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RESOLUTION NO. 00-22 <br /> <br /> A RESOLUTION PROVIDING FOR THE ISSUANCE <br /> AND SALE OF MULTIFAMILY HOUSING REVENUE BONDS, <br />TO PROVIDE FUNDS FOR A MULTIFAMILY HOUSING PROJECT, <br /> ON BEHALF OF WEST SUBURBAN HOUSING <br /> PARTNERS II LIMITED PARTNERSHIP <br /> <br /> BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br /> 1. Authority. The City is, by the Constitution and laws <br />of the State of Minnesota, including Minnesota Statutes, Chapter <br />462C, as amended (the "Act"), authorized to issue and sell its <br />revenue bonds for the purpose of financing the cost of housing <br />developments and to enter into agreements necessary or convenient <br />in the exercise of the powers granted by the Act. <br /> <br /> 2. Authorization of Project; Documents Presented. West <br />Suburban Housing Partners II Limited Partnership, a limited <br />partnership organized under the laws of Minnesota (the <br />"Company"), has proposed to this Council that the City issue and <br />sell its Multifamily Housing Revenue Bonds (Elk River Estates and <br />Oak Crest Apartments Project), Series 2000, in substantially the <br />form set forth in the hereinafter-mentioned Indenture (the <br />"Bonds"), pursuant to the Act and loan the proceeds thereof to <br />the Company, in order to provide financing with respect to costs <br />of the acquisition and renovation of an 18 unit housing facility <br /> (Elk Ridge Estates Facility) located at 11755 191 ~ Northwest <br />Avenue in the City and a 54 unit housing facility (Oak Crest <br />Apartments Facility) located at 300, 340 and 380 Third Street <br />Northwest in the City (collectively, the "Project"). Forms of <br />the following documents relating to the Bonds have been submitted <br />to the City: <br /> <br /> (a) Loan Agreement (the "Loan Agreement") dated as of <br />April 1, 2000 between the City and the Company; and <br /> <br /> (b) Indenture of Trust (the "Indenture") dated as of <br />April 1, 2000, between the City and U.S. Bank Trust National <br />Association, as trustee (the "Trustee"); and <br /> <br />(c) Bond Purchase Agreement (the "Bond Purchase <br />Agreement"), by and between U.S. Bancorp Piper Jaffray Inc. <br />(the ,,Underwriter"), the Company and the City, providing for <br />the purchase of the Bonds from the City by the Underwriter <br />and setting the terms and conditions of purchase; and <br /> <br />(d) Limited Offering Memorandum respecting the Bonds. <br /> <br />1151887.2 <br /> <br />2 <br /> <br /> <br />