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4. . �, d � O� • O O � C ITY of ORONO � a � - ti �� G'�' RESOLUTION OF THE CITY COUNCIL �`�kEsKOg'� rvo. 5 5 5 0 RESOLUTION APPROVING THE ISSUANCE AND SALE OF SENIOR HOUSING REFUNDING REVENUE BONDS (ORONO WOODS APARTMENT PROJECT), SERIES 2006 AND AUTI�ORIZING EXECUTION AND DELNERY OF DOCUMENTS RELATED THERETO BE IT RESOLVED Uy the City Council of the City of Orono, Minnesota as follows: 1. Authori . The City has been requested to issue one or more series of its Senior Housing Refunding Revenue Bonds (Orono Woods Apartment Project), Series 2006 (as defined in the Indenture, the "Bonds"), on behalf of Orono Senior Housing, LLC, a Minnesota limited liability company (the "Owner"), pursuant to (a) its authority under Minnesota Statutes, Section 462C, as amended (the "Act"), and (b) an Indenture of Trust, • dated as of December 1, 2006 (the "Indenture"), between the City and U.S. Bank National Association, as Trustee (the "Trustee") 2. Public Hearin�. The City conducted a public hearing (the "Public Hearing), on December 11, 2006, on the Owner's proposal that the City issue the Bonds and amend its existing housing program related thereto (the "Housing Program") for the purpose of loaning the proceeds thereof to the Owner to refund the outstanding principal amount of the City's Senior Housing Revenue Bonds (Orono Woods Aparhneiit Project), Series 2001A (the "Series 2001A Bonds") and Senior Housing Revenue Bonds (Orono Woods Apartnlent Project), Subordinate Series 2001C (the "Series 2001C Bonds" and, together with the Series 2001A Bonds, the "Prior Bonds"), the proceeds of which were used to finance a portion of the costs of the development, acquisition, construction and equipping of a 62-unit senior housing facility located in the City at Brown Road and Wayzata Boulevard (the "Project"). All parties who appeared at the Public Hearing were given an opporhinity to express their views with respect to the proposal and the amendment to the Housing Program was approved. 3. Documents Presented. Forms of the following documents relating to the Bonds have been submitted to the City and are now on file in the City's offices: (a) a Loan Agreement (the "Loan Agreement"), dated as of December 1, 2006, between the City and the Owner, whereby the City has agreed to loan the proceeds of the Bonds to the Owner to refund the outstanding Prior Bonds and certain • other obligations and the Owner has agreed to repay the loan by amounts payable under the Loan Agreement; .