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T l <br /> �---'- <br /> /� O� <br /> � O � O . <br /> ��b. - CITY of ORONO <br /> � � . <br /> �� G'�' RESOLUTION OF THE CITY COUNCIL <br /> ��ESHOg'� NO. � � Q.� � . <br /> A RESOLUTION <br /> APPROVINGTHE ISSUANCE AND SALE OF <br /> SE1vIOR 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. Authoritv. The City has been requested to issue one or more series of its <br /> Senior Housing Revenue Bonds (Orono Woods Apartment Project), Series 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 Trust <br /> National Association, as Trustee (the "Trustee") <br /> 2. Public Hearin�. The City conducted a public hearing (the "Public <br /> Hearing), on May 14,2001, on the Owner's proposal that the City issue the 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 multifamily housing for <br /> seniors(the"Proj ect")to be owned by the Owner and to be located in the City at Brown <br /> Road and Wayzata Blvd.All parties who appeared at the Public Hearing were given an <br /> opportunity to express their views with respect to the proposal and the Housing Program <br /> was approved. <br /> 3. Documents Presented. Forms of the following documents relating to the <br /> Bonds have been submitted to the City and are now on file in the City's offices: <br /> (a) aLoanAgreement(the"LoanAgreement"),dated as ofNovember <br /> 1, 2001, between the City and the Owner, whereby the City has agreed to loan <br /> the proceeds of the Bonds to the Owner to finance the Project and the Owner has <br /> agreed to repay the loan by amounts payable under the Loan Agreement; � <br /> � <br /> Page 1 of 6 <br />