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households, expected to be known as Twin Lakes Senior Apartments, located at 1717 and 1743 County Road C West, in the City(the "Project"). The Borrower will be the owner and operator of the Project; and E. WHEREAS, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project; and F. WHEREAS, before proceeding with final consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the housing finance program and proposal pursuant to the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: 1. A public hearing on the housing finance program and proposal of the Borrower will be held at the time and place as determined by the City Manager and as set forth in a Notice of Public Hearing substantially in the form attached hereto as Exhibit A. 2. The general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. A draft copy of the housing finance program with proposed forms of all attachments and exhibits shall be on file in the office of the City Manager on the date the Notice of Public Hearing is published. 4. The City Manager is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and a newspaper of general circulation available in the City,not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing with such changes as required or approved by Bond Counsel. 5. The City hereby gives preliminary approval to the proposal of the Borrower that the Borrower undertake the Project, and the City undertake the program of financing therefor, pursuant to the Act, consisting of financing the acquisition and construction of the Project pursuant to the Borrower's specifications and to a loan agreement between the City and the Borrower on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount not to exceed $50,000,000 to be issued pursuant to the Act to finance the Project; and said agreement may also provide for the entire interest of the Borrower therein to be mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of the Bonds; and the City, acting by and through the City, hereby undertakes preliminarily to issue its Bonds in accordance with such terms and conditions. 6. At the option of the City, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be consented to by the Borrower. 2