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<br /> I ....
<br /> I CITY OF ARDEN HILLS
<br /> . RAMSEY COUNTY
<br /> I RESOLUTION NO. 95-56
<br /> A RESOLUTION GIVING APPROVAL TO A MUNICIPAL HOUSING PROGRAM TO
<br /> I PROVIDE FINANCING AND REFINANCING FOR A COMBINATION HEALTH
<br /> CARE AND SENIOR HOUSING DEVELOPMENT AND GIVING PRELIMINARY
<br /> APPROVAL TO THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFORE
<br /> I ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC. OR AN
<br /> AFFILIATE THEREOF
<br /> I WHEREAS, by the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act"),
<br /> I the City of Arden Hills (the "City"), is authorized to develop housing programs,
<br /> including programs for combination health care and senior housing developments,
<br /> and to issue and sell revenue bonds to finance and refinance such developments,
<br /> . which revenue bonds shall be payable solely from the revenues to be derived in
<br /> respect of such developments; and
<br /> . WHEREAS, the City has prepared pursuant to the Act a Housing Program, which Housing
<br /> Program sets forth the information required by Section 462.03, Subd. la, and
<br /> . Section 462C.05, Subd. 6, of the Act, and, in accordance with the applicable
<br /> I provisions of the Act, has submitted the Program for review to the Metropolitan
<br /> Council; and
<br /> . WHEREAS, The Presbyterian Homes of Minnesota, Inc, a Minnesota nonprofit corporation,
<br /> or an affiliate thereof (referred to herein in the alternative as the "Corporation"),
<br /> . has proposed pursuant to such Program to refinance, rehabilitate, renovate and
<br /> acquire and construct improvements to its existing health care and housing
<br /> facilities in the City, located at 3220 Lake Johanna Boulevard and 3120 Lake
<br /> I Johanna Boulevard, (commonly known, respectively, as "McKnight Care Center,"
<br /> "Lake View Assisted Living," and "Sutton Place"), and to provide financing
<br /> therefor through the issuance by the City of its revenue bonds under the Act; and
<br /> I WHEREAS, a more detailed description of the facilities to be financed and refinanced under
<br /> the Program is set forth in the Program and is hereby incorporated herein by
<br /> . reference and made a part hereof (as so described, the "Facilities"); and
<br /> \VHEREAS, 'under the Program, it is proposed that the Citv issue its revenLle bonds (the
<br /> . "Bonds") pursuant to the Act in such aggregate principal amount as may be
<br /> necessary to finance costs of the refinancing, rehabilitation, renovation and
<br /> improvement of the Facilities, including amounts, if necessary, to fund necessary
<br /> I reserves and for payment, in part, of the costs of issuing the Bonds, subject to
<br /> agreement by the Corporation to pay promptly when due all principal of,
<br /> .. premium, if any, and interest on the Bonds:
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