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hearing, 11'1 those appearing wbto desired 'to speak were heard and written. conimenta Were accepted. BL: rC RFSOLV'FD by the City Council (tile "C'ouneii") of the City ofQem Lake:.. Minnesota. (the `'City"), -as folk Nxis: SECTION 1. LEGAL .AUTHORIZATION AND IYND1l1 6& 1.1 Findines. The City hereby finds, determiiWs and'declaies as fol-lows: (a) 17ne City is a municipal corporation and a. political subdivi§ion of the State: of Minnesota and is authorized under the Act to assist the. housing project herein referred to, .arid to issue and sell the Note for the purpose, iri the manner and upon the terms and epnditious set forth in the Act and in this Resolution. (b) JThe issuance and sale of the Note by (lie City, pursuant to the Act, is in. the best interest of -the City, and the City hereby detertnnines to issue. the Note. and to sell the Note to KleinBank in Chanhassen, Nlinnesota. or another bank in Minnesota (tile "Lender"), as proti ided herein. The City will loan the proceeds of the Note (the "Loan") to .the Borrower 'in order to refinance the Project. (.c) Pursuant to a Loan Agreement (thy; "Levan Agreerent") to be entered into between. the Citv and the Borrower, the Borrower has agreed. to repay the Loan in specified -amounts alid at specified tines sufficient to pay in. full when due the principal of premium, if any. and :intterest on the ;rote, In addition, the Loan Agreement contains provisions. relating to the maintenance and operation of the Project, indemnification, insurance, 'and other agreements and covenants which are required ot. permitted by the Act and which tine City and the Borrower deen� ace essary or desiral�.le fpr the refinancing of the Pro.i.eet. A. draft of tine Loan Agreement was available price- to this meeting. (d) Pursuant to a Pledga Agreemorit (the. "Pledge A'greetnent" ) to be entered' iota betwedA the City and the 1,ender, the City itas pledged ,and grapted a security interest in all of its rights. title, and interest in the Loan Agreement to the Lender (except for certain rights of indemnification and to reimbursement for certain costs and expenses). A draft of the Pledge*Agreement was available prior to this meeting. W Yursua nt to an amended sand Restated. Mortgage, Security Agreement and F iature Financing :Statement *(the -Amended and Restated .Mortgage'') to be r:?eeAeute d by Elie Borrower .in favor ol'the Lender, the Borrower has secured payment of amounts due under the. Loan Agreement. Note: and the EDA ;dote by granting to the Lender <t mortgage and security interest in the property des.cribed ilierein. A draft OT the Amended and Restated Mortgage was available prior to this meeting;; (1) Pursuant to. Minnesota Statutes, Sections. 471.59 and 411.656; -as amended: and Section 147(f) of the Code, Mlhtor>.nedi will coaduet 'a. publio hearing on. June 16, 2015 oft the proposed issuane c of tine Note to, among other things, refinance the Project which is lo�,ated within (lie _jurisdictional. limits of Mahtomedi; atn0 Malntoinedi will consider authorizing the ismiarice cif (Ine Note to re;fitiancc the Project and authorizing the 1 3 -Ib29i ii-.l JSIi \fA �:��-i