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� <br />�N HILLS <br />CITY OF ARDEN fIILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 2011-042 <br />AUTHORIZING THE ISSUANCE AND SALE OF SENIOR H�USING <br />REVENUE NOTES (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. <br />PROJECT), SERIE� 20I1A AND SERIES 2012A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT NOT TQ EXCEED $20,000,000; <br />APPROVING THE FORM OF AND AUTHORYZlNG THE EXECUTION AND <br />DELIVERY OF THE NQTES, LOAN AGREEMENTS, AND CERTAIN <br />RELATED DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, <br />AND REMEDIES WITH RESPECT TO T�-IE NUTES <br />WI�REAS, pursuant ta fihe Constitution and Iaws of the State of Minnesota, particularly <br />Minnesota Statutes, Chapter 462C, as amended {the "Housing Act"), statutory and home rule cities and <br />other political subdivisions of the State of Minnesota are authorized to carry out the public purposes <br />described therein and cantemplated thereby in the frnancing of rnultifamily hausing developments by <br />issuing revenue obligations to defray, in whole or in part, the development costs of multifa�aily housing <br />developments, and by entering into any agreements made in connection therewith and by pledging any <br />such agreements as security for the payrr�ent of tt�e principal of and interest on any such rev�nue <br />obiigatians; and <br />WHEREAS, a�nultiiamiIy housing development financed under the Housing Act may consist of <br />a multifamily housing development co�nbined with a new or existing health care faciliry ii (i) the <br />multifamily ho�sing develo�ment is designed and intended to be used for rental occupancy; (iz) the <br />�nultifamily housing development is deszg�ned and intended to be used primarily by elderly or physically <br />handicapped persans; and (iii) nursing, medical, personal care, and other healt�-related, assisted-living <br />services are available on a 24-hour basis in the multifamily housing developmen� to the residents; and <br />WI�REAS, Presbyterian Homes af Arden Hilis, Inc., a Minnesota nonpro�t corporation (the <br />"Borrawer"), has requested the participation ot�the City of Arden HilIs (the "City") in the financing of the <br />demolition of an existing senior housing facility and the acquisitian, construction, and equipping of a <br />multifamiIy �ousing developmant consisting of a senior rental housing facility comprising independent <br />living units, assisted living units, and memory-care units {a ca�nbined total of a�proximately 166 dwelling <br />units) to be located at 3120 and 322Q Latce Johanna Baulevard in the City (the "Project"); and <br />WHEREAS, a Housing Program for a MuItifamily Housing Development {iha "Housing <br />Program") with respect to the Project and the issuance of revenue obligations to finance the Housing <br />Program and the Project was prepared pursuant to the requirements of Seciion 462C.03, subdivision I a, <br />of the Housing Act, and is on file with the City; and <br />