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<br /> . <br /> ... <br /> I. City of Arden Hills <br /> Ramsey County <br /> . RESOLUTION NO. 95- 62 <br /> . <br /> A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br /> I HOUSING AND HEALTH CARE FACILITIES REVENUE BONDS, TO PROVIDE <br /> FUNDS <br /> FOR A PROJECT ON BEHALF OF JOHANNA SHORES, INC. <br /> . <br /> . BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota <br /> (the "City"), as follows: <br /> . 1. Authority, The City is, by the Constitution and laws of the State of <br /> Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the "Act"), authorized to <br /> issue and sell its revenue bonds and refunding revenue bonds for the purpose of fmancing and <br /> . refinancing costs of combination housing and health care developments, and to enter into <br /> agreements necessary or convenient in the exercise of the powers granted by the Act. <br /> .- 2, Authorization of Project: Documents Presented. Johanna Shores, <br /> Inc., a Minnesota nonprofit corporation (the "Corporation"), and an affiliate of The <br /> . Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation, has proposed to this <br /> Council that the City issue and sell its City of Arden Hills Housing and Health Care Facilities <br /> Revenue Bonds (The Presbyterian Homes of Minnesota, Inc. Project), Series 1995, in <br /> . substantially the form set forth in the hereinafter-mentioned Indenture (the "Bonds"), pursuant <br /> to the Act and loan the proceeds thereof to the Corporation in order to ref mance, rehabilitate <br /> and renovate and acquire and construct improvements, including site improvements, to the <br /> . Corporation's existing housing and health care facilities located at 3220 Lake Johanna <br /> Boulevard and 3120 Lake Johanna Boulevard in the City, including acquisition and installation <br /> . of all related furnishings and equipment (collectively referred to herein as the "Project"). <br /> Refinancing of such facilities will include the refunding of the City's outstanding Housing <br /> Facilities Revenue Bond (The Presbyterian Homes of Minnesota, Inc, Sutton Place Project) <br /> . (sometimes referred to as the "Prior Bond"). Forms of the following documents relating to the <br /> Bonds have been submitted to the City and are now on file in the office of the City Clerk: <br /> . (a) Loan Agreement (the "Loan Agreement") dated as of September 1, <br /> 1995 between the City and the Corporation, whereby the City agrees to make a <br /> . loan to the Corporation of the gross proceeds of sale of the Bonds and the <br /> Corporation agrees to complete the Project and to provide for the refunding and <br /> redemption in whole of the Prior Bond, as more fully provided therein, and to <br /> .e <br /> I <br />