CC RES 06-096 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (THE LANDINGS AT SILVER LAKE VILLAGE PROJECT), SERIES 2007; ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE EXECUTION OF DOCUMENTS

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• CITY OF ST. ANTHONY RESOLUTION NO. 06-096 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (THE LANDINGS AT SILVER LAKE VILLAGE PROJECT), SERIES 2007; 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 September 14, 2004, given approval to the issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004A; 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"Subordinate Bonds"; together with the Senior Bonds, the "2004 Bonds"). The 2004 Bonds were issued for the purpose of making a loan to St. Anthony Leased Housing Associates I, Limited Partnership, a Minnesota limited partnership (the"Borrower"). The 2004 Bonds were issued 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, as further described in a housing program prepared with respect to the Project and its financing (the "Housing Program"). The Project consists of a multifamily housing facility consisting of approximately 261 units and is located at the former Apache Plaza Mall site in the City. 1.02. In connection with the issuance of the 2004 Bonds,the City has entered into certain agreements and certificates, including but not limited to: a) an Indenture of Trust relating to the Senior Bonds dated as of October 1, 2004 (the "Senior Bonds Indenture"), between the City and LaSalle Bank National Association, as trustee (together with its successors and assigns, the"Trustee"); •