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• Councilmember Ranallo introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION NO. 85-057 <br /> RESOLUTION AUTHORIZING THE SALE AND <br /> ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br /> BONDS (ARKAND LIMITED PARTNERSHIP III <br /> HOUSING PROJECT) , OF THE CITY, FOR THE <br /> PURPOSE OF FINANCING A MULTIFAMILY RENTAL <br /> HOUSING DEVELOPMENT, AND AUTHORIZING THE <br /> EXECUTION OF NECESSARY DOCUMENTS <br /> BE IT RESOLVED by the City Council of the City of <br /> St . Anthony, Minnesota (the City) , as follows : <br /> Section 1 . Authorization and Recitals . <br /> 1 . 01 . General Authority. By the provisions of Minnesota <br /> Statutes , Chapter 462C, as amended (the "Act" ) , the City is <br /> authorized to -plan, administer, issue and sell revenue bonds or <br /> obligations and to make or purchase loans to finance one or <br /> more multifamily housing developments within its. corporate <br /> limits , which revenue bonds or obligations shall be payable <br /> solely from the revenues of the development . This Council has <br /> approved a Housing Plan for the City (the "Housing Plan" ) , by a <br /> resolution adopted on July 9 , 1985 , after a public hearing was <br /> held thereon. The Housing Plan has been reviewed and commented <br /> on by the Metropolitan Council pursuant to Minnesota Statutes, <br /> Section 462C. 01 and 462C. 04 , Subdivision 1 . This Council has <br /> approved a multifamily housing program under the Housing Plan <br /> (the "Program" ) , by Resolution No . 85-051 adopted on <br /> November 26, 1985 .. The program provides for the financing of a <br /> project under the Act consisting of the acquisition,. <br /> construction and equipping by Arkand Limited Partnership III <br /> (the Borrower) a Minnesota limited partnership, of an <br /> approximately 150 residential unit multifamily housing project <br /> intended primarily for the elderly and related facilities to be <br /> located in the City (the "Project" ) . The Program has been <br /> submitted to the Minnesota Housing Finance .Agency, as required <br /> by Minnesota Statutes, Section 462C. 04 , Subdivision 2 , and such <br /> Agency has informed the City that it will not be rejected <br /> within 30 days after submission. <br /> 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 /> -2- <br />