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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: January 22, 1997 <br />Pursuant to due call and notice thereof, a regular meeting of the <br />City Council of the City of Little Canada, Ramsey County, <br />Minnesota, was duly called and held at City Hall in said City on <br />the 22nd day of January, 1997, at o'clock p.m. <br />The following members were present: <br />and the following members were absent: <br />Member introduced the following <br />resolution and moved its adoption: <br />RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$6,840,000 MULTIFAMILY HOUSING REVENUE REFUNDING BONDS <br />(GNMA COLLATERALIZED MORTGAGE LOAN /CEDARS <br />LAKESIDE APARTMENTS PROJECT), SERIES 1997A <br />AND <br />$342,500 TAXABLE MULTIFAMILY HOUSING REVENUE BONDS <br />(GNMA COLLATERALIZED MORTGAGE LOAN /CEDARS <br />LAKESIDE APARTMENTS PROJECT), SERIES 1997B <br />AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS <br />WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as <br />amended (the "Act "), the City of Little Canada, Minnesota (the <br />"City ") is authorized to issue revenue bonds for the purpose of <br />financing a multifamily housing development; and <br />WHEREAS, pursuant to an Indenture of Trust dated as of <br />August 1, 1986 between the City and First Trust National <br />Association, the City issued its Multifamily Housing Revenue Bonds, <br />Series 1986 (Cedars Lakeside Project) (the "Prior Bonds ") in the <br />aggregate principal amount of $7,700,000, and used the proceeds of <br />the Prior Bonds to provide for the financing of the Project <br />hereinafter described; and <br />WHEREAS, the City has received from Cedars Lakeside <br />Apartments Limited Partnership, a Minnesota limited partnership <br />(the "Company "), a proposal that the City refinance a Project <br />775842.1 <br />Page 3 <br />