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Dorv%tecl CITY OF OEM LAKE. Defeitted. RESOLUTION NO.2004-28 (FAILED) 20 ]�ECEMBER 2004 Resolution authorizing execution and :delivery ofanrendments to documents relatingto the City's !-lousing Revenue Bonds (Boulders Apartments Project), Series.?Q A, B and C WHEREAS; the City of Gem 1,ake,:Minnesota (tlie."City") Iran issued. its S8,130.000 Senior Housing Revenue Bonds (Boulders Apatiiiient§ Pi ojecf} series 2002A,.25,000 Taxable Senior Housing Revenue Bonds (,Boulders Apartments Project) .Series:2002B: and $378,000 Subordinate. Senior iiousing.R&venueNote (Boulders Flpaitinents Project), Series2002G {together, Project) flie`Bonds') pursua and thatcertain Indenture of Trust darted-as-6fApril 1, 2002 (the.�`Indenture") by and between the City and U.S. Bank Natronal Association as trustee(the "Trustee" )and has.loaned the proceeds ofthe Bonds to Boulder Senior Livi is ng; LLC (the"13on ower"), whose:sole.metnber Vkredum Foundation ("Wedun�"j, pursuant to a Loan Agreement,. dated as of April 1, 2002 (the "Loan Agreemenf');.and WHEREAS, Wedutn. has asked the City to approve modifications to the Indenture and the Loan Agreement, permitted.pursuant to tite Indenture, to permit Wedum to convey its sole membership interest in the .Botrower to Northcountr ("Notthcountry") a Minnesota nonprofit corpora (ion; and y Cooperative Foundation .^tUVI, THERE FORE, BE IT RESOLVED By TH'B CITY COUNCIL OF THE CITY OF GEM LAKE,. M.INNESOTA, as 1`0llows 1. 'fiiat tile.forns of first supplemental -indenture and first amendment to loan agreement modifying the Indenture and the Loan A�: rcem:ent, respectively, are hereby approved.in•substantially the form on file with the City on the date hereof.. 2, That the Mayor and City Clerk.of the City are herebyauthorized.and directed•to execute and deliver oii.behalfo%f the. City the doCUadver i lya l described y paragraph I, with such necessary or.desirable and appropriate variations;.onsissions and additions as do not aciversei}: aflectthe City the Maygrin liisdiscretibn shall detennine. The execution thereofby the Mayorshall be conclusive evidence ol'sucli deteiuination, In the event that the Mayor And City. Clerk or eiO)er of them. is rrot.available, stick documents. may be. shied by any tither member of the City Council on behalf of the City. Mayor and City Clerkor either of them are further authorized to :execute and deliver, on belralf.of.die City, such other documents and certificates as are necessary or appropriate in connection with:the execution and delivery of.the documents described.in 1x1ra graph I herein. l!"In an author., the foregoing Resolution. r1llel1 haseidfu n the.followin vote: NAME 1VI.EOTT- W.A. ON BIitKE$AK ICO BOSAK VOTE 11'a Vote 11'o Pate No -Vote No Vote No Vole ATTEST I, >:rederic C: Magnuson, tfie duly quhlifjed City Clerk of the City of.Gem I:akc, .County of Ramsey, State of Minnesota, do hereby certify that the foiegoing;Resolution is a:true and accurate re.presentatiort:ofaction taken by the City Couneil of the City of Get' Lake oil the. date first written. FriWcric C. Magnuson, City Clerk. &rtif ieb &pg Date <20 Ow .;2.004% e-die:•resQlgtidjtiL004W tro2oo4-2s