2020_0518_CCPacket - Laserfiche WebLink

Home

Attachment A D. In accordance with Minnesota Statutes, Sections 462C.01(2) and 462C.04, subd. 2, the Governmental Lender previously held a public hearing on November 4, 2019 on and approved a housing program and the issuance of revenue obligations of the Governmental Lender to finance the Project; E. Such public hearing on the Project and the housing finance program was held after notice was published in the official newspaper of the City not less than 15 days in advance of said public hearing, and materials were made available for public inspection at the City Hall, all as required by the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), at which public hearing all those appearing who desired to speak were heard and written comments were accepted; and F. Pursuant to Section 462C.04 of the Act, the City made timely submission of the housing finance program to the Metropolitan Council for its review and comment, and the City has heretofore received favorable comment from the Metropolitan Council on such program. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota as follows: 1. The Borrower has proposed that the Governmental Lender issue and sell its Multifamily Housing Revenue Refunding Note (Twin Lakes Family Apartments Project), Series 2020, which may be in one or more series and either as notes or bonds (the "Note") in an amount not to exceed $34,000,000 to finance costs of the Project, including the refunding of the Prior Note, in accordance with a Funding Loan Agreement anticipated to be dated as of June 1, 2020 (the "Funding Loan Agreement") among the Governmental Lender, U.S. Bank National Association , (in its representative capacity, the "Fiscal Agent"), and America First Multifamily Investors, LP (the "Initial Funding Lender"). 2. Pursuant to the terms of a Project Loan Agreement anticipated to be dated as of June 1, 2020 (the "Project Loan Agreement"), executed by the Governmental Lender, the Borrower, and the Fiscal Agent, the Governmental Lender will loan the proceeds of the Note to the Borrower to refinance the Prior Note and to otherwise finance the Projectas described herein. The Borrower has agreed, pursuant to an Amended and Restated Regulatory Agreement anticipated to be dated as of June 1, 2020, by and among the Governmental Lender, the Borrower and the Fiscal Agent (the "Regulatory Agreement") to operate the Project as a "residential rental project" under Section 142(d) of the Internal Revenue Code of 1986, as amended. 2 12503154v5