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12.13 Inves tme nt R e prese ntation s. The Units have not been registered under the <br />Securities Act of 1933, the Securities Act of Washington or any other state securities laws <br />(collectively, the "Securities Acts"). Each County Authority hereby confirms the Units have <br />been acquired for such County Authority's own account, for investment and not with a view <br />to the resale or distribution thereof and may not be offered or sold to anyone unless there <br />is an effective registration or other qualification relating thereto under all applicable Securities <br />Acts. <br />12.14 In adopting this Agreement, in addition to adopting the Articles, the County <br />Authorities hereby also adopt, and agree to, the Recitals and the facts set forth herein. <br />[THE REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY. <br />SIGNATURES FOLLOW.] <br />ASO OPERATING AGREEMENT Page 23 of 33