RES 85-049 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS (ST. ANTHONY NURSING HOME PROJECT), SERIES 1985, OF THE CITY, FOR THE PURPOSE OF FINANCING A MULTIFAMILY RENTAL HOUSING PROJECT, AND AUTHORIZING THE EXECUTION OF

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• 2 . Approval of Documents. It is hereby found and determined that the financing of the Project by the issuance of the Bonds would be in the best interests of the City and its inhabitants, and would further the housing policies and goals set forth in the Pian and Program. The forms of the Loan Agreement, the Indenture , the Deed and the Bond Purchase Agreement referred to in Section 1 .03 are approved subject to such modifications as are deemed appropriate and approved by the Mayor and City Attorney, which approval shall be conclusively evidenced by execution of the Loan Agreement, the Indenture, the Bond Purchase Agreement, and the Deed by the Mayor and the City Manager. The Mayor and City Manager are directed to execute said documents on behalf of the City. Copies of all of the documents shall be delivered, filed and recorded as provided therein. The Mayor and City Manager are also authorized and directed to execute such other instruments and certificates as may be required to give effect to the transactions herein contemplated. 3 . Official Statement. The Bonds will be offered for sale by the Purchaser to the public by means of a Preliminary Official Statement, dated on or about November 20 , 1985 , and an Official Statement to oe substantially in the form of the Preliminary Official • Statement. The City hereby consents to the distribution of the Preliminary Official Statement and Official Statement to pro- spective purchasers of the Bonds, and the Mayor is authorized to execute copies thereof on behalf of the City. The City has not participated in the preparation of the Preliminary Official Statement and Official Statement, has made no independent investigation with respect to the information contained therein- and assumes no responsibility for the accuracy or completeness of such information, except such information as specifically relates to the City. 4 . The Bonds; Terms, Sale and Execution. 4 .01. Authorization. The City hereby authorizes the issuance of the Bonds in the aggregate principal amount of $6 ,350 ,000, in the form and upon the terms set forth in the Indenture and this resolution. The Bonds are hereby sold to the Purchaser at the price and upon the terms contained in the Bond Purchase Agreement. The Mayor and City Manager are authorized to approve the final maturity schedule and interest rates for the Bonds, provided the net effective interest rate for the issue shall not exceed 11 .50% per annum. -4-