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CITY"OF GEM LAKE, -
<br />RESOLUTION NO.2005-04
<br />24.JANUARY 2005
<br />A Resolution a uthorizing.caecution and delivery ofdocumepts tha{.supplement And
<br />amend certain doeunients exM-tited firid.delivered by the Cityof Gem Lake with respect
<br />to the issuance of certain. revenue obligations by the City of Gem Lake to ffnatrce the
<br />atquisition, construction, and equipping of the Boulders Apartments Project
<br />WHEREAS, puestant to the terms: ofan.liidenture of"I"eust,.dated as ofApril 1'.2002 (the " itigvriture). by and between tit& C.'ity
<br />of 6con Lake.. Minnesom (the "City"). and U.S. Bank Nation
<br />al .Associarion; ay: trustee (the "Trustee"), the City previousl} issued
<br />il.s. i I )Senior Housing Revenue Bonds (Boulders Apartments projectj Series ?UO2A (the "Sdries2002A Bonds"), in the oi-igitial
<br />ag�ere�zate principal amount of MA30,000 (ii).Taxable:Senior Housing Revenue Bonds (Roufders Apartments Proiec:t), Series
<br />2001I1 t the "Series 2062B Bondr),.in the original aggregate principal wn4bum of $225 000; and (iii) Subordinate Senior Fiuusiryt,
<br />I:rtrnuc \rote (Boulders..Apartme€.€ts iProiW.); Series 2002C (tlie"'Series.2002C Note'"); in the original aggrc(tite principal
<br />all -mil of S_ 18.000. The Series 200..2A Solids, Serics 2002.B Bonds, and Series 2002C Note are hereinafter referred to
<br />sil�crive.l. a..thc-13o€ids." The City loaned the proceeds. derived from the sale-gf the•Bondsto Boulder .Senior Li.viii&LLC,
<br />;, -%linnescrta.liii)ited liahili.ty.compatiy (tlie "Borrower");:uhosesole member is J.,A. Wedum Foundation: a Minnesota tionptotit:
<br />:strut€.ratiutr ("1�%'.eduni":), pursuant to the terms ofa Loan Agreement, elated as oiApri) I, 2002 (tile 'Loan Agreenrel;t" ), het%vecn
<br />(ltc Clt%. and the Borrower. The Borrower applied the proceeds of such Ilion to linance a liortion of the costs.o.f acquisition.
<br />eou;. Mid cquippin" .ora nirlcty-three (9) unit multifamily rental hctusiitg facility for senior residents, l:nc»w+z as the
<br />(Itmlden� Apartments Project (tile."1'r0.ject");.and
<br />WHIF12CAS, in corder to t1ieilitate the: transfer by Wedum or its sole membership i.nwdm iri'tlie Borrower to Nomheountry
<br />t'c�,,l,,.lmi v I ,xrnaatici�t..a mitlnesot"i nonpro:tit ec» •atiori ("Nortiheountry'), flee Borrower has requested tliat the C:ity.ap(irovc
<br />€€, i,t ati�,m t tine lndenturc,.dle l.,o�ul A+�ree€Went, and: the Ucclaration ol'C oveitar,tsand Restrictions. flared April 29. 2002 trite
<br />of the Borrower. ill wcordancer with. the terms and conditions of the Indenture; now, dit.`refbre be it
<br />RESOLVII5I) by the City Council of the City QtGem lake. Rainsey. Cdurity, Minnesota, as follows:
<br />I. That flit; failowing documents are hereby approved in substantially the forilis:on file with. the City.tiri the dale hereof
<br />t I t the Fit:q Supplemental Indentureof rrust,dated on or after Februmy° 1, 2005 (the "Supplemental indenture"),.betweeh the City
<br />and OIL'. TIAislee.; 00 the First. Amendrtlent to i.pan Agreement, dated.on.or after February, 1, 2005 (the Amendment to Loan
<br />1;tr..e rient"?. betli'eeti tlic:C ity nod the Borrower, and (iii) the Amended and Restated Declaration ofCovenants and Restrictions;
<br />,lar.!cl. mi or utter February 1200i (the "Amended Declaration"), of the Borrower: and,
<br />_'. That the Mayor acid City e: terk ofthe city are hereby authorized and directed•tci.execute acid deliveron behalf'or theCity
<br />rh, titrllplrmcuutl lndcniurc, the Aritenchliebt io.Loan Aureenient, and the Amended Ueclaration, "Ith such necessary or
<br />appr•ohriaic variations, omissions, arid.. add it. ions as do notadverseiy affect flit City, .as the mayor ili his discretion slia-11 determine,
<br />t•lrr C ccution thereof by the. Mayor and the City .Clerk shall. be .conclusive evidence -of final apiproval of the terms <rf such
<br />;Im,rtrrtonts_ 1a.tlie .s vent that the Mayor and City.('I.erk•bri:ither of them is riot availalile,.Such documents may be si-tied by any
<br />otl€cr moMber of the City Council on behalf of the: City;'and, y
<br />x.
<br />fire Mayor and City C.`letk` are hei4by rurlher authorized to execute and deliver, on behalf' of the Citv. such other
<br />documents and certificates as are required by Kennedy R. Graven, Chartered, as hood counsel. bras are necessary or appropriate
<br />in ::Imrlcction. with the execution and delivery of the cl&uj l nts described herein.
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