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• 1 . 02 . Proposed Bonds . Representatives of the <br /> Borrower have proposed that the City, acting under and pursuant <br /> to the Act, issue and sell its Multifamily Housing Revenue <br /> Bonds (Arkand Limited Partnership II Housing Project) , in an <br /> aggregate principal amount not exceeding $11 , 175, 000 (the <br /> "Bonds" ) , for the purpose of financing the Project and paying <br /> costs incurred by the 'Borrower in connection with the issuance <br /> of the Bonds . Arkand Partnership is the general partner of the <br /> Borrower, and the approval of the Program and the preliminary <br /> approval of the issuance of the Bonds granted by .Resolution No . <br /> 85-051 of this Council adopted November 26, 1985, is hereby <br /> ratified and confirmed in the name of the Borrower . Pursuant <br /> to the proposal , the proceeds of the Bonds will be loaned by <br /> the City to the Borrower, and the Borrower will agree to make <br /> payments sufficient to pay the principal of, premium, if any, <br /> and interest on the Bonds when due . The City will grant a <br /> security interest in certain revenues and payments to be <br /> received by the City under the Loan Agreement ( as hereinafter <br /> defined) to a Trustee (as hereinafter defined) . <br /> 1 . 03 . Documentation. Forms of the following <br /> documents relating to the Project and the Bonds have been <br /> prepared and submitted to this Council and are hereby directed <br /> to be - filed in the office of the City Clerk: <br /> (a) a Loan Agreement (the "Loan Agreement") , to be <br /> dated as of December 1 , 1985 , proposed to be made and <br /> entered into between the City and the Borrower ; <br /> (b) an Indenture of Trust (the "Indenture" ) , to be <br /> dated as of December 1 , 1985 , proposed to be made and <br /> entered into between the City and First Trust Company, <br /> Inc . , as trustee (the "Trustee" ) ; <br /> (c) a Bond Purchase Agreement (the "Bond Purchase <br /> Agreement" ) , proposed to be made and entered into among <br /> Fidelity Tax-Exempt Money Market Trust (the "Purchaser") , <br /> the City and the Borrower; and <br /> (d) - a Remarketing Agreement (the "Remarketing <br /> Agreement" ) , to be dated as of December 1, 1985 , proposed <br /> to be made and entered into among the Borrower, the <br /> Trustee, the City and Piper, Jaffray & Hopwood Incorporated <br /> .(the "Remarketing Agent" ) . <br /> Section 2. Findings . <br /> It is hereby found, determined and declared that : <br /> -2- <br />