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Association, in ~inneapotis, Minnesota (the "Trustee") as security for the payment of both series of the Bonds pursuant to an Indenture of Trust dated as of October 1, 1985 (the "Indenture"). Each Company will, pursuant to the applicable Loan Agreement and pursuant to a Declaration of Restrictive Covenants to be entered into by each Company (each, a "Declara- tion") agree to construct and operate each phase of the Project in compliance with state and federal laws respecting multi- family rental housing developments under the Act and "residen- tial rental projects" under Section 103(d)(4)(A) of the Internal Revenue Code. ~ach Declaration will be executed and recorded against the real estate on which the related phase of the Project is located as a covenant running with the land prior to the disbursement of the proceeds of the related series of Bonds to pay the costs of the related phase of the Project. 3. This Council by action taken on August 12, 1985 gave preliminary approval to the proposal. The submission required to be made to the Minnesota Housing Finance Agency pur- suant to the Act was made on September 27, 1985, and the financing program described therein has not been rejected by the Minnesota Housing Finance Agency within 30 days of such sub- mission. 4. Pursuant to the preliminary approval of this Council, forms of the following documents have been submitted to this Council for approval: A. Two Loan Agreements, one between the City and Rosepointe Housing I Limited Partnership and the other between the City and Rosepointe II Limited Partnership. B. The Indenture pursuant to which both series of the Bonds will be issued. c. The form of Declaration, which is attached as Exhibit B to the Indenture. D. The Purchase Agreement. E. A Confidential Offering Memorandum dated October 18, 1985. s. It is hereby found, determined and declared that: (a) the Project described in the Loan Agreements and Indenture referred to above constitutes a Project authorized by the Act: