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To refund the Series 2004 Note and to pay a portion of the Fannie Mae Loan, it has been <br /> • proposed that the Authority issue its Tax Increment Revenue Bonds(Silver Lake Village Phase <br /> IA Housing), Series 2007 (the"Bonds"), pursuant to a resolution to be adopted by the Board of <br /> Commissioners of the Authority setting for the terms and security of the Bonds(the"Bond <br /> Resolution"). The Authority is authorized by the Tax Increment Act and Minnesota Statutes, <br /> Chapter 475 to issue tax increment revenue bonds to redeem and prepay the outstanding amount <br /> of the Series 2004 Note and to pay a portion of the Fannie Mae Loan. The Bonds shall be <br /> payable solely from tax increment revenues from the Phase IA For Sale Housing Property and <br /> any other funds pledged to the payment thereof pursuant to the Bond Resolution.. <br /> Section 2. Approval of Bonds. <br /> 2.01. The City Council hereby determines that the issuance of Bonds is in the best <br /> interests of the City and the Authority and approves the issuance of the Bonds by the Authority <br /> in the maximum principal amount of$4,840,000 for the purposes of refunding the Series 2004 <br /> Note, paying a portion of the Fannie Mae Loan, funding a debt service reserve fund for the <br /> Bonds, if determined to be necessary to market the Bonds, and paying costs of issuance of the <br /> Bonds. <br /> Adopted by the City Council of the Ci of St. Anthony on this 13'' day of March, <br /> 2007. <br /> • <br /> Mayor <br /> Attest: <br /> City Cle k <br /> Reviewed for Administration: <br /> AU I it--- <br /> Ciiy Man g <br /> • -2- <br />