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CITY OF ST. ANTHONY <br />RESOLUTION NO. 06-096 <br />RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF VARIABLE <br />RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (THE <br />LANDINGS AT SILVER LAKE VILLAGE PROJECT), SERIES 2007; <br />ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE <br />EXECUTION OF DOCUMENTS <br />BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the <br />"City'), as follows: <br />Section 1. Recitals. <br />1.01. The City has by resolution adopted September 14, 2004, given approval to the <br />issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (The Landings at <br />Silver Lake Village Project), Series 2004A; its Variable Rate Demand Multifamily Housing <br />Revenue Bonds (The Landings at Silver Lake Village Project), Series 2004A (the "Series 2004A <br />Bonds"); its Taxable Variable Rate Demand Multifamily Housing Revenue Bonds (The <br />Landings at Silver Lake Village Project), Series 2004B (the "Series 2004B Bonds"; together with <br />the Series 2004A Bonds, the "Senior Bonds") and its Subordinate Variable Rate Demand <br />Multifamily Housing Revenue Bonds (The Landings at Silver Lake Village Project), Series <br />2004C (the "Subordinate Bonds"; together with the Senior Bonds, the "2004 Bonds"). The 2004 <br />Bonds were issued for the purpose of making a loan to St. Anthony Leased Housing Associates I, <br />Limited Partnership, a Minnesota limited partnership (the "Borrower"). The 2004 Bonds were <br />issued under Minnesota Statutes, Chapters 462A and 462C, as amended (the "Act") and, as to <br />any tax-exempt series, Section 142(d) of the Internal Revenue Code of 1986, as amended (the <br />"Code"), in order to finance a project (the "Project") on behalf of the Borrower, as further <br />described in a housing program prepared with respect to the Project and its financing (the <br />"Housing Program"). The Project consists of a multifamily housing facility consisting of <br />approximately 261 units and is located at the former Apache Plaza Mall site in the City. <br />1.02. In connection with the issuance of the 2004 Bonds, the City has entered into <br />certain agreements and certificates, including but not limited to: <br />a) an Indenture of Trust relating to the Senior Bonds dated as of October 1, <br />2004 (the "Senior Bonds Indenture"), between the City and LaSalle Bank <br />National Association, as trustee (together with its successors and assigns, <br />the "Trustee"); <br />47 <br />