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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 24th day of August, 1998, at 6:30 p.m. The following members were present: Wi ski, Mastel, Maschka, Goedeke, and Wall, and the following were absent: None. Member Maschka introduced the following resolution and moved its adoption: RESOLUTION NO. 9578 A RESOLUTION GIVING PRELIMINARY APPROVAL TO AND STATING INTENT TO PROCEED WITH THE ISSUANCE OF MUL TIF AMIL Y HOUSING REVENUE REFUNDING BONDS (ROSEPOINTE I PROJECT) BE IT RESOLVED by the City Council (the "Council") of the City of Roseville, Minnesota (the "City") as follows: Section I. Authorization and Recitals. Pursuant to the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City has previously issued its Rental Housing Revenue Bonds (RosePointe I Project), Series 1985-A (the "Prior Bonds") to finance the acquisition, renovation and construction of an approximately 148 unit elderly housing project located at 2555 North Hamline Avenue in the City (the "Project") by RosePointe Housing Limited Partnership, a Minnesota limited partnership (the "Borrower"). The Prior Bonds are presently outstanding in the principal amount of $13,785,000. The Borrower has requested that the City authorize the issuance of tax exempt and taxable Multifamily Housing Revenue Refunding Bonds (RosePointe I Project), Series 1998 (the "Refunding Bonds"), in a principal amount not to be exceed $13,785,000, in one or more series, the proceeds to be used, along with funds presently held by the trustee for the Prior Bonds, to refund and retire the Prior Bonds (the "Refunding"), thereby achieving interest rate savings and reducing the payments required to be made by the Borrower to the City to retire the Project debt. A public hearing on the issuance of the Refunding Bonds has been held this date in accordance with the provisions of Section 147 (f) of the Internal Revenue Code of 1986, as amended (the "Code"). Section 2. Findings. After due consideration this Council hereby finds, determines and declares as follows: (a) The Refunding would further the general purposes contemplated by the Act.