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equity, to the constitutional powers of the United States of America and to bankruptcy, <br />insolvency, reorganization, moratorium and other similar laws affecting creditors' rights <br />heretofore or hereafter enacted. <br />(3) At the time of the issuance and delivery of the Bonds to the original purchaser, the <br />interest on the Bonds is included in gross income for United States income tax purposes and is <br />included, to the same extent, in both gross income and taxable net income for State of Minnesota <br />income tax purposes. <br />We express no opinion regarding other state or federal tax consequences caused by the <br />receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. <br />Dated at Saint Paul, Minnesota, this day of June, 2012. <br />Professional Association <br />4590579v1 <br />