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505H <br />RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTI - FAMILY RENTAL <br />HOUSING DEVELOPMENT, GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT SUBJECT TO <br />COMPLETION OF THE HOUSING PLAN AND PROGRAM <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AUTHORIZING THE ISSUANCE OF HOUSING REVENUE BONDS <br />AND AUTHORIZING THE SUBMISSION OF <br />FINANCING PROGRAM FOR APPROVAL TO THE <br />MINNESOTA HOUSING FINANCE AGENCY AND <br />AUTHORIZING THE PREPARATION OF NECESSARY <br />DOCUMENTS AND MATERIALS IN CONNECTION <br />WITH THE SAID PROJECT AND PROGRAM <br />WHEREAS, <br />(a) Minnesota Statutes, Chapter 462C <br />(the "Act) confers upon cities, or housing <br />and redevelopment authorities or port <br />authorities authorized by ordinance to <br />exercise on behalf of a city the powers <br />conferred by the Act, the power to issue <br />revenue bonds to finance a program for the <br />purposes of planning, administering, making <br />or purchasing loans with respect to one or <br />more multi - family housing developments within <br />the boundaries of the city; <br />(b) The City Council of the City of <br />Little Canada (the "City ") has received from <br />Sherman Rutzick, who intends to form a <br />partnership (the "Developer ") a proposal that <br />the City undertake a program to finance a <br />Project hereinafter described, through the <br />issuance of revenue bonds or obligations (in <br />one or more series) (the "Bonds ") pursuant to <br />the Act; <br />4,4v v v v <br />