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FROM BRIGGS & MORGAN ST. PAUL 612-223-6645 (WED) i0, 06' 93 12: 17/ST. 12.10o, 3560836491 P 3 <br /> R]3SOLUTION AuTHORZ2ING THE ISSUANCE OF <br /> HOUSING FACILITIES RWENxJE <br /> BONDS, SERIES 1993, TO FINANCE A PROJECT <br /> AND AUTHORIZING THE CUTION OF VARIOUS <br /> Do IN CONNECTI4N THERL'KITH <br /> (COLLEGE 3pR0PERTIE30 INC. PROJECT) <br /> BIg IT RESOLVED by the Council of the City of Roseville, <br /> Xinnaaata■ as follows' <br /> 16 The Council has previously received a proposal <br /> from Collage PrapOrtie5, Inc. , a Minnesota nonprofit corporation <br /> (the "C *) that the City of R05evX116 (the °City)- undertake <br /> a oultifamily Rental housing development program to finance a <br /> portion of iGhg cost$ of a eart$in rssidential rental project as <br /> herein described, pursuant to Minne90ta Statutes, Chapter 462C <br /> (the °ACtn MCU.gk1 tie issuance by the City of its $23r650r000 <br /> xousing Facilities Revenue Zondat Series 1993 (College Proper- <br /> ties, Inc. Project) (the "Bonds") and in accordance with a Bond <br /> P=c4a$e Agreement (tile "8orrd Purchase Agreement") between the <br /> City and the Company, and Miller, jrahnson Kuehn,, Incorporated <br /> (the "Purchaser") . <br /> 2. The Company desires to gc4uire land,, construct and <br /> inetali a 1.27 unit sani.or independent living facility, a 91 unit <br /> senor assisted )Living facility and rslnted equipment and <br /> improvements to be located at the southwest quadrant of the <br /> intersection of S:►ellinq Avenue North and L in Avenue, in the <br /> RCIty of Roseville (the "Projeat") . The Proiect will provide <br /> z$ntAl housing to elderly parsons and will otherwise further the <br /> policies and purpass■ of the Act. A public hearing ore the <br /> Pxojaat and the housing program therefor was fluty held by the <br /> City Council on July 26r 2993. The findings made in the <br /> Preliminary Resolution adopted -by t!'tf.� Cf.ty Council 0rt Judy 26, <br /> 1993 and eeptember 131 1993 with respect to the Project and the <br /> Bonds are hereby ratified,, affirmed and approved. <br /> 3, it is proposed that, pursuant to a Loan Agreement <br /> to 'be dated as df.NoveXbOr It 1993, between the City &s Lander <br /> and the Company as Borro`rer (the "Loan Agreement") , thr City loan <br /> the proceeds of the Bonds to the Company to finance in part the <br /> costa of the Projects The Basic Payments to be madam by the <br /> Company under the Loan 7lgzgemont are fixed so as to produce <br /> revenue sufficient to pay the principal of, premium, if any, <br /> intermt on, and the purchase price of, the Sondes when due. It <br /> is further proposed that the City assign its rights to the Basic <br /> payments and certain othar rights under the Loan Agraeament to <br /> First Trust National Association, a national banking association <br /> U909r 2 <br />