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'It <br /> �- IQEN HILLS <br /> CITY OF ARDEN HILLS <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO.2015-035 <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 /> 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 /> 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 rule 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 revenue <br /> obligations; and <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 /> 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 <br /> -1- <br />