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<br /> -1- <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br /> <br /> <br />RESOLUTION NO. 2015-035 <br /> <br />AUTHORIZING THE ISSUANCE AND SALE OF SENIOR HOUSING <br />REVENUE NOTE (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. <br />PROJECT), SERIES 2015, IN THE ORIGINAL AGGREGATE PRINCIPAL <br />AMOUNT NOT TO EXCEED $10,000,000; APPROVING THE FORM OF AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF THE NOTE, NOTE <br />PURCHASE AGREEMENT, LOAN AGREEMENT, AND CERTAIN RELATED <br />DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, AND <br />REMEDIES WITH RESPECT TO THE NOTE; AND AUTHORIZING <br />AMENDMENTS TO THE NOTES ISSUED IN CALENDAR YEARS 2011 AND <br />2012 FOR THE BENEFIT OF PRESBYTERIAN HOMES OF ARDEN HILLS, <br />INC. <br /> <br /> <br /> WHEREAS, the City of Arden Hills, Minnesota (the “City” or the “Issuer”) is a statutory city <br />duly organized and existing under the Constitution and laws of the State of Minnesota; and <br /> <br /> WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly <br />Minnesota Statutes, Chapter 462C, as amended (the “Housing Act”), statutory and home rul e cities and <br />other political subdivisions of the State of Minnesota are authorized to carry out the public purposes <br />described therein and contemplated thereby in the financing of multifamily housing developments by <br />issuing revenue obligations to defray, in whole or in part, the development costs of multifamily housing <br />developments, and by entering into any agreements made in connection therewith and by pledging any <br />such agreements as security for the payment of the principal of and interest on any such reve nue <br />obligations; and <br /> <br /> WHEREAS, a multifamily housing development financed under the Act may consist of a <br />multifamily housing development combined with a new or existing health care facility if: (i) the <br />multifamily housing development is designed and intended to be used for rental occupancy; (ii) the <br />multifamily housing development is designed and intended to be used primarily by elderly or physically <br />disabled persons; and (iii) nursing, medical, personal care, and other health related assisted living services <br />are available on a twenty-four hour basis in the multifamily housing development to the residents; and <br /> <br /> WHEREAS, to finance a program for a multifamily housing development, the Issuer may, upon <br />approval of a housing program with respect to such proposed multifamily housing development, issue and