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3. Unrated Debt. After review by the City's financial advisor and based on the <br />Borrower's operating history in the City and ability to meet the requirements for issuing <br />• additional bonds under the Series 1998 Indenture, the City hereby authorizes the issuance of the <br />Bonds as unrated debt and waives the standard set forth in Section A.4. under the heading <br />Guidelines in the City's Conduit Bonding Policy. <br />4. Housing Program. The Housing Program is hereby adopted, ratified, and <br />approved in all respects without amendment. The preparation of the Housing Program is hereby <br />ratified, confirmed, and approved. The City Administrator is hereby authorized to do all other <br />things and take all other actions as may be necessary or appropriate to carry out the Housing <br />Program in accordance with the Act and any other applicable laws and regulations. <br />5. Forms of Documents Submitted. Forms of the following documents have been <br />submitted to the City Council for approval: <br />(a) the Bond Purchase Agreement; <br />(b) the Series 2011 Loan Agreement; <br />(c) ~ the Series 2011 Mortgage; <br />(d) the Intercreditor Agreement; <br />(e) the Guaranty Agreement; <br />(f J the Indenture; and <br />(g) the Disbursing Agreement. <br />6. Findings. It is hereby found, determined and declared that: <br />(a) the Project furthers the policies of the Act; <br />(b) the Project promotes the public welfare by providing necessary <br />multifamily rental housing and health care facilities, so that adequate multifamily rental <br />housing and health care facilities are available to residents of the City at a reasonable <br />cost; <br />(c) the Act authorizes the acquisition, construction and installation of the <br />facilities and equipment to be financed by the Bonds, the issuance and sale of the Bonds, <br />the execution and delivery by the City of the Bond Purchase Agreement, the Series 2011 <br />Loan Agreement, and Indenture (collectively, the "Financing Documents"), the <br />performance of all covenants and agreements of the City contained in the Financing <br />Documents, and the performance of all other acts and things required under the <br />constitution and laws of the State of Minnesota to make the Financing Documents and <br />Bonds valid and binding obligations of the City in accordance with their terms; <br />(d) it is desirable that the Series 2011 Bonds be issued by the City upon the <br />• terms set forth in the Indenture; <br />391851v2 JSB EL185-16 3 <br />