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Member �(31�k,� introduced the following <br /> resolution and moved its adoption : <br /> -RESOLUTION NO. 85- 051 <br /> RESOLUTION RELATING TO 'THE ISSUANCE OF <br /> REVENUE BONDS PURSUANT TO CHAPTER 462C, <br /> MINNESOTA 'STATUTES, FOR THE PURPOSE OF <br /> FINANCING A MULTIFAMILY HOUSING DEVELOPMENT; <br /> GIVING PRELIMINARY APPROVAL TO THE <br /> DEVELOPMENT, APPROVING A MULTIFAMILY <br /> HOUSING PROGRAM AND AUTHORIZING PREPARATION <br /> OF NECESSARY DOCUMENTS <br /> BE IT RESOLVED by the City Council of the City <br /> of St. Anthony, Minnesota (the "City" ) as follows : <br /> Section 1. Recitals . <br /> 1. 01. By the provisions of Minnesota Statutes, <br /> Chapter 462C, as amended (the "Act" ) , the City is authorized <br /> to plan, administer, issue and sell revenue bonds or obligations <br /> to _make or purchase loans to finance one or more multifamily <br /> housing developments within its boundaries which revenue <br /> bonds or obligations shall be payable solely from the revenues <br /> of the development or other security pledged therefor. <br /> 1. 02 . The Act provides that, prior to issuing <br /> revenue bonds or obligations to . finance . a multifamily housing <br /> development, the City must develop a- housing -plan and, after <br /> holding a public hearing thereon after notice published at <br /> least thirty days prior thereto, submit the housing .plan <br /> for review to the regional development commission. <br /> 1 . 03 . On 198 , after thirty days published <br /> notice, this Council adopted the City of St. Anthony Housing <br /> Bond Plan (the "Housing Plan" ) . <br /> - 1. 04 . The Act further provides that the City may <br /> plan, administer and made or purchase a .loan or loans. to <br /> finance-one or more developments .of the kinds described in <br /> subdivisions 2, 3 , 4 and 7 of Section 462C. 05 of the Act <br /> upon- adoption of aprogram setting forth the information <br /> required by subdivision 6 of Section .462C. 05 of the Act after <br /> a public hearing thereon after fifteen days published notice <br /> and upon approval ' by the Minnesota Housing Finance Agency <br /> as provided by Section 462C . 01 of the Act on the basis of <br /> the considerations stated in Section 462C. 04 of the Act. <br /> 1. 05 . . Representatives* of. Arkand Partnership, a <br /> Minnesota partnership (the "Developer" ) , have advised this <br /> • Council of its desire to acquire approximately seven acres <br />