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59 RESOLUTION GIVING HOST APPROVAL TO THE
<br />60 ISSUANCE OF A REVENUE NOTE AND AUTHORIZING
<br />61 EXECUTION OF A JOINT POWERS AGREEMENT,,
<br />62 (COVENTRY APARTMENTS PROJECT)
<br />63 WHEREAS,, Snelling Apartments Limited Partnership the 'Borrower"' )I,, intends to undertake
<br />64 a project consisting of the acquisition, renovation and equipping of a 196-unit multifamily rental
<br />65 housing facility located at 2820 Snelling Avenue North (the (Project"'), in the City of Roseville,
<br />66 Minnesota (the "City's and
<br />67 WHEREAS,, the Borrower has proposed that the City of Falcon Heights, Minnesota '"Falcon
<br />68 Heights"'),, issue revenue notes in one or more series and in an aggregate principal amount not to
<br />69 exceed $,14,,000,,000 (the ",Note"'), to finance the Project pursuant to Minnesota Statutes, Chapter
<br />70 462C; and
<br />71 WHEREAS,, in connection with the issuance of the Note it is proposed that the City and
<br />72 Falcon Heights enter into a Joint Powers Agreement pursuant to Minnesota Statutes,, Section
<br />73 471.59; and
<br />74 WHEREAS,, Section 147(f), of the Internal Revenue Code of 1986, as amended, requires that
<br />75 each governmental unit in which facilities to be financed by the Note are located must approve
<br />76 the issuance of the Note following a public hearing; and
<br />77 WHEREAS,, a public hearing on this matter was held by the City on the date hereof-, and
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<br />78 WHEREAS,, the Note is payable solely from sums to be paid by the Borrower pursuant to a
<br />79 revenue agreement, will not be a general or moral obligation of the City, Falcon Heights, or any
<br />80 other political subdivision of the State of Minnesota, but will be payable solely from sums to be
<br />81 paid by the Borrower pursuant to a revenue agreement,, to the extent and in the manner provided
<br />82 in the documents executed in connection with the issuance of the Note;
<br />83 NOW,, THEREFORE,, BE IT RESOLVED by the City Council of the City of Roseville,
<br />84 Minnesota,, as follows.-
<br />85 1. The City hereby gives the host approval required under the Internal Revenue Code to the
<br />86 issuance of the Note.
<br />87 2. In no event shall the Note ever be payable from or charged upon any funds of the City;
<br />88 the City is not subject to any liability thereon; no owner of the Note shall ever have the right to
<br />89 compel the exercise of the taxing power of the City to pay the Note or the interest thereon,, nor to
<br />90 enforce payment thereof against any property of the City; the Note shall not constitute a charge,,
<br />91 lien or encumbrance legal or equitable,, upon any property of the City; and the Note does not
<br />92 constitute an indebtedness of the City within the meaning of any constitutional,, statutory,, or
<br />93 charter limitation.
<br />94 3. The Joint Powers Agreement is hereby approved in substantially the form now on file
<br />95 with the City; and the Mayor and City Manager of the City are authorized to execute the same in
<br />96 the name of and on behalf of the City. In the event of the disability or the resignation or other
<br />97 absence of the Mayor or City Manager of the City, such other officers of the City who may act in
<br />98 their behalf shall without further act or authorization of the City do all things and execute all
<br />99 instruments and documents required to be done or to be executed by such absent or disabled
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