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18 <br /> RESOLUTION NO. 04-061 <br /> RESOLUTION AUTHORIZING THE SALE AND ISSUANCE <br /> OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING <br /> REVENUE BONDS (THE LANDINGS AT SILVER LAKE <br /> VILLAGE PROJECT), SERIES 2004; ESTABLISHING THE <br /> SECURITY THEREFOR AND AUTHORIZING THE <br /> EXECUTION OF DOCUMENTS <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota(the <br /> "City'), as follows: <br /> Section 1. Recitals. <br /> 1.01. The City has by resolution adopted June 22, 2004, given preliminary approval to <br /> the issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at <br /> Silver Lake Village Project) in one or more series in an amount not to exceed$37,500,000 for <br /> the purpose of making a loan to St. Anthony Leased Housing Associates I, Limited Partnership, a <br /> Minnesota limited partnership (the"Borrower"). Following such preliminary approval, the City <br /> applied for and received an allocation of bonding authority pursuant to Minnesota Statutes, <br /> Chapter 474A in the amount of$36,000,000 (the "Initial Allocation"). <br /> 1.02. The City subsequently called for a public hearing on(i) a proposal that the City <br /> issue tax-exempt revenue bonds,in one or more series (the"Bonds"),not to exceed$39,500,000 <br /> (including the Initial Allocation)in principal amount,under Minnesota Statutes, Chapters 462A <br /> and 462C, as amended (the"Act") and, as to any tax-exempt series, Section 142(d) of the <br /> Internal Revenue Code of 1986, as amended(the "Code"), in order to finance a project (the <br /> "Project") on behalf of the Borrower and(ii) a housing program prepared with respect to the <br /> Project and its financing (the"Housing Program"). The proposed Project consists of a <br /> multifamily housing.facility consisting of approximately 261 units. The Project is located at the <br /> former Apache Plaza Mall site in the City. <br /> 1.03 The City expects to issue the Bonds in three series: its Variable Rate Demand <br /> Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series <br /> 2004A(the"Series 2004A Bonds"); its Taxable Variable Rate Demand Multifamily Housing <br /> Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004B (the "Series 2004B <br /> Bonds"; together with the Series 2004A Bonds, the"Senior Bonds") and its Subordinate <br /> Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake <br /> Village Project), Series 2004C (the"Series 2004C Bonds") and may issue its Subordinate <br /> Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series <br /> 2004D (the"Series 2004D Bonds"). <br />