CC RES 04-061 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (THE LANDINGS AT SILVER LAKE VILLAGE PROJECT), SERIES 2004; ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE EXECUTION OF DOCUMENTS

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� 1 1 - . RESOLUTION NO. 04-061 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (THE LANDINGS AT SILVER LAKE VILLAGE PROJECT), SERIES 2004; 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. The City has by resolution adopted June 22, 2004, given preliminary approval to the issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project) in one or more series in an amount not to exceed $37,500,000 for the purpose of making a loan to St. Anthony Leased Housing Associates I, Limited Partnership, a Minnesota limited partnership (the`Borrower"). Following such preliminary approval, the City applied for and received an allocation of bonding authority pursuant to Minnesota Statutes, Chapter 474A in the amount of$36,000,000 (the"Initial Allocation"). 1.02. The City subsequently called for a public hearing on(i) a proposal that the City issue tax-exempt revenue bonds, in one or more series (the"Bonds"), not to exceed $39,500,000 (including the Initial Allocation) in principal amount, under Minnesota Statutes, Chapters 462A and 462C, as amended (the"Act") and, as to any tax-exempt series, Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code"), in order to finance a project(the "Project") on behalf of the Borrower and (ii) a housing program prepared with respect to the Project and its financing(the"Housing Program"). The proposed Project consists of a multifamily housing facility consisting of approximately 261 units. The Project is located at the fanner Apache Plaza Mall site in the City. 1.03 The City expects to issue the Bonds in three series: its Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004A(the"Series 2004A Bonds"); its Taxable Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004B (the "Series 2004B Bonds"; together with the Series 2004A Bonds, the "Senior Bonds") and its Subordinate Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004C (the"Series 2004C Bonds") and may issue its Subordinate Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004D (the "Series 2004D Bonds").