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<br />- ~ <br /> <br />RESOLUTION <br />of the <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION NO. 95-022 <br /> <br />AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF RENTAL HOUSING <br />REVENUE REFUNDING BONDS (POLYNESIAN VILLAGE APARTMENTS PROJECT), <br />SERIES 1995A AND TAX CREDIT INVESTOR REVENUE BONDS (POLYNESIAN <br />VILLAGE APARTMENTS PROJECT), SERIES 1995B UNDER MINNESOTA STATUTES, <br />CHAPTER 462C, AS AMENDED; APPROVING THE FORM OF AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF INDENTURES OF TRUST AND LOAN AGREEMENTS <br />AND OTHER DOCUMENTS; APPROVING THE FORM OF AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF THE BONDS; PROVIDING FOR THE SECURITY, <br />RIGHTS AND REMEDIES OF THE OWNERS OF SAID BONDS <br /> <br />WHEREAS, the City of New Brighton, Minnesota (the "Issuer") is 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 therein and contemplated <br />thereby by issuing its revenue bonds to make or purchase loans to finance the cost <br />of the acquisition, construction, improving and equipping of multifamily housing <br />developments to be located within its corporate boundaries; and <br /> <br />WHEREAS, the Issuer has previously issued its $11,500,000 Rental Housing <br />Revenue Bonds (Polynesian Village Apartments Project), Series 1994 (the "Series <br />1994 Bonds"), the proceeds of which were held in escrow and will be used to acquire <br />and rehabilitate an existing 364-unit multifamily housing project (the "Project") <br />located in the City of New Brighton and owned by Polynesian Village 1994 Limited <br />Partnership (the "Company"); and <br /> <br />WHEREAS, the Company has requested the Issuer to issue its Rental Housing <br />Revenue Refunding Bonds (Polynesian Village Apartments Project), Series 1995A in <br />an aggregate principal amount not to exceed $10,585,000 (the "Series A Bonds") to <br />provide for the funding of a loan (the "Series A Loan") to the Company for the <br />purpose of refunding the Series 1994 Bonds; and <br /> <br />WHEREAS, the Company has requested the Issuer to issue its Tax Credit <br />Investor Revenue Bonds (Polynesian Village Apartments Project), Series 1995B in <br />an aggregate principal amount not to exceed $3,355,000 (the "Series B Bonds" and <br />together with the Series A Bonds, the "Bonds") to provide for the funding of a loan <br />(the "Series B Loan" and together with the Series A Loan, the "Loan") to the <br />Company for the purpose of refunding a portion of the Series 1994 Bonds. The <br />corresponding proceeds of the Series 1994 Bonds and the remaining proceeds of the <br />Series B Bonds will be used by the Company to pay certain costs of the rehabilitation <br />of the Project, certain costs of issuance and fund certain reserves; and <br /> <br />WHEREAS, the Issuer proposes to finance the refunding of the Series 1994 <br />Bonds under the Act by the issuance of the Bonds of the Issuer under this <br />resolution; and <br /> <br />SNG85937 <br />NE136-123 <br /> <br />1 <br />