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WHEREAS, forms of the following documents (including the exhibits referred to therein) have been submitted to the Issuer: a. an Indenture of Trust, dated as of October 1, 1994, to be made and entered into between the Issuer and First Trust National Association, as trustee (the "Trustee") , providing for the issuance of the Bonds, prescribing the form thereof, pledging the trust estate described therein for the security of the Bonds, and setting forth proposed recitals, covenants and agreements by the parties with respect thereto; b. a Loan Agreement, dated as of October 1, 1994, to be made and entered into between the Issuer and the Borrower, providing for the loan to the Borrower of the proceeds of the Bonds; c. a Regulatory Agreement, dated as of October 1, 1994, to be executed by the Issuer, Trustee and the Borrower, setting forth certain covenants of the Borrower relating to the compliance of the Project with federal tax law restrictions relating to the Bonds; d. a Bond Purchase Agreement (the "Bond Purchase Agreement"), by and among the Issuer, the Borrower and Piper Jaffray Inc. (the "Underwriter") providing for the purchase of the Bonds by the Underwriter; e. a Limited Offering Memorandum (the "Limited Offering Memorandum") . The agreements described and referred to in paragraphs a through d above, shall hereinafter sometimes be referred to collectively as the "Agreements"; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA THAT: Section 1. The Issuer acknowledges, finds, determines, and declares that the preservation of the quality of life in the City is dependent upon the maintenance, provision, and preservation of an adequate housing stock, which is affordable to persons and families of low or moderate income, that accomplishing this,is a public purpose, and that many would-be providers of housing units for low and moderate income persons in the City are either unable to afford mortgage credit at present market rates of interest or are unable to obtain mortgage credit. The Issuer also hereby finds, determines and declares that the Project has been designed to be affordable by persons and families with adjusted gross incomes not in excess of 110 percent of the median family income as most recently estimated by the United States Department of Housing and Urban Development for Hennepin County, and that, based solely on representations of the Borrower, at least 40 percent of the dwelling units in the Project will be held for occupancy by families and individuals with adjusted gross incomes not in excess of 60 percent of the median family income. Section 2. The Issuer further finds, determines, and declares that the purpose of the Program is to issue the Bonds, the proceeds of which will be used to finance the acquisition and rehabilitation of the Project for occupancy primarily by persons of low and moderate income, and the Issuer hereby approves and adopts the Program. SNG77127 NE136-119 2