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FROM BRIGGS&MORGAN <br />(TUE) 12. 02' 97 13:14 /ST. 12: 18/NO. 3561674903 P 2/17 <br />EXTRACT OF MINUTES OF A MELTING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: December 2, 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 2nd day of December, 1997, at 7:00 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 />(MOUSING ALTERNATIVES DEVELOPMENT' COMPANY` PROJECT), SERns 19978 <br />AND AUTHORIZING THE Ei uuTsam OF NECESSARY DOCUMENTS <br />WHEREAS, pursuant to Minnesota Statutes, Chaptar 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 />finanning 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 finatjre the acquisition and <br />renovation of a 444 -unit multifamily rental housing development <br />known. as Montreal Courts located at 396 Lahore Road in the city <br />(the "Project ") through the issuance of revenue bonds or <br />ob igations in two or more series (collectively, the "Bonds ") <br />pursuant. to the Act; and <br />WHEREAS, the City proposes to finance the Project by the <br />issrianne of its $16, 595,000 Multifam+ly Housing Revenue Bonds <br />(Housing Alternatives Development Company Project) Series 1997A anal. <br />its $3,100,000 Subordinate Multifmmtly Housing Revenue Bonds <br />(Housing Alternatives Development Company Project), Series 1997E <br />ao9726.z <br />Page 1 <br />