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RESOLUTION NO. <br />RESOLUTION APPROVING THE ISSUANCE AND <br />SALE OF SENIOR HOUSING REVENUE BONDS <br />(ORONO WOODS APARTMENT PROJECT), <br />SERIES 2001 AND AUTHORIZING, EXECUTION <br />AND DELIVERY OF DOCUMENTS RELATED <br />THERETO <br />BE IT RESOLVED by the City Council of the City of Orono. Minnesota as <br />follows: <br />1. Authority. The City has been requested to Issue one or more series of its <br />Senior Housing Revenue Bonds (Orono Woods Apartment Project). Scries 2001 (as <br />defined in the Indenture, the “Bonds"*), on behalf of Orono Senior Housing, LLC, a <br />Minnesota limited liability company (the “Owner**), pursuant to (a) its authority under <br />Minnesota Statutes, Section 462C, as amended (the “Act”), and (b) a Trust Indenture, <br />dated as of November 1,2001 (the “Indenture”), between the City and U.S. Bank <br />Trust National Association, as Trustee (the “Trustee”) <br />2. Public Hearing. The City conducted a public hearing (the “Public <br />Hearing), on May 14, 2001, on the Owner's proposal that the City issue Uic Bonds and <br />adopt a housing program related thereto (the “Housing Program”) for the purpose of <br />loaning the proceeds thereof to the Owner to finance the cost of the development, <br />acquisition, construction, equipping and financing of 62 units of multi family housing <br />for seniors (the “Project”) to be owned by the Owner and to be located in the City at <br />Brown Road and Wayz.iia Blvd. All parties who appeared at the Public Hearing were <br />given an opportunity to express their views w ith respect to the proposal and the <br />Housing Program was approved. <br />3. PiKuments Presented Forms of the following documents relating to <br />the Bonds ha\ e been submitted to the City and arc now on file in the City’s offices: <br />(a) a Loan Agreement (the “Loan Agreement”), dated as of <br />November 1,2001, between the City and the Owner, whereby the City has <br />agreed to loan the proceeds of the Bonds to the Ow ner to finance the Project <br />and the Owner has agreed to repay the loan by amounts payable under the <br />Loan Agreement; <br />(b) the Indenture, authorizing the issuance and setting the terms of <br />the Bonds and pledging the revenues to be derived from the Loan Agreement <br />as security for the Bonds, and setting forth proposed recitals, covenants and <br />agreements relating thereto; <br />(c) a Combination Mortgage, Security Agreement, Fixture