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RESOLUTION CALLING FOR A PUBLIC HEARING ON GIVING HOST APPROVAL TO <br /> THE ISSUANCE OF HOUSING AND HEALTH CARE REVENUE REFUNDING NOTES TO <br /> REFINANCE A PROJECT BY PRESBYTERIAN HOMES AND <br /> SERVICES AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br /> (PHS/LAKE MINNETONKA CAMPUS PROJECT) <br /> WHEREAS, the purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among <br /> other things, to confer upon cities the power to issue revenue bonds to finance projects as defined <br /> therein; and <br /> WHEREAS, Arden Hills, Minnesota ("Arden Hills") has received from PHS/Lake <br /> Minnetonka, LLC (the "Borrower"), an affiliate of Presbyterian Homes and Services, a Minnesota <br /> nonprofit corporation and 501(c)(3) organization, a proposal that the City of Chanhassen, Minnesota, <br /> the City of St. Bonifacius, Minnesota, and the City of Spring Park, Minnesota each undertake a <br /> program to assist in refinancing, among other things, a Project described in Exhibit A, a portion of <br /> which is located in Arden Hills, through the issuance of revenue notes or obligation (in one or more <br /> series) (the "Notes")pursuant to the Act; and <br /> (c) WHEREAS, Arden Hills has been advised that a public hearing and City <br /> Council approval of the refinancing of the Project is required under the Act and Section 147(f) of the <br /> Internal Revenue Code because a portion of the facilities to be refinanced by the Notes are located in <br /> Arden Hills; <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden <br /> Hills, Minnesota, as follows: <br /> 1. A public hearing on the proposal of the Borrower will be held at the time and place set <br /> forth in the attached Notice of Public Hearing. The general nature of the Project and an estimate of the <br /> aggregate principal amount of the Notes or other obligations to be issued to refinance the Project are <br /> described in the Notice of Public Hearing. <br /> 2. The Administrator is hereby authorized and directed to cause notice of the hearing to be <br /> given one publication in the official newspaper and newspaper of general circulation available in the <br /> City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially <br /> in the form of the attached Notice of Public Hearing. <br /> Adopted by the City Council of the City of Arden Hills, Minnesota, this 31st day of <br /> March, 2014. <br /> Mayor <br /> ATTEST: <br /> A/�, � ��41 <br /> Administrator <br /> 2 <br /> 6094495v1 <br />