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development of financial services for housing between a city and another city or other political subdivision or state agency; WHEREAS, the Borrowers have represented to the City that the Participating Jurisdictions are "governmental units" under the Joint Powers Act; WHEREAS, the Borrowers have represented to the City that each of the Participating Jurisdictions is a "city" under the Housing Programs Act with power to issue bonds under the Housing Programs Act; WHEREAS, the Borrowers have represented to the City that pursuant to Minnesota Statutes, Section 462C.04, and Section 147(0 of the Internal Revenue Code of 1986, as amended, it is necessary for the City to conduct a public hearing before the City issues the Bonds; WHEREAS, the Borrowers have agreed to reimburse the City for the cost of publication of notice of the hearing in the official newspaper of the City, together with any legal fees to be incurred by the City and any loss or expense of the City for its inability (due to the issuance of the Bonds) to designate the City's bonds in 2000 as "qualified tax-exempt" obligations, as well as any other costs incurred by the City related to the Joint Powers Agreement; and NOW, THEREFORE, be it resolved by the City Council of the City of Elk River, Minnesota, that: 1. The City Council shall hold a public hearing on the Housing Program and the issuance of the Bonds on Monday, January 24, at 6:00 o'clock P.M. at the City Hall, 13065 Orono Parkway, Elk River, Minnesota. Publication of a legal notice in connection therewith, substantially in the form attached hereto as Exhibit D, is hereby ratified and confirmed. 2. The Housing Program is hereby given preliminary approval and the proposal to finance and refinance the Projects is hereby given preliminary approval, subject to holding a public hearing thereon and the Council's adoption in its sole and absolute discretion of a definitive Bond Resolution. 3. The issuance of one or more series of revenue bonds (the "Bonds"), pursuant to a Joint Powers Agreement (the "Joint Powers Agreement") between the City and the other Participating Jurisdiction, in substantially the form now on file in the offices of the City and presented to this meeting, and all pursuant to the Acts, the Bonds to be in an aggregate principal amount not to exceed approximately $10,000,000, and to be issued to finance and refinance the Projects, is hereby approved, subject to holding a public hearing thereon and the Council's approving in its sole and absolute discretion a definitive Bond Resolution. -2-