RES 88-037 AUTHORIZING THE SALE AND ISSUANCE OF $10,750,000 HOUSING DEVELOPMENT REVENUE BONDS (ST. ANTHONY LANEL PROJECT), SERIES 1988, OF THE CITY AND THE EXECUTION OF NECESSARY DOCUMENTS

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• Councilmember Ranallo introduced the following resolution and moved its adoption : RESOLUTION NO. 88-037 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF $10 , 750 , 000 HOUSING DEVELOPMENT REVENUE BONDS (ST . ANTHONY LANEL PROJECT) , SERIES 1988 , OF THE CITY, AND THE EXECUTION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of St . Anthony, Minnesota (the City) , as follows : Section 1 . Authorization and Recitals . 1 . 01 . General Authority. By the provisions of Minnesota Statutes , Chapter 462C, as amended (the "Act" ) , the City is authorized to plan, administer , issue and sell revenue bonds or obligations and to make or purchase loans to finance one or more multifamily housing developments within its corporate limits, which revenue bonds or obligations shall be payable • solely from the revenues of the development . This Council has approved a ,Housing Plan for the City (the "Housing Plan" ) , by a resolution adopted on July 9 , 1985, after a public hearing was held thereon. The Housing Plan has been reviewed and commented on by the Metropolitan Council pursuant to Minnesota Statutes , Section 462C. 01 and 462C. 04 , Subdivision ,l . This Council has approved a multifamily housing program under the Housing Plan (the "Program" ) , by a resolution adopted on November 26, 1985 . The program provided for the financing of a project under the Act consisting of the acquisition, construction and equipping of a multifamily housing project intended primarily for the elderly and related facilities to be located. in the City (the "Project" ) . The Program was submitted to the Minnesota Housing Finance Agency (the "MHFA" ) as required by Minnesota Statutes , Section 462C. 04 , Subdivision 2, and was not rejected by MHFA within 30 days after submission. To finance the Project the City, issued its Multifamily Housing Revenue Bonds (Arkand Limited Partnership III Housing Project) , (the "Prior Bonds" ) in the principal amount of $11,990 , 000 under the Act, and loaned the proceeds thereof to Arkand Limited Partnership III , a Minnesota limited partnership ( "Arkand III" ) . , The City is authorized under the Act to issue bonds to refund bonds previously issued under the Act . 1 . 02 . Substitution of Developer . Arkand III is a • partnership formed by Arkell Development Corporation, a