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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA HELD: May 26, 1998 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, Ramsey County, Minnesota, was duly called and held at City Hall in said City on the 26th day of May, 1998, at 6:30 o'clock p.m. The following members were present: Mastel, Maschka, Wiski, Goedeke, and Wall, and the following members were absent: None. Member wiski resolution and moved its adoption: introduced the following RESOLUTION 9551 RESOLUTION APPROVING HOUSING PROGRAM AND AUTHORIZING THE ISSUANCE OF $27,000,000 HOUSING FACILITIES REVENUE REFUNDING BONDS (COLLEGE PROPERTIES, INC. PROJECT), SERIES 1998 WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City of Roseville, Minnesota (the "Cityll) is authorized to issue revenue bonds for the purpose of financing or refinancing multifamily housing development facilities; and WHEREAS, the City has received from College Properties, Inc., a Minnesota nonprofit corporation (the IICompanyll), a proposal that the City (a) issue revenue bonds to advance refund the City's outstanding Housing Facilities Revenue Bonds, Series 1993 (College Properties, Inc. Project) (the IIPrior Bondsll) which were issued to finance a multifamily housing development and (b) to finance the new housing Improvements hereinafter described through the issuance of revenue bonds or obligations (the revenue bonds to refund the Prior Bonds and to finance the Improvements are collectively referred to as the IIBondsll) pursuant to the Act; and WHEREAS, the Improvements to be financed by a portion of the Bonds are the acquisition and construction of a 36-unit 940544.1