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FROM E&M FAX 612- 334 -8650 VOICE 334 -8520 (TUE)11. 25'97 15:21/ST.15:19/N0.3560292541 P 2/8 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: December 2, 1997 <br />Pursuant to due call anti 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 2nd day of December, 1997, at 7000 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 />$16,595,000 MULTIFAMILY HOUSING REVENUE BONDS <br />(HOUSING ALTERNATIVES DEVELOPMENT COMPANY PROJECT), SERIES 1997A <br />AND <br />$3,100,000 SUBORDINATE MULTIFAMILY HOUSING REVENUE BONDS <br />(HOUSING ORIZING THE EXECUTION OF NECESSARY DOCUMENTS SERIES 1997E <br />� <br />WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as <br />amended (the "Act "), the city of Little Canada, Minnas0ota (the <br />"City ") is authorized to issue revenue bonds for the purpose of <br />financing a multifamily housing development; and <br />WHEREAS, the City has received from Housing Alternatives <br />Development Company, a Minnesota nonprofit corporation (the <br />"Company "), a proposal that the City finance the acquisiti o anndd <br />renovation of a 444 -unit multifamily rental housing pm <br />known as Montreal Courts located at 396 LaBore Road in the city <br />obligations in )two throu or gmore hseriesua(colle (collectively, the "Bonds") <br />pursuant to the Act; and <br />WHEREAS, the City proposes to finance the Project by the <br />issuance of its $16,595,000 Multifamily Housing Revenue Bonds <br />(Rousing Alternatives Development Company Project) Series 1997A and <br />its $3,100,000 Subordinate Multifamily Housing Revenue Series Bonds <br />(Housing Alternatives Development Cvmpaz>.y Project), <br />809126., <br />Page 11 <br />