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<br />. <br /> <br />. <br /> <br />. <br /> <br />Memorandum, Presbyterian Homes Bond Sale <br />Page Two <br />September 24, 1999 <br /> <br />Level of Proceeds to be Used in Arden Hills <br />Approximately $4,500,000,00 of the total issuance will be for the Arden Hills facility, The <br />issuance of the bonds for the Arden I-rills facility will refund the outstanding revenue bonds from <br />1995, and finance the renovation and improvement of the facilities, including financing of <br />working capital needs and costs of issuance. <br /> <br />City Oblil!:ations Should Presbvterian Homes Default <br />The bond is not a general obligation of the City of Arden Hills or any of the other cities, Such <br />bonds will not be a charge against the general credit or taxing powers of the city, The bonds are <br />based on the revenues of the project, and are payable from sums to be paid by the developer <br />pursuant to a revenue agreement. <br /> <br />The issuance of these revenue bonds by the city is permitted under Minnesota Statutes, Chapters <br />462 and 469, <br /> <br />Recommendation <br />Thc City Council is asked to adopt Resolution #99-32 entitled, "Resolution Providing for the <br />Issuance and Sale of Senior Housing Revenue Bonds to Provide Funds for a Senior Housing and <br />Health Care Project (Presbyterian Homes of Arden Hills, Inc, Project)," substantially in the form <br />presented subject to nonsubstantial changes being approved by the City Attorney and Interim <br />City Administrator; and authorize the Mayor and Interim City Administrator to execute all <br />necessary documentation. <br />