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CITY OF MOUNDS VIEW
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
<br />Member Pl ee /-7 % h a4-z 5� introduced the following resolution and moved its adoption
<br />RESOLUTION 10009
<br />AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF ITS CONDUIT
<br />MULTIFAMILY HOUSING REVENUE BONDS FOR THE SIBLEY
<br />PARK/SIBLEY COURT PROJECT; ADOPTING A HOUSING PROGRAM;
<br />AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS AND
<br />RELATED DOCUMENTS; PROVIDING FOR THE SECURITY, RIGHTS, AND
<br />REMEDIES WITH RESPECT TO THE BONDS; AND GRANTING APPROVAL
<br />FOR CERTAIN OTHER ACTIONS WITH RESPECT THERETO
<br />WHEREAS, the City of Mounds View, Minnesota (the "City"), is a home rule city and political
<br />subdivision duly organized and existing under the Constitution, its Charter and laws of the State of
<br />Minnesota; and
<br />WHEREAS, pursuant to Minnesota Statutes, Chapters 462C and 474A, as amended (collectively,
<br />the "Act"), the City is authorized to carry out the public purposes described in the Act by issuing revenue
<br />bonds and notes or other obligations to finance multifamily housing developments, and as a condition to
<br />the issuance of such revenue obligations, adopt a housing program providing the information required by
<br />Section 462C.03, subdivision 1 a, of the Act; and
<br />WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
<br />obligations to finance the acquisition or improvement of property located outside of the corporate
<br />boundaries of such municipality if the obligations are issued under a joint powers agreement between the
<br />municipality issuing the obligations and the municipality in which the property to be acquired or improved
<br />is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint powers
<br />agreement entered into through action of their governing bodies, two municipalities may jointly or
<br />cooperatively exercise any power common to the contracting parties or any similar powers, including those
<br />which are the same except for the territorial limits within which they may be exercised and the joint powers
<br />agreement may provide for the exercise of such powers by one or more of the participating governmental
<br />units on behalf of the other participating units; and
<br />WHEREAS, in the issuance of the City's revenue obligations and in the making of a loan to finance
<br />or refinance a multifamily housing development, the City may exercise, within its corporate limits, any of
<br />the powers that the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter
<br />462A, as amended, including without limitation under the provisions of Minnesota Statutes, Chapter 475,
<br />as amended; and
<br />WHEREAS, OAHS Sibley TC LLLP, a Minnesota limited liability limited partnership (the
<br />"Borrower"), has requested that the City issue multifamily housing revenue bonds, pursuant to the Act, in
<br />an aggregate principal amount not to exceed $45,000,000, in one or more series, at one time or from time
<br />to time (the "Obligations") and lend the proceeds thereof to the Borrower to (i) finance the acquisition,
<br />renovation, construction and equipping of an existing approximately 114-unit rental housing facility and
<br />related amenities known as Sibley Park and located at 211 7th Street East in Saint Paul, Minnesota ("Saint
<br />Paul"); (ii) finance the acquisition, renovation, construction and equipping of an existing approximately
<br />SA130-295-988488.v2
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