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KITTITAS COUNTY, WASHINGTON RESOLUTION NO. A RESOLUTION APPROVING THE ISSUANCE OF REVENUE OBLIGATIONS BY THE HOUSING AUTHORITY OF KITTITAS COUNTY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $15,435,000, TO FINANCE THE ACQUISITION, REHABILITATION AND EQUIPPING OF SIX APARTMENT COMPLEXES TO PROVIDE HOUSING FOR LOW-INCOME PERSONS IN KITTITAS COUNTY, WASHINGTON. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF KITTITAS COUNTY, WASHINGTON, as follows: WHEREAS, Kittitas County, Washington (the "County"), is a county duly organized and existing under and virtue of the Constitution and laws of the State of Washington (the "State"); WHEREAS, as provided in RCW 35.82.030, the Board of County Commissioners of the County previously activated the Housing Authority of Kittitas County (the "Authority") pursuant to Resolution 70-5 adopted on May 23, 1970; WHEREAS, RCW 35.82.020(l 1) and 35.82.130 together provide that a housing authority may issue bonds, notes or other obligations for any of its corporate purposes; WHEREAS, RCW 35.82.070(18) provides that a housing authority may, among other things and if certain conditions are met, "make . . . loans for the acquisition, construction, reconstruction, rehabilitation, improvement, leasing, or refinancing of land, buildings, or developments for housing for persons of low income"; WHEREAS, the Authority has advised the County that the Authority intends to issue certain obligations (the "Obligations") in the maximum aggregate principal amount of $15,435,000 pursuant to chapter 35.82 RCW and a plan of financing (the "Plan of Financing") with respect to the acquisition, rehabilitation and equipping of six apartment complexes (collectively, the "Projects") that will be owned for federal tax purposes by Kittitas RAD Affordable Housing Portfolio LLLP (the "Borrower"), a Washington limited liability limited partnership of which the Authority is the sole general partner; WHEREAS, the Authority also has advised the County that the proceeds of the Obligations will be used to make one or more loans to the Borrower to finance the costs of the Projects, and that the Authority intends that the interest on the Obligations be eligible for exclusion from gross income for federal income tax purposes pursuant to Sections 103 and 142 of the Internal Revenue Code of 1986, as amended (the "Code"); 53433740 2