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. 'FRQM BRIGGS & MORGAN ST. PAUL 612-223-6645 (WED) 10, 06' 93 12: I7/ST. 12: 16/NO. 356083649 I P 3 RESOLUTION AUTHORIZING THE ISSUANCE OF HOUSING FACILITIES REVENUE BONDS, SERIES 1~~3, TO,FINANCE A PROJECT AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECT!ON THEREWITH (COLLEGE PROPERTIES, INC. ~ROJECT) BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as fol1ow&f 1. The council has previously received a proposal from College Properties, Inc., a Minnesota nonprofit corporation (the IICompanyn) that the City of ROfleville (the "City) undertake a multifamily rental housing development progra~ to finance a portion of the COsts of a cartain residential rental project as herein described, pursuant to Minnesota statutes, Chapter 462C (the nActll), through the issuance by the city of its $23,650,000 Housing Facilities Revenue Bonds, Series 1993 (College Proper- ties, Inc. Project) (the II Bonds" ) and in !=iccordance with a Bond Purcha.~e Aqreement (the "Bond Purcha.se Agreementll) between the City and the Company, and Miller, Johnson & Ruehn, Incorporated (the "Purchaser"). 2. The Company desires to acquire land, construct and install a 127 unit senior independent living facility, a 91 unit senior assisted livinq facility and related equipment and improvements to be located at the soatbwest quadrant of the intersection of Snelling Avenue North and L~dia Avenue, in the City of Rosevl11e (the nprojectll). The ProJect will provide rantal housing ~o elderly persons and will otherwise further the policies and purposes of the Act. A public hearing on tb~ projeot and the housinq program therefor was duly held by the city Council on July 26, 1993. The findings made in the Preliminary Resolution adopted by this City council on July 26, 1993 and September 13, 1993 with respect to the Projec~ and the Bonds are here~y ratified, affirmed and approved. " 3. It is proposed that, pursuant to a Loan Agreement to be dated as of November 1, 1993, between the City as Lender and the company as Borrower (the llLoan Agreement"), ~he city loan the proceeds of the Bonds to the Company to finance in part the costs of the Project. The 5asic Payments to be made by the Company under the Loan Agreement are fixed so as to produce revenue sufficient to pay the p~incipBl of, premium, if any, interest on, and the purchase price of, the Bonds when due. It is f~her proposed that the City assign its rights to the Basic Payments and certain other rights under the Loan Agreement to First Trust Nat~onal Association, a national banking association 249097 2