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<br />, <br /> <br /> <br />'Esta6{isfw[ 1857 <br /> <br />1880 !Main Street _ Centervi!fe,!M'J{ 55038 <br />(651) 429-3232 _ :Fa>;. (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #04-019 <br /> <br />AUTHORIZING THE FINANCING BY THE ANOKA COUNTY <br />HOUSING AND REDEVELOPMENT AUTHORITY OF A HOUSING <br />DEVELOPMENT PROJECT UNDER MINNESOTA STATUTES, <br />SECTIONS 469.001 TO 469.047, AND PROVIDING FOR SUPPORT BY <br />THE CITY OF THE BONDS ISSUED TO FINANCE THE PROJECT <br />THROUGH THE PLEDGE OF FUNDS TO PAY OPERATING AND <br />MAINTENANCE DEFICITS IN CONNECTION THEREWITH. <br /> <br />WHEREAS, pursuant to the laws of the State of Minnesota, particularly Minnesota <br />Statutes Sections 469.001 to 469.047 (the "Act"), the Anoka County Housing and <br />Redevelopment Authority (the "Issuer") is authorized to undertake housing development <br />projects to provide safe and sanitary housing affordable by persons of low and moderate <br />income, and to issue its revenue bonds to provide funds for such purpose; and <br /> <br />WHEREAS, the Issuer has previously adopted and undertaken a program for the <br />acquisition and construction of a 16-unit multifamily rental housing project for low and <br />moderate income elderly tenants (the "Phase I Project") located in the City of Centerville (the <br />"City"), and now proposes to adopt and undertake a program for the acquisition and <br />construction of a 31-unit multifamily rental housing project for low and moderate income <br />elderly tenants (the "Phase IT Project") to be located in the City; and <br /> <br />WHEREAS, the Issuer will continue to own and operate the Phase I Project, and upon <br />completion of the Phase IT Project, the Issuer will own and operate the Phase IT Project, and all <br />revenues of the Phase I Project and the Phase IT Project (collectively, the "Project") will be <br />pledged to the payment of debt service on the Issuer's Housing Development Bonds, Series <br />2004A (Anoka County, Minnesota General Obligation) (the "Bonds"); and <br /> <br />WHEREAS, the Bonds will be issued under an Indenture of Trust (the "Indenture"), <br />and said Bonds and the interest on said Bonds shall be payable solely from the revenues <br />pledged therefor and the Bonds shall not constitute a debt of the Issuer or the City within the <br /> <br />1 <br />