Avenue South, Fargo, North Dakota (the "Projeet"). Section 2. Allllroval and Authorization. 2.01. Subjeet to the holding of a public hearing according to law and subjeet to the mutual agreement of the County, the Company, and the purehaser of the Bonds as to the details of the Bonds, the loan agreement, and other documents neeessary to evidence and effect the financing of the Project, the issuanee of the Bonds of the County, in one or more series, in an amount not to exeeed $450,000, is hereby approved. 2.02, Neither this preliminary commitment nor any aetions, agreements, or legal matters related hereto or exeeuted in pursuanee hereof, shall in any manner or form create an indebtedness or liability of the County. The passage of this Resolution does not finally commit the County to issue and deliver the Bonds. Section 3. Public Hearinl.!. 3.01. Beeause a public hearing, after notice aeeording to law, is required for final approval of the Bonds, a pubic hearing on the issuance of the Bonds shall be held at the County Commission Room, Cass County Courthouse, Fargo, North Dakota at a regular meeting on Oetober 16, 2006, - J -