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RESOLUTION NO. 8287 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA, APPROVING THE ISSUANCE AND SALE OF THE CITY'S $3,750,000 COMMERCIAL DEVELOPMENT REFUNDING REVENUE BONDS (OAKCREST OFFICE PLAZA PROJECT) SERIES 1988A AND AUTHORIZING THE APPROVAL AND EXECUTION OF RELATED DOCUMENTS AND THE APPROVAL OF RELATED MATTERS WHEREAS, pursuant to and in accordance with the provisions of Minnesota Statutes, Chapter 474 (as amended and restated in Minnesota Statutes, Chapter 469, the "Act") and a Resolution of the City Council of the City of Roseville (the "City") adopted on August 1, 1985 by appropriate action duly taken by the City, and in furtherance of the purposes of the Act, the City previously issued its $3,750,000 Commercial Development Revenue Note (Oakcrest Office Plaza Project), Series E (the "Prior Note") on August 15, 1985 and loaned the proceeds thereof to Oakcrest Development Company, a Minnesota general partnership (the "Prior Owner") in order to provide financing for the acquisition and construction of an office building at 1970 Oakcrest Avenue, Roseville, Minnesota (the "Project") (as defined in more detail in the Loan Agreement); and WHEREAS, Oakcrest Properties, a Minnesota partnership (the "Company") has agreed to acquire and complete the Project from the Prior Owner subject to the indebtedness evidenced initially by the Prior Note which, simultaneously with such acquisition, shall be refunded by the Series 1988A Bonds; and WHEREAS, the City is willing to issue its $3,750,000 Commercial Development Refunding Revenue Bonds (Oakcrest Office Plaza Project), Series 1988A (the "Series 1988A Bonds") pursuant to an Indenture of Trust dated as of March 1, 1988 between the City and National City Bank of Minneapolis, as Trustee (the "Indenture"), and to apply the proceeds of the Series 1988A Bonds to refund and pay the indebtedness evidenced by the Prior Note; and WHEREAS, the issuance and sa~e of the Series 1988A Bonds and deposit of the proceeds thereof in the Refunding Account as provided in the Indenture for the purpose of refunding and prepaying the Prior Note shall constitute a loan of $3,750,000 to the Company as provided in the Loan Agreement dated as of March 1, 1988 between the City and the Company (the "Loan Agreement"); and WHEREAS, certain remaining proceeds of the Prior Note together with moneys contributed by the Company will be applied to pay for costs of completing the Project pursuant to a Disbursing Agreement (as defined in the Loan Agreement); and