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RESOLUTION AUTHORIZING THE ISSUANCE OF HOUSING FACILITIES REVENUE BONDS, SERIES 1993, TO FINANCE A PROJECT AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH (COLLEGE PROPERTIES, INC. PROJECT) BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: 1. The Council has previously received a proposal from College Properties, Inc., a Minnesota nonprofit corporation (the "Company") that the City of Roseville (the "City) undertake a multifamily rental housing development program to finance a portion of the costs of a certain residential rental project as herein described, pursuant to Minnesota Statutes, Chapter 462C (the "Act"), through the issuance by the City of its $23,650,000 Housing Facilities Revenue Bonds, Series 1993 (College Proper- ties, Inc. Project) (the "Bonds") and in accordance with a Bond Purchase Agreement (the "Bond Purchase Agreement") between the city and the Company, and Miller, Johnson & Kuehn Incorporated (the "Purchaser"). 2. The Company desires to acquire land, construct and install a 127 unit senior independent living facility, a 91 unit senior assisted living facility and related equipment and improvements to be located at the southwest quadrant of the intersection of Snelling Avenue North and Lydia Avenue, in the city of Roseville (the "projectll). The Project will provide rental housing to elderly persons and will otherwise further the policies and purposes of the Act. A public hearing on the Project and the housing program therefor was duly held by the city Council on July 26, 1993. The findings made in the Preliminary Resolution adopted by this City Council on July 26, 1993 and September 13, 1993 with respect to the Project and the Bonds are hereby ratified, affirmed and approved. 3. It is proposed that, pursuant to a Loan Agreement to be dated as of October 1, 1993, between the City as Lender and the Company as Borrower (the IILoan Agreement"), the City loan the proceeds of the Bonds to the Company to finance in part the costs of the Project. The Basic Payments to be made by the Company under the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, interest on, and the purchase price of, the Bonds when due. It is further proposed that the City assign its rights to the Basic Payments and certain other rights under the Loan Agreement to First Trust National Association, a national banking association located in 249097 2