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05-08-23-R
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05-08-23-R
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Attachment B <br />NOTICE OF INTEREST RATE CHANGE <br />April 27, 2023 <br />Presbyterian Homes of Arden Hills, Inc. City of Arden Hills, Minnesota <br />2845 Hamline Avenue N. 1245 W. Highway 96 <br />Roseville, MN 55113 Arden Hills, MN 55112 <br />Attn: Chief Financial Manager Attn: City Administrator <br />Kennedy & Graven, Chartered <br />150 South Fifth Street, Suite 700 <br />Minneapolis, MN 55402-1299 <br />Re: City of Arden Hills, Minnesota Senior Housing Revenue Note <br />(Presbyterian Homes of Arden Hills, Inc. Project), Series 2015 issued <br />to Bremer Bank, National Association ("Lender") in the original <br />principal amount of $10,000,000.00; and <br />City of Arden Hills, Minnesota Amended and Restated Senior <br />Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. <br />Project), Series 2011A reissued to Lender in the original principal <br />amount of $9,503,938.05; and <br />City of Arden Hills, Minnesota Amended and Restated Senior <br />Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. <br />Project), Series 2012A reissued to Lender in the original principal <br />amount of $9,481,981.98 (collectively, the "Notes") <br />Ladies and Gentlemen: <br />As you are aware, the interest rate for the Notes are based on the 1-Month LIBOR <br />Rate (as defined in the Notes), plus 2.5%, multiplied by 0.67 (collectively, the "Existing <br />Index Rate"). The 1-Month LIBOR Rate will no longer be available after June 30, 2023. <br />The terms of the Notes with respect to the monthly resetting of the interest rate provide, <br />in part, as follows: <br />"If on any Reset Date, the 1-Month LIBOR Rate is no longer used by the Lender <br />as its index for adjustment, or is no longer available, the Lender will select a new <br />index for adjustment which is based upon comparable information and give the <br />City and Borrower written notice of the selected new index." <br />AR200-21-870700.0 <br />
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