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• pursuant to a First Amendment to Loan Agreement dated as of January 1, 2007 (the "First <br /> Amendment to Loan Agreement"), between the City and the Borrower, amending the Senior <br /> Bonds Loan Agreement. Under the Senior Bonds Loan Agreement, as so amended, the <br /> Borrower will be obligated to make payments at the times and in the amounts sufficient to <br /> provide for the prompt payment of principal of, premium, if any, and interest on the Series 2004 <br /> Bonds and the Refunding Bonds (together, the "Bonds") and all costs and expenses of the City <br /> incident to the issuance and sale of the Refunding Bonds. The Borrower has requested the <br /> refunding for the purposes described in Minnesota Statutes, Section 475.67, Subd. 3(b)(2)(iv). <br /> 1.04. The City desires to encourage the development of housing facilities designed for <br /> occupancy primarily by persons of low and moderate income, and the Project will assist the City <br /> in achieving these objectives. <br /> 1.05. The Lender has agreed, subject to the satisfaction of certain conditions,to <br /> facilitate the financing of the Project by providing credit enhancement and liquidity support for <br /> the Bonds pursuant to a credit facility. <br /> 1.06. Draft forms of the following documents relating to the Bonds have been prepared <br /> and submitted to this Council and are hereby directed to be filed with the City Clerk: <br /> (a) the First Supplemental Indenture; <br /> • (b) the First Amendment to Loan Agreement; <br /> (c) a Bond Purchase Agreement(the "Refunding Bond Purchase <br /> Agreement"), proposed to be entered into with respect to the Refunding Bonds by the <br /> City, the Borrower and Dougherty & Company LLC (the "Underwriter"); <br /> (d) a Tax Compliance Agreement(the "Tax Compliance Agreement") <br /> proposed to be entered into by the City, the Borrower and the Trustee; <br /> (e) an Official Statement or other offering document (the "Official <br /> Statement")to be used in connection with the offer and sale of the Refunding Bonds by <br /> the Underwriter. <br /> In addition, in connection with the issuance of the Refunding Bonds, it is expected that <br /> the Mortgage, the Mortgage Assignment and the Subordination Agreement may be amended or <br /> supplemented, that the Subordinate Bonds Trust Indenture, the Subordinate Bonds Loan <br /> Agreement and certain other documents entered into in connection with the Subordinate Bonds <br /> may be discharged and that certain other orders, certificates and other documents may be <br /> required to be entered into by the City. All of the agreements, certifications and other documents <br /> described in this Section shall be referred to as the "Documents." <br /> Section 2. Findings. <br /> • -3- <br />