6.2. SR 07-10-2000 - Laserfiche WebLink

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RESOLUTION NO. A RESOLUTION APPROVING THE ISSUANCE AND SALE OF MULTIFAMILY HOUSING REVENUE BONDS, TO PROVIDE FUNDS FOR A MULTIFAMILY HOUSING PROJECT, ON BEHALF OF WEST SUBURBAN HOUSING PARTNERS II LIMITED PARTNERSHIP BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City"), as follows: 1. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of financing or refinancing the cost of housing developments and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project; Documents Presented. West Suburban Housing Partners II Limited Partnership, a limited partnership organized under the laws of Minnesota (the "Company"), has proposed to this Council that the City issue and sell its Variable Rate Demand Multifamily Housing Revenue Bonds (Elk River Estates and Oak Crest Apartments Project), Series 2000A (the "Series 2000A Bonds") and its Subordinate Multifamily Housing Revenue Bonds (Elk River Estates and Oak Crest Apartments Project) Series 2000B (the "Series 2000B Bonds"). The Series 2000A Bonds and the Series 2000B Bonds are hereinafter collectively referred to as the "Bonds". The Bonds will be issued in substantially the forms set forth in the hereinafter-mentioned Indentures and Subordinate Loan Agreement. Pursuant to the Act, the City will loan the proceeds of the Bonds to the Company in order to refund the outstanding Multifamily Housing Revenue Bonds (Elk River Estates and Oak Crest Apartments Project), Series 2000 (the "Prior Bonds"). The Prior Bonds were issued to provide financing with respect to costs of the acquisition and renovation of an 18 unit housing facility (Elk Ridge Estates Facility) located at 11755 191 ~ Northwest Avenue in the City and a 54 unit housing facility (Oak Crest Apartments Facility) located at 300, 340 and 380 Third Street Northwest in the City (collectively, the "Project"). Forms of the following documents relating to the Bonds have been submitted to the City: (a) Loan Agreement (the "Loan Agreement") dated as of August 1, 2000 between the City and the Company; (b) Indenture of Trust (the "Indenture") dated as of August 1, 2000, between the City and U.S. Bank Trust National Association, as trustee (the "Trustee"); ~80830.1 2