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<br />",
<br />
<br />WHEREAS, the Issuer proposes to loan the proceeds of the
<br />Bonds to the Borrower to acquire, construct and install the
<br />Project, and the Borrower desires to borrow the proceeds
<br />from the Issuer to finance the Project upon the terms and
<br />conditions as required by the Act and as set forth in the
<br />Agreement; and
<br />
<br />WHEREAS, under the Agreement, the Borrower is to pay to
<br />the Issuer sufficient moneys at the times and in the amounts
<br />necessary to pay the pr incipal of, premium, if any, and
<br />interest on the Bonds issued to finance the Project, and the
<br />Borrower is to provide the cost of maintaining said Project
<br />in good repair, the cost of keeping the Project properly
<br />insured and any payments required for taxes; and
<br />
<br />WHEREAS, Merrill Lynch Capital Markets, New York, New
<br />York (the "Or ig inal Purchaser"), has proposed to purchase
<br />the Bonds, and Miller & Schroeder Municipals, Inc., Minneap-
<br />olis, Minnesota, is acting as financial consul tant to the
<br />Borrower:
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
<br />THE CITY OF NEW BRIGHTON, MINNESOTA, THAT:
<br />
<br />Section 1. The loan to the Borrower under the Agreement
<br />to finance the acquisition, construction and installation of
<br />the Project is hereby authorized and approved.
<br />
<br />Section 2. For the purpose of financing the cost of the
<br />acquisition, construction and installation of the project,
<br />there is hereby authorized the issuance of $5,500,000 aggre-
<br />gate principal amount City of New Brighton, Minnesota,
<br />Variable Rate Demand Industrial Development Revenue Bonds
<br />(Unicare Homes, Inc. Project) Series 1984, dated as of the
<br />date of issuance thereof (the "Bonds"). The Bonds shall be
<br />issued in fully registered form, shall be in such denomina-
<br />tions, shall be numbered, shall be dated, shall mature,
<br />shall bear interest, shall be subject to redemption prior to
<br />maturity, shall be in such form and shall have such other
<br />details and provisions as are prescribed by the Indenture.
<br />
<br />Section 3. The Bonds shall be special obligations of
<br />the Issuer, payable solely from the revenues received by the
<br />Issuer from the Agreement, in the manner provided in the
<br />Indenture. As security for the payment of the principal of,
<br />premium, if any, and interest on the Bonds, pro rata and
<br />without preference of anyone Bond over any other Bond, the
<br />City Council of the Issuer hereby authorizes and directs the
<br />Mayor and the Ci ty Manager to execute and the Ci ty Clerk-
<br />Treasurer to attest under the corporate seal of the Issuer
<br />the Indenture and to deliver to the Trustee the Indenture
<br />
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