$11,000 Multifamily Housing Revenue Refunding Bonds The Pointe at St Joseph Project

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• SECTION 1. Determination of Necessity. The execution and delivery of the City Documents, and the issuance and sale of the Bonds and the application of the proceeds thereof for the above stated purposes comply with the purposes and provisions of the Act and will be a benefit to the health and welfare of the citizens of the City. Each of the Refunding Project and New Money Project constitutes an "economic development facility" under the Act. SECTION 2. The Bonds; Authorization; Terms; Price. (a) The City hereby authorizes the issuance of (i) the Refunding A Bonds in the maximum aggregate principal amount of $9, 155, 000; (ii) the Refunding B Bond in the maximum aggregate principal amount of $1, 845, 000; (iii) the New Money A Bonds in the maximum aggregate principal amount not to exceed $525, 000; and (iv) the New Money B Bond in the maximum aggregate pricipal amount not to exceed $100, 000. The final principal amount of each of the New Money A Bonds and the New Money B Bond shall be determined between the Owner and original purchasers thereof, and consented to by the Mayor, as that amount of New Money Bonds necessary to finance the New Money Project, which determination shall be deemed conclusively made by the Mayor' s execution of the Supplemental Indenture. (b) All Bonds shall be dated as of their delivery date, and shall mature as provided in the Indenture; provided that the New Money Bonds shall not be issued and delivered earlier than thirty-one days following the issuance and delivery of the Refunding Bonds. The Refunding A Bonds and New Money A Bonds shall be subject to semi-annual mandatory sinking fund redemption as provided in the Indenture Supplemental Indenture. (c) The Refunding A Bonds shall bear interest at an annual rate of 9 .75% and the Refunding B Bond shall bear interest at an annual rate of 10.25%. The New Money A Bonds and New Money B Bond shall each bear interest at annual rates not to exceed 11.00%, which rates shall be determined between the Owner and the original purchasers of such Bonds, subject to the consent of the Mayor, which determination shall be deemed conclusively made by the Mayor's execution of the Supplemental Indenture. (d) The Bonds shall be in fully registered form in such denominations as are provided in the Indenture. The Bonds shall be payable in such medium and at such places, provide such registration privileges, and be subject to redemption or prepayment prior to maturity as provided in the Indenture and the Supplemental Indenture, the terms of which are incorporated herein and shall constitute a part of - 4 -