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122-unit rental housing facility and related amenities known as Sibley Court and located at 484 Temperance
<br />Street in Saint Paul; (iii) fund one or more reserve funds to secure the timely payment of the Obligations,
<br />if necessary; (iv) pay capitalized interest on the Obligations, if necessary; and (v) pay the costs of issuing
<br />the Obligations (collectively, the "Project"); and
<br />WHEREAS, on June 10, 2024, the City Council adopted a preliminary resolution (the "Preliminary
<br />Resolution") under the terms of which the City (i) granted preliminary approval to the issuance of one or
<br />more series of multifamily housing revenue bonds or other obligations (the "Obligations") in an aggregate
<br />principal amount not to exceed $45,000,000, pursuant to the Housing Act to finance the Project; (ii)
<br />authorized the submission of an application to the Minnesota Department of Management and Budget
<br />("MMB") for an allocation of bonding authority under Minnesota Statutes, Chapter 474A, as amended (the
<br />"Allocation Act"); (iii) authorized the preparation of a housing program with respect to the Project in
<br />accordance with the requirements of the Act and submission of the housing program to the Metropolitan
<br />Council for its review and comment; and (iv) authorized a public hearing to be conducted by the City
<br />Council on the Project; and
<br />WHEREAS, the Preliminary Resolution constitutes a reimbursement resolution and an official
<br />intent of the City to reimburse expenditures with respect to the Project from the proceeds of tax-exempt
<br />revenue obligations in accordance with the provisions of Treasury Regulations, Section 1.150-2; and
<br />WHEREAS, the City received Certificate of Allocation No. 482, dated July 1, 2024, from
<br />Minnesota Management and Budget allocating volume cap bonding authority to the City in the amount of
<br />$45,000,000 for the Project; and
<br />WHEREAS, the City has prepared a housing program providing the information required by the
<br />/) Act (the "Housing Program") regarding the issuance by the City of one or more revenue obligations in the
<br />maximum principal amount of $45,000,000 to finance the acquisition, rehabilitation, renovation,
<br />construction, and equipping of the Project; and
<br />WHEREAS, the Housing Program was prepared and submitted to Metropolitan Council for its
<br />review and comment; and
<br />WHEREAS, a notice of public hearing (the "Public Notice") was published in accordance with the
<br />Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to: (i)
<br />the required public hearing under the Code; (ii) the required public hearing under Section 462C.04,
<br />subdivision 2, of the Act; (iii) the Housing Program; and (iv) approval of the issuance of the Obligations,
<br />and on this same date, the City Council conducted a public hearing at which a reasonable opportunity was
<br />provided for interested individuals to express their views, both orally and in writing; and
<br />WHEREAS, the proceeds derived from the sale of the Multifamily Housing Revenue Bonds (Sibley
<br />Park/Sibley Court Project), Series 2024, in one or more series (the "Bonds"), will be loaned by the City to
<br />the Borrower pursuant to the terms of a Loan Agreement, dated on or after December 1, 2024 (the "Loan
<br />Agreement"), between the City and the Borrower, whereby the City will apply the proceeds derived from
<br />the sale of the Bonds to fund a loan to the Borrower; and
<br />WHEREAS, the City will assign its interest in the Loan Agreement to U.S. Bank Trust Company,
<br />National Association (the "Trustee") pursuant to a Trust Indenture, dated on or after December 1, 2024, by
<br />and among the City and the Trustee (the "Indenture"); and
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<br />SA130-295-988488.v2
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