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. FRpM BRIGGS & MORGAN 8T. PAUL 612-223-6645 (WED) 10, 06' 93 12: 18/8T. 12: 16!NO, 3560836491 P 4 locat.ed in st. Paul, Minnesota (the "TrusteeU) as security for payment of the Bonds under a Trust Xndenture dated as of November 1, 1993 betwaan the City and the Trustee (the nIndenturen) and tha Company 9ran~ a mortgaga and security interest 1n the project to the Trustee pursuant to a Mortqage, Assiqnment of Leases 'and Rents, security Agreement and Fixture Financing statement dated November 1, 1993 (the "Mortgag~"). The Purchaser proposes to buy the Bonds pursuant to the Bond Purchase Aqreemant, and to offer the Sonds for sale to the public pursuant to an Official statemant to be dated on or about bhe date of the delivery of and payment for the Bonds (the "Official statementD). 4. ' The Bond Proceeds loaned pursuant to the Loan Agreement will be u.sed to fund a mortqaqe loan made to the Company ~o finance the acquisition, construction and installation of the Project and to fund a reserve fund. 5. This Council, by action taken on July 2G, 1993 and September 13, 1993 gave prel~inary approval (collectively, the "Preliminary Resolutionl') to the proposal for the Project and the financing program therefor. The findings of the City Council of the city made in the Preliminary Resolution with respect to the Project ~re hereby ratified, affirmed and approved. 6. Fonts of the followinq document& relating to the Bonds have been ~ubmitted for rQview ~o the city Attorney and to the City Council for approval: (a) the Loan Agreement; (b) the Indenture; (0) the Mortg'age (not executed by the city); Cd) the Bond Purchase Agreement; and (e) tha Official Statement (not executed by the city). 7. It is hereby found, determined and declared that: , (a) the Project described in the Loan Agreement and Indenture referred to above constitutes a project authorized by the Act and the housing program for the Project is authorized by the Act; (b) tne purpose of the Project and the housing proqrab for the project is, and the effect thQreof will be, to promote the public welfare by the construction, installation and equipping of a rental housing facility for assisting elderly persons within the City to obtain decent, safe and sanitary housing at rentals they can afford; 2'9097 3