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Company (each, a "Declaration") agree to construct and operate each phase of the Project in compliance with state and federal laws respecting multifamily rental housing developments under the Act and "residential rental projects" under Section 103(d)(4)(A) of the Internal Revenue Code. Each Declaration will be executed and rec~rded against the real estate on which the related phase of the Project is located as a covenant running with the land prior to the dis~ursement of the proceeds of the related series of Bonds to pay the costs of the related phase of the Project. 4. 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 pursuant to the Act was made on September 27, 1985, and the financing program described the:::-ein was no rejected by the Minnesota Housing Finance Agency within 30 days of such submission. 5. Pursuant to a resolution adopted by this Council on October 28, 1985, the Council approved the two Loan Agreements, the IndEmture, and the form of Declaration. 6. The first phase of the Project was financed from the proceeds of the Series 1985-A Bonds which were remarketed on October 30, 1986. The second phase of the Project, which will be finEnced from the proceeds of the $1,850,000 Series 1985-B Bonds, is rearing completion and it is now necessary to remarket the Series 1985-B Bonds in accordance with the terms of the Indenture. In crder to remarket the Series 1985-B Bonds, it is necessary to amend certain of the above-referenced documents. A Second Supflemental Indenture of Trust dated as of March 1, 1988, between the City and the Trustee, and Amendment Number One to the Series-B Loan Agreement, dated as of March 1, 1988, between the City and the Company have been prepared and submitted to the City. A Remarketing Agreement among the City, Miller & Schroeder Financial, Inc., the Trustee, and the Company, dated as of March 1, 1988, has also been prepared and submitted to the City. In addition, a Preliminary Reoffering Statement has peen prepared with respect to the ~eoffering of the Series 1985-B Bonds. 7. Subject to the approval of the City Attorney and the provLsions of Section 10, the forms of Amendment Number One to the Seril~s-B Loan Agreement, and the Second Supplemental Indenture of Trus': and exhibits thereto, and the Remarketing Agreement are approved substantially in the form submitted except as otherwise prov.'_ded in paragraph 7 hereof. The Amendment Number One to the SeriE~s-B Loan Agreement, the Second Supplemental Indenture of Trust, and the Remarketing Agreement in substantially the forms submJ.tted, are directed to be executed in the name and on behalf of the City by the Mayor and the City Manager. Any other documents and certificates necessary to the transaction described above shall be eyecuted by the appropriate City officers. Copies of all of the -2-