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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF A REVENUE NOTE AND AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT, (COVENTRY APARTMENTS PROJECT) WHEREAS, Snelling Apartments Limited Partnership (the "Borrower"), intends to undertake a project consisting of the acquisition, renovation and equipping of a 196-unit multifamily rental housing facility Located at 2820 Snelling Avenue North (the "Project") in the City of Roseville, Mimlesota (the "City"); and WHEREAS, the Borrower has proposed that the City of Falcon Heights, Mimresota "Falcon Heights"), issue revenue notes in one or more series and in an aggregate principal amount not to exceed $14,000,000 (the "Note") to finance the Project pursuant to Mimlesota Statutes, Chapter 462C; and WHEREAS, in comlection with the issuance of the Note it is proposed that the City and Falcon Heights enter into a Joint Powers Agreement pursuant to Minnesota Statutes, Section 471.59; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that each governmental unit in which facilities to be financed by the Note are located must approve the issuance of the Note following a public hearing; and WHEREAS, a public hearing on this matter was held by the City on the date hereof; and WHEREAS, the Note is payable solely from sums to be paid by the Borrower pursuant to a revenue agreement, will not be a general or moral obligation of the City, Falcon Heights, or any other political subdivision of the State of Minnesota, but will be payable solely from sums to be paid by the Borrower pursuant to a revenue agreement, to the extent and in the manner provided in the documents executed in connection with the issuance of the Note; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Mimlesota, as follows: 1. The City hereby gives the host approval required under the Internal Revenue Code to the issuance of the Note. 2. In no event shall the Note ever be payable from or charged upon any funds of the City; the City is not subject to any liability thereon; no owner of the Note shall ever have the right to compel the exercise of the taxing power of the City to pay the Note or the interest thereon, nor to enforce payment thereof against any property of the City; the Note shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the Note does not constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter limitation. 3. The Joint Powers Agreement is hereby approved in substantially the form now on file with the City; and the Mayor and City Manager of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or City Manager of the City, such other officers of the City who may act in their behalf shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled z~ssoae~i 2