CCP 04-27-1992 - Laserfiche WebLink

Home Browse Search

, CITY OF ARDEN HILLS RAMSEY COUNTY, MINNESOTA . RESOLUTION NO. 91 - 19 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE BOND PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED, TO PROVIDE FUNDS TO BE LOANED TO PRESBYTERIAN HOMES OF MINNESOTA, INC. FOR ELDERLY HOUSING PROJECT BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City") , as follows: 1. Authoritv. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the lIActll) I authorized to issue and sell its revenue bonds for the purpose of undertaking authorized housing programs and to enter into contracts necessary or convenient in the exercise of the powers granted by the Act and to pledge revenues of the project and otherwise secure such bonds. 2. Authorization of Bond. The City Council hereby determines that it is desirable and expedient to authorize, and the City Council does hereby authorize, the issuance of a revenue bond of the City pursuant to the Act to provide funds to be . loaned to Presbyterian Homes of Minnesota, Inc. , a Minnesota nonprofit corporation (the lIBorrowerll) I to enable the Borrower to refinance certain Existing Indebtedness (as further described in the Loan Agreement referred to below), incurred with respect to its existing elderly housing facilities in the City commonly known as "Sutton Place" (together with the undertaking by the Borrower of certain improvements, rehabilitation and renovation thereof, all as more fully described in the Loan Agreement, the "Project") . 3. Documents Presented. Forms of the following documents relating to the Project and the financing thereof have been submitted to and examined by the City and are now on file in the office of the City Clerk/Administrator: (a) Loan and Purchase Agreement (the "Loan Agreement") , dated as of April ~, 1992, between and among the City, the Borrower and Norwest Bank Minnesota, National Association (the "Lender") , whereby, among other things, the City agrees to issue and sell to the Lender and the Lender agrees to purchase from the City the City'S Housing Facilities Revenue Bond (PreSbyterian Homes of Minnesota, Inc. Sutton Place Project) (the "Bond") , the City agrees to make a loan to the Borrower of the proceeds of the sale of the Bond, and the Borrower covenants to pay amounts . sufficient to provide for the full and prompt payment when due of the principal of, premium, if any, and interest on the Bond; and