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CCP 02-25-2002
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CCP 02-25-2002
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<br />e <br /> <br />e <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ARDEN HILLS, MlNNESOT A <br /> <br />HELD: February 25,2002 <br /> <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br />Arden Hills, Ramsey County, Minnesota, was duly called and held at the City Hall in said City <br />on Monday, the 25th day of February, 2002, at o'clock .m. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION AUTHORIZING <br />EXECUTION OF AN AMENDMENT NOTE <br /> <br />A. WHEREAS, the City of Arden Hills, Minnesota (the "City") has issued its Health <br />Care Facility Revenue Refunding Note, Series 2001A (Presbyterian Homes Bloomington Care <br />Center, Inc. Project), and its Housing Facility Revenue Note, Series 2001B (Presbyterian Homes <br />Bloomington Care Center, Inc. Project) (collectively, the "Notes") in the aggregate principal <br />amount of $5,006,800 to provide funds to be loaned to Presbyterian Homes Bloomington Care <br />Center, Inc., a nonprofit corporation organized under the laws of the State of Minnesota (the <br />"Borrower") to finance the acquisition of approximately 39-45 cooperative senior housing units <br />in the Gideon Pond Cooperative located at 9901 Penn Avenue South, Bloomington, Minnesota, <br />to refinance the acquisition of its health care facilities known as the Bloomington Care Center, an <br />80-bed skilled nursing facility located at 401 W. 95th St., Bloomington, Minnesota and to <br />refinance capital costs incurred by the Borrower and affiliated entities in connection with the <br />Bloomington Care Center and the McKnight Care Center, a 20S-bed nursing home facility <br />located at 3220 Lake Johanna Boulevard, Arden Hills, Minnesota (collectively, the "Project"); <br /> <br />B. WHEREAS, Dakota Bank, in Mendota Heights, Minnesota (the "Lender"), the <br />Note holder, has requested that the Notes be amended to provide for a late payment penalty in <br />the event the Borrower has not paid the principal of, or interest on, the Note within ten (10) days <br />of its scheduled due date; and <br /> <br />C. WHEREAS, the Borrower has consented to such a late payment penalty; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arden <br />Hills, Minnesota, as follows: <br /> <br />I 379622vl <br />
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