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WHEREAS, Section 147(f)of the Internal Revenue Code of 1986, as amended(the "Code"),and
<br /> regulations promulgated thereunder, require that prior to the issuance of the Revenue Obligations to
<br /> finance the Project and the Housing Program, the City Council of the City must approve the financing of
<br /> the Project and issuance of the Revenue Obligations after conducting a public hearing thereon and notice
<br /> of such public hearing must be published at least once, not less than fourteen (14) days prior to the date
<br /> fixed for the public hearing in a newspaper of general circulation within the City; and
<br /> WHEREAS, Section 462C.04, subdivision 2, of the Housing Act provides that a public hearing
<br /> must be held on the Housing Program after one publication of notice in a newspaper circulating generally
<br /> in the City at least fifteen (15) days before the public hearing and on or before the date of publication of
<br /> the notice of public hearing the Housing Program must be submitted to the Metropolitan Council for its
<br /> review and comment; and
<br /> WHEREAS, pursuant to Resolution No. 2015-032, adopted by the City Council of the City on
<br /> May 11, 2015, the City Council: (i) determined to conduct a public hearing with respect to the Housing
<br /> Program and the Project at a regular meeting of the City Council to be held on June 8, 2015;
<br /> (ii)authorized publication of a notice of public hearing in the Shoreview-Arden Hills Bulletin•, and
<br /> (iii)authorized submission of the Housing Program to the Metropolitan Council on or before the date of
<br /> publication of the notice of public hearing; and
<br /> WHEREAS, the notice of public hearing provided a general, functional description of the Project,
<br /> as well as the maximum aggregate face amount of the obligations to be issued to finance the Project, the
<br /> identity of the initial owner, operator, or manager of the Project, and the location of the Project and such
<br /> public notice was submitted to the Shoreview-Arden Hills Bulletin for publication and was published on
<br /> May 20, 2015; and
<br /> WHEREAS, a copy of the Housing Program was delivered to the Metropolitan Council on or
<br /> before the date of publication of the notice of public hearing; and
<br /> WHEREAS, on June 8, 2015, the City Council of the City conducted a public hearing on the
<br /> Housing Program, the Project, and the issuance of the Revenue Obligations by the City to finance the
<br /> Project and at such public hearing a reasonable opportunity was provided for interested individuals to
<br /> express their views at the public hearing, both orally and in writing, on the Project and the proposed
<br /> issuance of such Revenue Obligations.
<br /> NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY THAT:
<br /> Section 1. Approval of Housing Program. The Housing Program is hereby approved.
<br /> Section 2. Preliminary pproval of Revenue Obligations. Preliminary approval is hereby
<br /> granted to the issuance of Revenue Obligations by the City in the aggregate principal amount of
<br /> approximately $10,000,000 to finance the Project, subject to final approval following the preparation of
<br /> documents, and subject to a final determination by the City Council that the financing of the Project and
<br /> the issuance of the Revenue Obligations are in the best interests of the City.
<br /> Section 3. Special Obligations. The Revenue Obligations to be issued by the City to finance the
<br /> Project shall not constitute a pecuniary liability or charge, lien, or encumbrance, legal or equitable, upon
<br /> any funds, assets, taxing powers, or any other property of the City except the City's interest in the loan
<br /> agreement or revenue agreement and any security specifically pledged to the Revenue Obligations; and
<br /> the Revenue Obligations, when, as, and if issued shall recite in substance that the Revenue Obligations,
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