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. . . Resolution 99-32 Page Two September 27,1999 a, the two Loan Agreements (the "Loan Agreements") each dated as of September I, 1999 between the City and the Corporation relating to the Series 1999A Bonds and the Series 1999B Bonds; and b. the two Indentures of Trust (the "Indentures") each dated as of September 1,1999, between the City and U.S. Bank Trust National Association, as trustee (the "Trustee') relating to the Series I 999A Bonds and the Series 1999B Bonds; and c. the Joint Powers Agreement (the "Joint Powers Agreement") among the City and the Cities of Little Canada, Spring Park, and Bloomington, MN; and Ankeny, lA, pursuant to Minnesota Statutes, Section 471.59 and Iowa Statutes, Chapter 28E; and d. the two Bond Purchase Agreements (the "Bond Purchase Agreements"), each among U.S. Bancorp Piper Jaffray Inc. (the "Underwriter''), the Corporation and the City'; and e, the two Preliminary Official Statements, which together with all Appendices thereto and the insertion of the final underwriting details of the Bonds, including the interest rates thereon, and any other changes deemed necessary or desirable, is intended to constitute the form of the final Official Statements (together the "Official Statements"). 3. Findings. It is hereby found, determined and declared that; a, The Project constitutes a senior residential rental project authorized by and described in the Housing Act. In addition, the Project constitutes properties, real and personal, used or useful in connection with a revenue producing enterprise within the meaning of Subdivision 2(b) of Section 469,153 of the Industrial Development Act. b, Thcrc is no litigation pending or, to the best of its knowledge, threatened against the City relating to the Bonds, the Loan Agreements, the Bond Purchase Agreements or the Indentures or questioning the due organization of the City, or the powers or authority of the City to issuc the Bonds and undertake the transactions contemplated hereby.