CC RES 92-033 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF HOUSING DEVELOPMENT REFUNDING REVENUE BONDS (AUTUMN WOOD PROJECT), SERIES 1992, AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS

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f - RESOLUTION NO. 92- 033 • RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF HOUSING DEVELOPMENT REFUNDING REVENUE BONDS (AUTUMN WOODS PROJECT), SERIES 1992, AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals and Findings. 1.1. By the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City is authorized to plan, administer, issue and sell revenue bonds or obligations to make or purchase loans to finance one or more multifamily housing developments within its boundaries, which revenue bonds or obligations shall be payable solely from the revenues of the development. Pursuant to Section 462C.07, Subdivision 1 of the Act, in the purchase or making of multifamily housing loans and the issuance of revenue bonds or other obligations the City may exercise within its corporate limits any of the powers the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A, without limitation under the provisions of Minnesota Statutes, Chapter 475. • 1.2. By the provisions of the Act the City has previously issued its Housing Development Revenue Bonds (St. Anthony LaNel Project), Series 1988 in the original principal amount of $10,750,000 (the "Prior Bonds"), and loaned the proceeds thereof to St. Anthony LaNel, a Minnesota partnership (the "Partnership"), to finance the Autumn Woods apartment complex located at 2600 Kenzie Terrace in the City ("Development"). 1.3. This Council has received a proposal from the Partnership that the City issue its refunding revenue bonds under the Act in one or more series (the "Bonds"), for the purpose of refunding and redeeming a portion of the outstanding Prior Bonds. The Partnership has informed the City that in connection with the issuance of the Bonds ownership of the Development will be transferred by the Partnership to Autumn Woods Partners Limited Partnership, a Minnesota limited partnership (the "Borrower"). 1.4. The Bonds will be issued pursuant to an Indenture of Trust (the "Indenture"), between the City and Security Pacific National Trust Company (New York), as trustee (the 'Trustee"). The proceeds of the Bonds will be loaned by the City to the Borrower pursuant to a Loan Agreement (the "Loan Agreement"), between the City and the Borrower. Under the Loan Agreement the Borrower will agree to make loan payments sufficient to pay the principal of, premium, if any, and iinterest on the Bonds as the same shall become due and payable and to make