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12378325v2 <br /> <br /> 2 <br /> <br />WHEREAS, before proceeding with consideration of the request of the Company, it is <br />necessary for the City to hold a public hearing on the proposal pursuant to the Act and Section <br />147(f) of the Internal Revenue Code of 1986, as amended; <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Little <br />Canada, Minnesota, as follows: <br />1. A public hearing on the proposal of the Company will be held at the time and <br />place as determined by the City Administrator, which shall be set forth in the Notice of Public <br />Hearing substantially in the form attached hereto as Exhibit A (the "Notice"). <br />2. The general nature of the proposal and an estimate of the principal amount of <br />obligations to be issued to finance the proposal are described in the Notice. <br />3. The City staff is hereby authorized and directed to cause notice of the hearing to <br />be given one publication in the official newspaper of the City and also in a newspaper of general <br />circulation available in the City, not less than 15 days nor more than 30 days prior to the date <br />fixed for the hearing, substantially in the form of the attached Notice. <br />4. Subject to final approval of the Project by the City and in anticipation of the <br />approval by all necessary entities of the housing program, the Project, and the issuance of the <br />Bonds to finance all or a portion of the Project, and in order that completion of the Project will <br />not be unduly delayed when approved, the Borrower is hereby authorized to make such <br />expenditures and advances toward payment of that portion of the costs of the Project to be <br />financed from the proceeds of the Bonds, as the Borrower considers necessary, including the use <br />of interim, short term financing, subject to reimbursement from the proceeds of the Bonds, if <br />any, when delivered but otherwise without liability on the part of the City.