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RESOLUTION APPROVING THE HOUSING FINANCE PROGRAM AND <br />AUTHORIZING EXECUTION OF VARIOUS DOCUMENTS <br />IN CONNECTION WITH THE ISSUANCE OF MULTIFAMILY <br />HOUSING REVENUE BONDS, SERIES 1996 <br />(PROVINCES OF LITTLE CANADA PROJECT) <br />BE IT RESOLVED by the City Council of the City of Little Canada, <br />Minnesota (the "City ") as follows: <br />1. It is proosed that the Ciy Housing Revenue Bonds, Series 1996 (Provincessofe Little uCanada1ly <br />Project) (the "Bonds ") in the principal amount not to exceed <br />$3,890,000 to finance the Costs of the acquisition and renovation <br />of a residential rental housing project (the "Project ") in <br />accordance with a Bond Purchase Agreement (the "Bond Purchase <br />Agreement ") among the City, Little Canada Leased Housing <br />Associates, L.L.P., a Minnesota limited liability partnership <br />(the "Company ") and Piper Jaffrey Inc. (the "Purchaser ")_ <br />2. The Bonds will be issued by the City pursuant to <br />an Indenture of Trust dated as of February 1, 1996 (the <br />"Indenture "), executed by the City and First Trust National <br />Association, in St. Paul, Minnesota (the "Trustee "). <br />3. Pursuant to the terms of a proposed Loan Agreement <br />dated 1, 1996 between the City as lender, and the <br />the proceeds of the Bonds to the to the finance will loan <br />The Company has agreed, pursuant to Company Regulatory tory Agreement e P date. <br />as of February 1, 1996, by and among the9City, mpy dated <br />the Trustee (the "Regulatory Agreement" City, the Company and <br />as a "residential rental project" under )Sectionr142(d)1eofrtheet <br />Internal Revenue Code of 1986, as amended. The Bonds will be <br />sold by the Purchaser pursuant to an Official Statement. The <br />Bonds will be secured by a mortgage and security interest in the <br />Project pursuant to a Combination Mortgage, Security Agreement <br />and Fixture Financing Statement with Collateral Assignment of <br />Rents and Leases dated February 1, 1996. <br />4. This Council, by action taken on July 13, 1994, <br />gave preliminary approval to the proposal for a financing program <br />for the Project. The Metropolitan Council has given approval to <br />the proposed Housing Finance Program by issuing its letter under <br />Minnesota Statutes, Chapter 462C (the "Act "), The City obtained <br />allocation of Bonding Authority pursuant to Chapter 474A,091 on <br />January 8, 1996. The City Council of the City hereby gives <br />approval to the Housing Finance Program. <br />312684.7 <br />2 <br />£ d 91138L 1998 'ON/98:11 'JS /68 11 96 ,60 <br />Page 7 <br />MEN( 2g SOOIHB MEd <br />