CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION SCHOOL BUILDING BONDS, SERIES 2018A ISSUER: INDEPENDENT SCHOOL DISTRICT NO. 592 (CLIMAX-SHELLY) CLIMAX, MINNESOTA GOVERNING BODY

CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION SCHOOL BUILDING BONDS, SERIES 2018A ISSUER: INDEPENDENT SCHOOL DISTRICT NO. 592 (CLIMAX-SHELLY) CLIMAX, MINNESOTA GOVERNING BODY: SCHOOL BOARD KIND, DATE, TIME AND PLACE OF MEETING: A regular meeting held February 26, 2018, at 6:00 o’clock p.m., in the School District. MEMBERS PRESENT: Brad Erickson, Julie Cakebread, Bryan Stortroen, Toscher Larson, Beth Rarick & Molly Paulsrud. MEMBERS ABSENT: Documents Attached: Extract of Minutes of said meeting . RESOLUTION AUTHORIZING THE APPROVAL OF THE SALE OF GENERAL OBLIGATION SCHOOL BUILDING BONDS, SERIES 2018A; COVENANTING AND OBLIGATING THE DISTRICT TO BE BOUND BY AND TO USE THE PROVISIONS OF MINNESOTA STATUTES, SECTION 126C.55 TO GUARANTEE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE BONDS I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the obligations referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said obligations; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS MY HAND officially as such recording officer this 26th day of February, 2018. Julie Cakebread District Clerk EXTRACT OF MINUTES OF A MEETING OF THE SCHOOL BOARD OF INDEPENDENT SCHOOL DISTRICT NO. 592 (CLIMAX-SHELLY) STATE OF MINNESOTA HELD: FEBRUARY 26, 2018 Pursuant to due call and notice thereof, a regular meeting of the School Board of Independent School District No. 592 (Climax-Shelly), State of Minnesota, was held on February 26, 2018, at 6:00 o’clock p.m. Member Larson introduced the following resolution and moved its adoption : 1. The Board hereby finds that it is necessary and expedient to sell and issue approximately $2,805,000 principal amount of general obligation school building bonds of Independent School District No. 592 (Climax-Shelly) (the “District”) approved by the voters of the District at a special election held on February 13, 2018. Said bonds (the “Bonds”) shall provide funds for the acquisition and betterment of school sites and facilities, including construction and equipping of a classroom addition to the elementary school facility; improvements to the south parking lot; and the renovation, repair, remodeling, upgrading, equipping, construction of improvements and installation of a fire suppression system in the cafeteria and commons area of the elementary school facility. 2. The Board, having been advised by Ehlers & Associates, Inc., the District’s municipal advisor, hereby determines that this issue shall be privately sold after receipt of written proposals, as authorized pursuant to Minnesota Statutes, Section 4 75.60, Subdivision 2. 3. On approximately April 4, 2018, a Board Officer and the Superintendent are authorized and directed to receive all proposals presented in conformity with the Terms of Proposal contained in the Official Statement, the terms of which are ratified and confirmed in all\ respects, and to approve on behalf of the District the sale of the Bonds to the party submitting the most favorable proposal (the “Purchaser”). If the true interest rate of the most favorable of said proposals does not exceed 4.25% and a favorable recommendation to accept the proposal is received from Ehlers & Associates, Inc., a Board Officer and the Superintendent are authorized and directed to accept the same as though the price and interest rate had been included herein. In the Terms of Proposal, the District will reserve the right, after proposals are opened and prior to award, to increase or decrease the principal amount of the Bonds offered for sale or the amount of any individual maturity, with the increase or decrease to occur in multiples of $5,000 in any of the maturities. A Board Officer and the Superintendent are authorized and directed to endorse an acceptance on both copies of the most favorable proposal and to send one copy to the Purchaser. 4. Upon approval of the sale of the Bonds by a Board Officer and the Superintendent, the Board will meet at a subsequent meeting to adopt the necessary approving resolution as drafted by the District’s Bond Counsel. 5. (a) The District hereby covenants and obligates itself to notify the Commissioner of Education of a potential default in the payment of principal and interest on the Bonds and to use the provisions of Minnesota Statutes, Section 126C.55 to guarantee payment of the principal and interest on the Bonds when due. The District further covenants to deposit with the Bond Registrar or any successor paying agent three (3) days prior to the date on which a payment is due an amount sufficient to make that payment or to notify the Commissioner of Education that it will be unable to make all or a portion of that payment. The Bond Registrar for the Bonds is authorized and directed to notify the Commissioner of Education if it becomes aware of a potential default in the payment of principal or interest on the Bonds or if, on the day two (2) business days prior to the date a payment is due on the Bonds, there are insufficient funds to make that payment on deposit with the Bond Registrar. The District understands that as a result of its covenant to be bound by the provisions of Minnesota Statutes, Section 126C.55, the provisions of that section shall be binding as long as any Bonds of this issue remain outstanding. (b) The District further covenants to comply with all procedures now or hereafter established by the Departments of Management and Budget and Education of the State of Minnesota pursuant to Minnesota Statutes, Section 126C.55, subdivision 2(c) and otherwise to take such actions as necessary to comply with that section. The chair, clerk, superintendent or business manager is authorized to execute any applicable Minnesota Department of Education forms. The motion for the adoption of the foregoing resolution was duly seconded by Member Stortroen, and, upon vote being taken thereon, the following voted in favor thereof: all, and the following voted against the same: none. whereupon said resolution was declared duly passed and adopted. (March 21, 2018)

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