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<br />-" <br /> <br />" '!Ir <br /> <br />CITY OF NEW BRIGHTON, MINNESOTA <br /> <br />RESOLUTION NO. 94 -12 4 <br /> <br />ADOPTING A HOUSING PROGRAM FOR AND AUTHORIZING THE <br />ISSUANCE, SALE AND DELIVERY OF RENTAL HOUSING REVENUE <br />BONDS (POLYNESIAN VILLAGE APARTMENTS PROJECT) SERIES 1994, <br />IN AN AMOUNT NOT TO EXCEED $11,500,000; APPROVING THE FORM <br />OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br />AGREEMENT AND INDENTURE OF TRUST AND OTHER DOCUMENTS; <br />APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF SAID BONDS <br /> <br />WHEREAS, the City of New Brighton, Minnesota (the "Issuer") is a political <br />subdivision and municipal corporation duly organized and existing under the <br />Constitution and laws of the State of Minnesota; and <br /> <br />WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, <br />particularly Minnesota Statutes, Chapter 462C, as amended (the "Act"), the Issuer <br />is authorized to carry out the public purposes described in the Act and contemplated <br />thereby in the financing of housing within its boundaries, by issuing revenue bonds <br />to defray, in whole or in part, the cost of acquisition and rehabilitation of a rental <br />housing development, and by entering into any agreements made in connection <br />therewith and by pledging any such agreements as security for the payment of the <br />principal of and interest on any such revenue bonds; and <br /> <br />WHEREAS, the Issuer, on the date hereof, held a public hearing regarding a <br />Program for a Multifamily Housing Development, in the form on file with the City <br />Clerk (the "Program") pursuant to and in conformance with the Act and Section <br />147(f) of the Internal Revenue Code of 1986, as amended (the "Code") for which <br />notice was duly published as required by the Act and the Code; and <br /> <br />WHEREAS, pursuant to the Act, the Issuer proposes to undertake the Program <br />to finance the acquisition and rehabilitation of a 364-unit qualified residential rental <br />project known as Polynesian Village Apartments (the "Project") located at 1201-1497 <br />10th Street Northwest in the City to be owned by Polynesian Village 1994 Limited <br />Partnership, a limited partnership formed under the laws of the State of Minnesota <br />(the "Borrower"); and <br /> <br />WHEREAS, the Issuer is authorized to issue and sell the City of New Brighton, <br />Minnesota Rental Housing Revenue Bonds (Polynesian Village Apartments Project) <br />Series 1994 in the aggregate principal amount not to exceed $11,500,000; and said <br />Bonds and the interest on said Bonds shall be payable solely from the revenue <br />pledged therefor and the Bonds shall not constitute a debt of the Issuer within the <br />meaning of any constitutional or statutory limitation nor give rise to a pecuniary <br />liability of the Issuer or a charge against its general credit or assets and shall not <br />constitute a charge, lien, or encumbrance, legal or equitable, upon any property of <br />the Issuer other than the Issuer's interest in said Project; and <br /> <br />WHEREAS, the Issuer has received an allocation of authority to issue bonds <br />subject to a federal volume limitation for the Project from the Minnesota Department <br />of Finance, in accordance with Minnesota Statutes, Chapter 474A; and <br /> <br />SNG77127 <br />NE136-119 <br /> <br />1 <br />