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S <br /> t <br /> Councilmember Ivl�`(LCS introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION NO. 85- 049 <br /> RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF <br /> MULTIFAMILY HOUSING REVENUE BONDS (ST. ANTHONY <br /> NURSING HOME PROJECT) , SERIES 1985, OF THE <br /> CITY, FOR THE PURPOSE OF FINANCING A <br /> MULTIFAMILY RENTAL HOUSING PROJECT, AND <br /> AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS <br /> BE IT RESOLVED by the City Council of the City of St. <br /> Anthony, Minnesota (the City) , as follows: <br /> Section 1. Authorization and Recitals. <br /> 1 .01 . General Authority; Ratification. By the <br /> provisions of Minnesota Statutes, Chapter 4620, as amended (the <br /> "Act" ) , the City is authorized to plan, administer, issue and <br /> sell revenue bonds or obligations and to make or purchase loans <br /> to finance one or more multifamily housing developments within <br /> its corporate limits, which revenue bonds- or obligations shall <br /> be payable solely from the revenues of the development. This <br /> Council has previously approved a Housing Plan for the City <br /> (the "Housing Plan" ) , by a resolution adopted after a public <br /> hearing was held thereon. This Council has also approved a <br /> multifamily housing program under the Housing Plan ( the <br /> "Program" ) , by a resolution adopted on July 9, 1985 . The <br /> program provides for the financing. of a project under the Act <br /> consisting of the construction by St. Anthony Nursing Home, a <br /> Minnesota general partnership, of an approximately 119 unit <br /> residential multifamily housing project located in the City at <br /> the intersection at Chandler Drive and 37th Avenue Northeast <br /> (the "Project" ) . The Program has been reviewed and not <br /> rejected by the Minnesota Housing Finance Agency, . as required <br /> by Minnesota Statutes, Section 462C.04, Subdivision 2. <br /> 1 .02 . Proposed Bonds. Representatives of St. Anthony <br /> Nursing Home, (the "Borrower" ) , have proposed that the City, <br /> acting under and pursuant to the Act, issue and sell its <br /> Multifamily Housing Revenue Bonds (St. Anthony Nursing Home <br /> Project) , Series 1985 , in the aggregate principal amount of <br /> $6 ,350 ,000 (the "Bonds" ) , for the purpose of financing the <br /> Project and paying costs incurred by the Borrower in connection <br /> with the issuance of the Bonds. Pursuant to the proposal, the <br /> proceeds of the Bonds will be loaned by the City to the <br /> • <br /> -2- <br />