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WHEREAS, on July 15, 2019, the City Council of the City(the "City Council") adopted Resolution No. 11620 (the "Preliminary Resolution") which constitutes a reimbursement resolution and an official intent of the City to reimburse expenditures with respect to the Project from the proceeds of tax-exempt revenue bonds in accordance with the provisions of Treasury Regulations, Section 1.150-2; and WHEREAS, also under the terms of the Preliminary Resolution, the City: (i) granted preliminary approval to the issuance of multifamily housing revenue obligations under the terms of the Act to finance the Project; (ii) authorized the submission of an application to the Minnesota Department of Management and Budget ("MMB") for an allocation of bonding authority under Minnesota Statutes, Chapter 474A, as amended (the "Allocation Act"), in a principal amount not to exceed$48,000,000;and(iii)acknowledged the preparation of a housing program in accordance with the requirements of the Act; and WHEREAS, the City received a certificate of allocation from Minnesota Management and Budget allocating volume cap bonding authority to the City in the amount of$4,346,852 for the issuance of the Note; and WHEREAS, the City has prepared a housing program (the "Housing Program") to authorize the issuance by the City of revenue bonds in the maximum principal amount of $48,000,000 to finance the acquisition, construction, and equipping of the Project; and WHEREAS, a notice of public hearing(the"Public Notice") was published in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to: (i) the required public hearing under the Code; (ii) the required public hearing under Section 462C.04, subdivision 2, of the Act; (iii) the Housing Program; and (iv) approval of the issuance of the Note; and WHEREAS, the Public Notice was published at least 15 days before the regularly scheduled meeting of the City Council, and on November 4, 2019, the City Council conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views,both orally and in writing; and WHEREAS, pursuant to Section 462C.04 of the Act, the City made timely submission of the Housing Program to the Metropolitan Council for its review and comment, and the City has heretofore received no comment from the Metropolitan Council on such program; and WHEREAS, the Borrower has requested that the City issue, sell, and deliver the Note, in an original aggregate principal amount not to exceed $4,346,852; and WHEREAS, sufficient details of the Note and other aspects of the financing have been agreed to that this final bond resolution should be adopted on this date accepting a proposal for issuance of the Note. NOW, THEREFORE, BE IT RESOLVED; SECTION 1. LEGAL AUTHORIZATION AND FINDINGS. 2 12119970v3