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~ ,t ",'I ,!' WHEREAS, the Program is in conformance with the provi- sions of the Housing Act; and WHEREAS, the City has held a public hearing on the Pro- gram on November ~, 1985, after at least 15 days' published notice thereof; and WHEREAS, the Council and the staff of the City has re- viewed the Program and believes that the Program will in- crease the supply in the City of decent, safe and sanitary residential rental dwellings for the elderly and that the Program is in furtherance of the housing policies of the City; and WHEREAS, neither the City nor the State of Minnesota shall be liable on the Bonds, and the Bonds shall not be a debt of the City within the meaning of any state constitu- tional pr6vision or statutory limitation, and will not con- stitute or give rise to a charge against the general credit or taxing power of the City or a pecuniary liability of the Ci ty, nor shall the Bonds be payable out of any funds or properties other than those provided as security therefore; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota: Section 1. The Program, attached hereto as Exhibi t A, is hereby approved and adopted by the City. Section 2. The Ci ty 9i ves it preliminary approval to the issuance of its MUlti-family Housing Revenue Bonds (Park Place Associates Project) in an aggregate principal amount of up to $4,500,000 to provide financing for the acquisi- tion, construction and installation of the Project, together wi th issuance costs. Notwi thstanding the foregoing, how- ever, the adoption of this resolution shall not be deemed to establish a legal obligation on the part of the City or its Council to issue or cause the issuance of such revenue bonds. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Bonds, or issue the Bonds in an amount less than the amount referred to in this Section, should the City at any time prior to issuance thereof determine that it is in the best interests of the Ci ty not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to in this Section, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. Section 3. The staff of the Ci ty is directed to take all actions necessary for review and comment on the amend- - 2 -