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3. In consideration of the covenants and <br /> <br />agreements hereof, Ramsey has paid to the Washington County <br />Housing and Redevelopment Authority a fee in the amount of <br />$3,500. Such fee is refundable only in the event that the <br />legislature of the State of Minnesota revises Minnesota <br />Statutes, Sections 474.17 through 474.25 such that Ramsey would <br />not be able to issue tax-exempt private activity bonds relating <br />to the $350,000 of Silver Bay's entitlement allocation which is <br />the subject of this agreement. <br /> <br /> 4. Silver Bay authorizes Ramsey to, and Ramsey <br /> <br />herby agrees to, deposit any application deposit required by <br />Section 474.18 with respect to the Transferred Allocation, with <br />the Minnesota Department of Energy and Economic Development <br />(the "Department") pursuant to Section 474.18. <br /> <br /> 5. If, and only if, on or before October 25, <br /> <br />1985, Ramsey notifies Silver Bay of the portion of the <br />Transferred Allocation which Ramsey does not intend to issue, <br />Silver Bay shall, on or before October 31, 1985, notify the <br />Department as provided by Section 474.18 that bonds will not be <br />issued in an amount equal to the amount state by Ramsey in its <br />notice to Silver Bay. <br /> <br /> If on or before October 25, 1985, Ramsey delivers <br />copies of preliminary resolutions to Silver Bay for bondsto be <br />issued after October 31, 1985, Silver Bay shall, on or before <br />October 31, 1985, deliver such resolutions to the Department. <br /> <br /> <br />