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/ ~ :. ~ .~ .. ../' \ . Member Benke moved that the following resolution be read and adopted this 2 2 n d::lay of J un e 1993. RESOLUTION of the CITY OF NEW BRIGHTON RESOLUTION NO. 93-085 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA (THE "ISSUER") AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE ISSUER'S MULTIFAMILY RENTAL HOUSING REVENUE REFUNDING BONDS (BRIGHTONDALE ASSISTED LIVING APARTMENT PROJECT), SERIES 1993 (THE "BONDS"), WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL BE PAYABLE SOLELY FROM REVENUES PLEDGED THERETO; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND A LOAN AGREEMENT AND OTHER DOCUMENTS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; PROVIDING FOR THE SECURITY, RIGHTS AND REMEDIES OF THE OWNERS OF SAID BONDS WHEREAS, the City of New Brighton, Minnesota (the "Issuer") is political subdivision and municipal corporation duly organized and existing under the Constitution and laws of the State of Minnesota; and WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the" Act"), the Issuer is authorized to carry out the public purposes described therein and contemplated thereby by issuing its revenue bonds to make or purchase loans to finance the cost of the acquisition, construction, improving and equipping of multifamily housing developments to be located within its corporate boundaries; and WHEREAS, the Issuer has previously issued its Multifamily Housing Revenue Bonds, Series 1985 (Brightondale Residence Project) (the "Series 1985 Bonds") pursuant to the provisions of Minnesota Statutes Chapter 462C, as amended (the "Act") and an Indenture of Trust dated as of December 1, 1985, as amended (the "Indenture") between the City and First Trust National Association, formerly known as First Trust Company, Inc., as trustee (the "Trustee"); and WHEREAS, the Issuer loaned the proceeds of the Series 1985 Bonds to Park Place Senior Housing Limited Partnership, a Minnesota limited partnership (the "Prior Developer") pursuant to the terms of Loan Agreement dated as of December 1, 1985, as amended (the "Prior Loan Agreement") between the City and the Prior Developer in order to finance the costs of the acquisition, construction and equipping of a multifamily rental housing development located in the City (the "Project"); and WHEREAS, the Prior Developer secured its obligations pursuant to the Prior Loan Agreement by granting to the Trustee a mortgage lien on and security interest in the Project; and ms SJB54612 NE136-102 1