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A' • <br /> ' CITY OF ST. ANTHONY <br /> • RESOLUTION NO. 9 6-0 3 0 <br /> RESOLUTION RELATING TO CHANDLER PLACE PROJECT; <br /> AUTHORIZING THE SALE AND ISSUANCE OF <br /> MULTIFAMILY HOUSING DEVELOPMENT REFUNDING REVENUE BONDS, <br /> SERIES 1996A <br /> (GNMA COLLATERALIZED -CHANDLER PLACE <br /> LIMITED PARTNERSHIP PROJECT) <br /> AND <br /> MULTIFAMILY HOUSING DEVELOPMENT REVENUE BONDS, <br /> SERIES 1996B (TAXABLE) <br /> (GNMA COLLATERALIZED -CHANDLER PLACE <br /> LIMITED PARTNERSHIP PROJECT); <br /> APPROVING THE FORM AND AUTHORIZING THE EXECUTION <br /> AND DELIVERY OF DOCUMENTS RELATING TO SUCH BONDS <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota <br /> (the "City"), as follows: <br /> Section 1. Recitals. <br /> • 1.01. Pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), <br /> the City has heretofore issued its Multifamily Housing Revenue Bonds (St. <br /> Anthony Nursing Home Project), Series 1985 (the "Series 1985 Bonds") in the <br /> aggregate principal amount of $6,350,000 pursuant to an Indenture of Trust, dated as <br /> of December 1, 1985 (the "1985 Indenture"), between the City and First Trust <br /> Company, Inc. (now known as First Trust National Association) (the "Series 1985 <br /> Trustee"). <br /> 1.02. By a Loan Agreement, dated as of December 1, 1985 (the "1985 Loan <br /> Agreement") between the City and St. Anthony Nursing Home, a Minnesota <br /> general partnership (the "Company"), the City agreed to lend the proceeds of the <br /> Series 1985 Bonds to the Company to finance a Project consisting of the acquisition, <br /> construction and equipping of a 119-unit multifamily residential facility in the City <br /> (the "Project"), and the Company agreed to repay the loan at times and in amounts <br /> sufficient to pay the principal of and interest on the Series 1985 Bonds when due. <br /> 1.03. The Series 1985 Bonds are now outstanding in the principal amount of <br /> $5,960,000. The Company has transferred or will transfer ownership to Chandler <br /> Place Limited Partnership, a Minnesota limited partnership (the "Partnership"), and <br /> has represented to the City that the ownership and partners of the Partnership are <br /> identical to the ownership and partners of the Company, as constituted throughout <br /> the preceding six month period. The representatives and principals of the Company <br /> • and the Partnership have proposed that the City now issue its bonds under the Act <br /> and lend the proceeds thereof to the Partnership which will agree to apply such <br />