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the Phase IA For Sale Housing Property and any other funds pledged to the payment thereof, for the purposes of refunding the Series 2004 Note, paying a portion of the Fannie Mae Loan, funding a debt service reserve fund for the Bonds, if determined to be necessary to market the Bonds, and paying costs of issuance of the Bonds, and authorized the sale of the Bonds to Dougherty & Company LLC (the "Underwriter"), pursuant to a Bond Purchase Agreement between the Authority and the Underwriter (the "Bond Purchase Agreement"), in the form approved by the Executive Director. Pursuant to such authorization the Authority and the Underwriter have executed and delivered the Bond Purchase Agreement. 1.03. Performance of Requirements. The Authority is authorized by the Tax Increment Act to issue and sell the Bonds and to secure the Bonds by the covenants and agreements hereinafter set forth. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Board to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 1.04. Definitions. In this Resolution the following terms have the following respective meanings unless the context hereof clearly requires otherwise. Capitalized terms used herein which are not defined in this Section 1.04 have the meanings given them in the Contract. "Authority" means the Housing and Redevelopment Authority of the City of St. Anthony, a public body, corporate and politic organized and existing under the laws of the State of Minnesota. "Authority Order" means a written order or certificate of the Authority executed by its Executive Director or the designee of the Executive Director. "Authorized Denominations" means $25,000, and integral multiples of $5,000 in excess of $25,000. "Available Tax Increment" means the Tax Increment derived from the Phase IA For Sale Housing Development Property during the period preceding each Payment Date after deducting: (i) the amount of Tax Increment, if any, which the Authority must pay to the school district, the County and the State pursuant to Minnesota Statutes, Sections 469.177, subdivisions 9, 10, and 11; Section 469.176, subdivision 4h; and Section 469.175, subdivision la, as the same may be amended from time to time; and (ii) administrative costs of the City or the Authority, as defined in Minnesota Statutes, Sections 469.174, subdivision 14, in an amount not to exceed five percent (5%) of the Tax Increment. "Beneficial Owner" shall mean, whenever used with respect to a I3ond, the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person's subrogee. "Board" means the governing body of the Authority. "Bond Closing" means the date of issuance of and payment for the Bonds. -2-