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FRCM BRIGGS & MORGAN ST. PAUL 612-223-6645 (WED) 10. 06' 93 12: 18/ST. I2: 16/N0. 3560836491 P 4 <br /> located In fit. Paul, Minnesota (thy "Trustee") as security !or <br /> paYm&nt at the Bends under a Trust Indenture dated asp of <br /> Nov r It 1993 bWeet� the City and th# Trustee (the <br /> =adanturr a�t <br /> a�j and Company grant a mortgage and securlty <br /> Lnterest in the project to the Trustee pursuant to a mor#,gaq$, <br /> Ass <br /> igriment of Leases and Rants, security Agreement and Fixture <br /> Financing S#ratament dated November IL, 1993 (the "Mortgagan) . TbLg <br /> lhwchassr PrOpOwes to buy the Sonds pursuant to the Bond Purchase <br /> 4reamant, and to offer the Bonds faX sale to the public pursuant <br /> to an Official 6taEamant to bo dated on or about the dates of the <br /> delivery of and payment for the Bonds (the "Official Statement") <br /> 4. The 'Band Proceeds loaned pursuant to the Loan <br /> Agreement will be used to fund a mortgage loan made to the <br /> Company to finance the acquisitlan, construction and installation <br /> of the Project and td fund a reserve furxd. <br /> S. This Council, by action taken on July 26, 1993 and <br /> September 13, 1993 gave preliminary approval (collectively, the <br /> "Preliminary Resolution") to the proposal for the project and the <br /> financing program therefor. Thn fIndinqs of the City Council of <br /> the City made in the Preliminary Resolution with respect to the <br /> Project are hereby ratified, affirmed and approved. <br /> 6. For of the following documents relating to the <br /> Bonds have been submitted for rav3.ew to the City Attorgsy and to <br /> the City Council for approval: <br /> (a) the Ivan Agreement; <br /> (b) the Incienture; <br /> (ma) tls Mortgage (not executed by the City) <br /> (d) the Bond Purchase Agreement; and <br /> (a) the Official Statement (not executed by the <br /> city). <br /> 7• It is hsraby founfl, determined and declared that: <br /> (a) the Project described in the Loan Agraement <br /> and indenture referred to above constitutes a Project <br /> � <br /> u rf.zQd by the Apt and the housing program for the <br /> Project is autZorized by the Act; <br /> (b) the purpose of the Project and the housing <br /> program for the Project is, and the effect th$reof will be, <br /> to Promote the public welfare by the conetruction <br /> installation and equipping of a -rental housing faci� .ity for <br /> asaistfng o3.dexly persons vithin the City to obtain decant, <br /> safe atsd sa.nf.tary housing at rentals they can afford; <br /> x�tgo�r <br /> 3 <br />