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<br />WHEREAS, the City is authorized by the laws of the State of Minnesota, particularly <br />Minnesota Statutes, Section 469.041 and Section 471.191, subdivision 2 to provide in its budget <br />each year for any anticipated deficiency in revenues of the Project available for operation and <br />maintenance of the Project, and to levy a tax for such purpose; and <br /> <br />WHEREAS, the Issuer and the County have requested, as a condition to the issuance of <br />the Bonds, that the City provide its support to the Project and the Bonds by pledging funds to pay <br />operating and maintenance costs of the Project, to the extent Project revenues are insufficient for <br />such purpose, for a five year period; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THIS CITY COUNCIL OF THE CITY <br />OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1. It is hereby found, determined and declared that the preservation of the quality of <br />life, in the City is dependent upon the construction, maintenance, provision, and preservation of <br />an adequate housing stock which is affordable to elderly persons and families of low or moderate <br />income and that accomplishing this is a public purpose. <br /> <br />2. The Operating Deficit Agreement (the "Operating Deficit Agreement") and <br />Amendment No. 1 to Joint Powers Agreement (the "JP A Amendment") in substantially the <br />forms submitted to the City at this meeting are hereby approved. The Operating Deficit <br />Agreement and the JP A Amendment are hereby authorized and directed to be executed and <br />delivered in the name and on behalf of the Issuer by its Mayor and City Administrator, provided <br />that the form and terms of the Operating Deficit Agreement and the JP A Amendment may be <br />varied prior to execution and delivery by the parties thereto, provided that any such variance <br />shall not be, in the opinion of the Mayor, materially adverse to the interests of the City. The <br />execution and delivery of the Operating Deficit Agreement and the JPA Amendment.as provided <br />above shall be conclusive evidence of the determination that any such variance was not <br />materially adverse to the interests of the City. <br /> <br />3. The Mayor and City Administrator are hereby authorized to execute such <br />additional documents and certificates as are deemed by bond counsel to be necessary or <br />advisable in connection with the issuance of the Bonds by the Issuer. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Jeffrey, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayor Ramsey <br />Councilmember Elvig <br />Councilmember Jeffrey <br />Councilmember Dehen <br />Councilmember McGlone <br />Councilmember Wise <br /> <br />and the following voted against the same: <br /> <br />Councilmember Look <br /> <br />2 <br />