7E, Presbyterian Homes Conduit Debt - Call for PH and Authorize Publication of Hearing

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Project; (ii) the funding of one ar more reserve fiinds to secure the tim�Iy payment of the Bonds proposed to be issued to finance the Project; {iii} the payment af a partion of the interest on �he Bonds; and (iv} the payment oi a portion oithe costs oi issuing the Bonds; and WHEREAS, Section 147(� of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder, require that prior to the issuance of the Bonds, the Czty CounciI (the "Council") of the City �r►ust approve the financing of the 1'roject and issuance of the Bonds after conduc�ing a public hearing thereon and notice of such public hearing shaIl be pubtished at least once, not less than fourteen days �rior ta the data fixed far the hearing in a newspaper of general circulation within the City; and W�IEREAS, pursuant to Section 462C.05 of the Housing Act, prior to issuance of the Bonds by the City, a housing program with respect to #he Project (the "Program") must be prepared and must be adopted by the City Councii of the City after a public hearing on the Program following one publication of a notice in a newspaper circulating generally in the City a# least fifteen (15) days before the pubrtic hearing; and WIIEREAS, on or befare the day the notice af public hearing is pubIished, the City must submit the Program to the Metropolitan Council for its review and c�mrnents as to whether the Program furthers local and regional housing poIicies; and NOW, THEREFORE, BE IT RESOLVED THAT: 1. At the request of the Company, the Council shall meet at 7:00 p.m. on Monday, July 25, 2Q11, to conduct a public hearing with regard to the adoption of the Program and with regard to granting preliminary authorization to the issuance oi the Bonds as requested by the Compar�y. 2. Th� City hereby approves publica�ion of a notice of the pub�ic hearing in the Shoreview- Arden Hills Bulletin, a newspaper of general circulation in the City at least once not less than fifteen (1 S} days prior to #he date of the public hearfng. The form of the natice is attached hereto as EXHIBIT A and is hereby approved, with such necessary and appropriate variations, omissions, and insertions as the Mayor and Administrator of the City in their discretion shall deter�nine. 3. The administrative staff of the City is hereby authorized, with the assistance of Kennedy & Graven, Claariered, as bond counsel to Y1ie City, io prepare the Program and submit tha Program to the Metropolitan Council on ar before the date of publicatian of the notice af p�zblic hearing. 4. Th� adoption of �his Resolution does not constitute a guaranty or firm commitment that the City will issue the Bonds as requested by the Company. The City retains the right in its sale discret[on to withdraw from participation and accordingly not io issue the Bonds, ar to issue the Bonds in an amount less that the amount referred to herein, should the City at any time prior to issuance thereof determine that it is in the best interesi of th� City not to issue the Sands, ar to issue the Bonds in an amount less than the amount referred to above, ar should the parkies ta the transaction be unable to reach agreement as to the terms and canditions of any of the documents required for t1�e transaction. Adopted by the Council of the City of Arden Hills, Minr�esota an t�is June 27, 2011. 388[4Ev2 JCU AR200-12