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Disk ;; 505Q RESOLUTION NO. 7821 RESOLU~ION AUTHORrZI~G A PROJECT U~DER ~I~ESOTA STATUTES, CHAPTER 462C ~~D THE ISSUANCE Of RE~TAL HOUSr~G REVENUE BONDS TO fINANCE THE PROJECT BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, as follows: 1. The City Council has received proposals from Rose- pointe Housing I Limited Pactnership and Rosepointe Housing II Limited Partnecship (each, a "Company") that the City undertake to finance a cectain project as herein desccibed pursuant to Minnesota Statutes, Chapter 462C (the "Act") by the issuance by the City of its $8,750,000 Rental Housing Revenue Bonds, Series 1985-A (Rosepointe Independent Living Center Project) (the "Series A Bonds") and its $8,750,000 Rental Housing Revenue Bonds, Series 1985-B (Rosepointe Independent Living Center Project) (the "Series B Bonds") (the Series A Bonds and the Series B Bonds being referred to in this Resolution as the "Bonds") in accordance with a Bond Purchase and Remark.eting Agreement dated October 28, 1985 (the "Purchase Agreement") between the City, each Company and Miller & Schroeder Financial, Inc. (the "Bond Purchase r" ) . 2. The Project to be financed by the Bonds consists of a 212 dwelling unit mUlti-family rental housing development and functionally related and subordinate facilities to be con- structed in two phases, each phase to be separately owned by a Company (the "Project"). The Project will be primarily occupied by elderly persons and in part by persons of low income, and will enable the City to provide additional housing opportunities for elderly persons and persons of low income within the City, and will otherwise further the policies and purposes of the Act and the findings made and the resolution adopted by this Council on August 12, 1985, which findings are hereby ratified, affirmed and approved. 3. It is proposed that pursuant to a Loan Agreement dated as of October 1, 1985, between the City and each Company (each, a "Loan Agreement"), the City loan the proceeds of each series of the Bonds to the related Company to finance the costs of the phase of the Project to be owned by such Company. The payments to be made by each Company under the applicable Loan Agreement are fixed so as to produce revenue sufficient to pay the pcincipal of, premium, if any, and interest on the related series of Bonds when due. It is further proposed that the City assign its rights to such payments and certain other rights under each Loan Agreement to Norwest Bank Minneapolis, National