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• Minnesota corporation, which is a general partner of Arkand <br /> Partnership, a Minnesota general partnership ( "Arkand" ) . <br /> Arkand has entered into a Redevelopment Contract dated May 24 , <br /> 1983 , which was subsequently amended by certain amendments (the <br /> "Arkand Redevelopment Contract" ) , with the Housing and <br /> Redevelopment Authority of the City of St . Anthony, Minnesota <br /> (the "HRA" ) . In connection with the issuance of the Prior <br /> Bonds, Arkand assigned to Arkand III its rights to develop the <br /> Project under the Arkand Redevelopment Contract . Arkand is in <br /> default on its obligations under the Arkand Redevelopment <br /> Contract and the HRA has terminated all rights of Arkand under <br /> the Arkand Redevelopment Contract . As of the date hereof the <br /> Project has not been constructed. In connection with the <br /> default by Arkand under the Arkand Redevelopment Contract, the <br /> HRA was assigned all of Arkand III ' s rights , title and interest <br /> in the Prior Bonds . The HRA has entered into a Redevelopment <br /> Contract dated August 4 , 1988 (the "St . Anthony LaNel <br /> Redevelopment Contract" ) , with St . Anthony LaNel , a Minnesota <br /> general partnership (the "Partnership" ) providing for the <br /> development of the Project . In connection with the St . Anthony <br /> LaNel Redevelopment Contract, the HRA will cause to be assigned <br /> to the Partnership all right , title and interest to the Prior <br /> Bonds . <br /> 1 . 03 . Proposed Bonds . Representatives of the <br /> • Partnership have proposed that the City, acting under and <br /> pursuant to the Act, issue and sell its Housing Development <br /> Revenue Bonds (St . Anthony LaNel Project) , Series 1988, in the <br /> principal amount of $10, 750 , 000 (the "Bonds" ) to refund the <br /> Prior Bonds . Pursuant to the proposal , the proceeds of the <br /> Bonds will be loaned by the City to the Partnership and used <br /> together with proceeds of the Prior Bonds to pay and redeem the <br /> Prior Bonds as soon as possible after the issuance of the <br /> Bonds, and the Corporation will agree to make payments <br /> sufficient to pay the principal of , premium, if any, and <br /> interest on the Bonds when due. The City will grant a security <br /> interest in certain revenues and payments to be received by the <br /> City under the Loan Agreement (as hereinafter defined) to a <br /> Trustee (as hereinafter defined) . Upon the redemption of the <br /> Prior Bonds, proceeds of the Prior Bonds will be made available <br /> to the Partnership to finance the Project . <br /> 1 . 04 . Documentation. Forms of the following <br /> documents relating to the Bonds have been prepared and <br /> submitted to this Council and are hereby directed to be filed <br /> in the office of the City Clerk : <br /> (a) a Loan Agreement (the "Loan Agreement" ) , to be <br /> dated as of September 1 , 1988, proposed to be made and <br /> entered into between the City and the Partnership; <br /> • <br /> -2- <br />