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. ", ,l, ~.. '1'.0'1 Member Char Samuelson introduced the following resolution and: moved its adoption: RESOLUTION NO. 02-056 RESOLUTION RELATING TO VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (GOLDEN POND HOUSING PROJECT) SERIES 2002; AUTHORIZING THE ISSUANCE OF THE BONDS, THE EXECUTION OF DOCUMENTS AND OTHER MATTERS RELATING THERETO BE IT RESOL YED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City"), as follows: Section 1. Recitals. It is hereby found, determined and declared as follows: 1.01. General Authority. The City is authorized by Minnesota Statutes, Chapters 462A and < 462C (the "Act"), to issue its revenue bonds to finance a program for the purpose of planning, I administering, making or purchasing loans with respect to one or more multifamily housing : developments within the boundaries of the City. Under the Act the City may also issue revenue ; refunding bonds to refund such revenue obligations. Under the Act, the City has previously issued its Multifamily Housing Revenue Refunding Bonds, Series 1993 (Golden Pond Housing Project) , (the "Prior Bonds"), the proceeds of which were loaned to Golden Pond Limited Partnership (the : "Company") to refund bonds originally issued to acquire, construct and equip an 82-unit multifamily rental housing development (the "Project") occupied and intended for occupancy in part by persons of low and moderate income. 1.02. Proposed Financing; Preliminary Proceedings. The City has received a proposal from, the Company that the City issue its Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Golden Pond Housing Project) Series 2002 (the "Bonds") in the approximate principal amount of not more than $3,500,000 under the Act and lend the proceeds thereof to the i Company for the purpose of refunding the outstanding principal amount of the prior Bonds. A! public hearing on the proposal to refund the Prior Bonds through the issuance of the Bonds was held on July 9,2002, after not less than 15 days published notice, at which public hearing all those appearing at said hearing who desired to speak were heard and written comments, if any, were : considered. 1.03. Documentation. Forms of the following documents (the "Transaction Documents") , relating to the project and the Bonds have been prepared and submitted to this Council and are < hereby directed to be filed in the office ofthe City Clerk - Finance Director: ' (a) Trust Indenture, dated as of July 1, 2002 (the "Indenture"), proposed to be made and entered into between the City and Marshall & llsley Trust Company, N.A., as trustee i (the "Trustee"); 223 I 944vl 2