CC RES 02-044 A RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE REFUNDING BONDS AUTUMN WOODS PROJECT), SERIES 202; ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE EXECUTION OF DOCUMENTS

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• RESOLUTION NO. 02 - 044 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (AUTUMN WOODS PROJECT), SERIES 2002; ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE EXECUTION OF DOCUMENTS BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota(the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed that the City refinance its Multifamily Development Refunding Revenue Bonds (Autumn Woods Project), Series 1992 issued in the original principal amount of$9,000,000(the "Refunded Bonds") pursuant to Minnesota Statutes, Chapter 462C (the"Act"), through the issuance by the City of its Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Autumn Woods Project), Series 2002 in a principal amount not to exceed $7,775,000 (the "Bonds"). 1.02 The Refunded Bonds were issued in connection with the refinancing of bonds of the City issued in 1988 to refinance a prior issue of bonds of the City issued in 1985 to finance • the acquisition and renovation of a multifamily rental housing development and certain related facilities located at 2600 Kenzie Terrace in St. Anthony, Minnesota(the "Property")which as of the Closing Date is owned by Autumn Woods Partners Limited Partnership, a Minnesota limited partnership (the 'Borrower"). 1.03. Fannie Mae, a corporation organized and existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. § 1716 et seq. ("Fannie Mae"), has agreed, subject to the satisfaction of certain conditions, to facilitate the refinancing of the Property by providing credit enhancement and liquidity support for the Bonds pursuant to a credit facility. 1.04. Draft forms of the following documents relating to the Bonds and the Bonds have been prepared and submitted to this Council and are hereby directed to be filed with the City Clerk: (a) a Financing Agreement (the "Financing Agreement"), proposed to be entered into by the City, the Borrower and U.S. Bank National Association, as trustee (the"Trustee"); (b) a Trust Indenture, proposed to be entered into by the City and the Trustee, relating to the Bonds; (c) a Bond Purchase Agreement(the"Bond Purchase Agreement"), proposed to be entered into by the City, the Borrower and U.S. Bancorp Piper Jaffray Inc. (the • "Underwriter"), relating to the Bonds;