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<br />RESOLUTION NO. 9330
<br />
<br />RESOLUTION AUTHORIZING CERTAIN ACTIONS WITH RESPECT
<br />TO A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 462C
<br />AND MUL TIFAMIL Y HOUSING REVENUE BONDS ISSUED TO
<br />FINANCE THE PROJECT
<br />
<br />BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota (the
<br />"City"), as follows:
<br />
<br />1. The City has heretofore issued its Multifamily Housing Revenue
<br />Bonds (Rosepointe Project), Series 1985-B (the "Series 1985-B Bonds"), pursuant to
<br />the provisions of an Indenture of Trust, dated as of October I, 1985, as supplemented
<br />by a First Supplemental Indenture of Trust dated as of October I, 1986, a Second
<br />Supplemental Indenture of Trust dated as of May I, 1988 and a Third Supplemental
<br />Indenture of Trust dated as of February I, 1990 (collectively, the "Existing
<br />Indenture"), between the City and Norwest Bank Minnesota, National Association
<br />(the "Trustee"). The proceeds of the Series 1985-B Bonds have been loaned to
<br />RosePointe Housing Limited Partnership (the "Company") pursuant to the
<br />provisions of a Loan Agreement, dated as of October I, 1985, as amended by
<br />Amendment Number One to Series-B Loan Agreement, dated as of May I, 1988
<br />(collectively, the "Existing Loan Agreement"), to finance the acquisition and
<br />renovation of a multifamily rental housing facility in the City. Pursuant to the
<br />terms of a Declaration of Restrictive Covenants executed and recorded by the
<br />Company, the Company has agreed to operate the housing facility in compliance
<br />with state and federal laws respecting multifamily rental housing developments
<br />under Minnesota Statutes, Chapter 462C and "residential rental projects" under
<br />Section 103(d)(4)(A) of the Internal Revenue Còde of 1954, as amended.
<br />
<br />2. The Series 1985-B Bonds are outstanding in the principal amount of
<br />$1,680,000 (after retirement of principal due on October I, 1996) and, pursuant to the
<br />provisions of the Existing Indenture, have a Mandatory Tender Date of October I,
<br />1996. The Series 1985-B Bonds, unless retained by the Owners thereof, are required to
<br />be remarketed on the October I, 1996 Mandatory Tender Date in accordance with the
<br />provisions of a Remarketing Agreement, dated May I, 1988, between the City, the
<br />Company, the Trustee and Miller & Schroeder Financial, Inc. (the "Remarketing
<br />Agent").
<br />
<br />3. The Company proposes to remarket the Series 1985-B Bonds to a
<br />subsequent mandatory tender date of November I, 1996 and thereafter to remarket
<br />the Series 1985-B to maturity or to earlier mandatory tender dates selected by the
<br />Company. In order to better accomplish the remarketing on October I, 1996, and
<br />planned subsequent remarketings, it is desirable to amend the Existing Indenture. A
<br />Fourth Supplemental Indenture of Trust, dated as of October I, 1996 (the "Fourth
<br />
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