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E� City Council Regular Meeting Minutes June 26, 2012 Page 6 C. Resolution 12-068; Authorizing the Remarketing of Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (The Landings at Silver Lake Village Project), Series 2007 and Authorizing the Execution of Documents. Stacie Kvilvang, Ehlers & Associates, presenting. 7 Ms. Kvilvang explained that the State issues multifamily housing revenue bonds that can only be 8 accessed through the City acting as a conduit. She stated in 2004, Dominium requested the City 9 act as a conduit on their behalf when it built The Landings and due to the tax exempt status of 10 those bonds, the developer is responsible for making sure they are following the tax exempt 11 guidelines for those bonds. She advised the developer is refinancing these bonds and intends to 12 take a $31.1 million HUD mortgage and the balance of $6.4 million will be remarketed. She 13 stated in reviewing the pro forma, the Conduit Bonds will be interest only and there is more than 14 adequate cash flow to cover the payments. She indicated the City is required to enter into an 15 Indenture of Trust with US Bank, as well as a Loan Agreement and Remarketing Circular and 16 the City will incur no fees as a result of the remarketing. She introduced Mr. Mark Morehouse 17 from Dominium and Mr. David Doran from Dougherty & Company, LLC. 18 19 Motion by Councilmember Roth, seconded by Councilmember Gray, to approve Resolution 12- 20 068; Authorizing the Remarketing of Variable Rate Demand Multifamily Housing Revenue 21 Refunding Bonds ("rhe Landings at Silver Lake Village Project), Series 2007 and Authorizing 22 the Execution of Documents. 23 24 Motion carried unanimously 25 26 VI. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 27 28 City Manager Casey — No report. 29 30 Councilmember Jenson reported on his attendance at the June 21-22, 2012, League of Minnesota 31 Cities annual conference in Duluth. 32 33 Councilmember Roth reported on his attendance at the June 21-22, 2012, League of Minnesota 34 Cities annual conference. 35 36 Councilmember Stille reported on his attendance at the June 21-22, 2012, League of Minnesota 37 Cities annual conference. 38 39 Councilmember Gray — No report. 40 41 Mayor Faust reported on his attendance at the June 21-22, 2012, League of Minnesota Cities 42 annual conference. He stated the City was recognized as a Greenstep City at the annual 43 conference and noted there are only 46 cities currently participating in the Greenstep program. 44 He indicated that the City achieved Level 3 status and the only other cities that have reached 45 Level 3 status are Eagan, Edina, and Falcon Heights. He thanked City staff for their efforts in