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CITY OF CENTERVILLE STATE OF MINNESOTA RESOLUTION 97-21 RESOLUTION APPROVING THE ISSUANCE BY THE ANOKA COUNTY HOUSING AND REDEVELOPMENT AUTHORITY OF ITS HOUSING DEVELOPMENT REVENUE BONDS (CITY OF CENTERVILLE UNLIMITED TAX GENERAL OBLIGATION), SERIES 1997B IN THE AGGREGATE PRINCIPAL AMOUNT OF 1,290,000 TO WHICH BONDS THE GENERAL OBLIGATION OF THE CITY OF CENTERVILLE IS PLEDGED, AUTHORIZING EXECUTION OF DOCUMENTS AND SPECIFICALLY PLEDGING CERTAIN FUNDS. WHEREAS, pursuant to Minnesota Statutes, Section 469.017, the Anoka County Housing and redevelopment authority (the "Issue") is authorized to undertake housing development projects and to acquire and construct multifamily rental housing for the purposes of providing housing for low and moderate income people and families, including elderly persons, and WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, the Issuer is authorized to issue bonds backed by the full faith and credit of the City of Centerville, Minnesota (the "City") to finance a housing development project following (a) a determination by the Issuer that pledged revenues will equal or exceed 110% of the principal and interest due on such bonds for each year, and (b) approval by the City of the principal amount of the Bonds following a public hearing; and WHEREAS, the Issuer has given preliminary approval to the issuance of Bonds to finance the acquisition and construction ofa 16-unit multifamily housing project (the "Project") for low and moderate income elderly tenants to be located within the City of Centerville, County of Anoka; and WHEREAS, the Projects constitutes a "qualified housing development project," which is defined under Minnesota Statutes, Section 469.034, Subd. 2, to include a housing development project providing housing for the elderly; and WHEREAS, on September 24, 1997, the City conducted a public hearing following publication of notice pursuant to Minnesota Statutes, Section 469.034, Subd. 2, and WHEREAS, the City is authorized by Minnesota Statutes, Section 469.041 to dedicate its interest in any property to the Issuer and do any and all things' necessary and convenient to aid and cooperate in the planning, undertaking, construction or operation of the Project; NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF CENTERVILLE, MINNESOTA AS FOLLOWS: