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<br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />. <br /> <br />RESOLUTION NO. 92 - 19 <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />REVENUE BOND PURSUANT TO <br />MINNESOTA STATUTES, CHAPTER 462C, <br />AS AMENDED, TO PROVIDE FUNDS TO BE LOANED <br />TO PRESBYTERIAN HOMES OF MINNESOTA, INC. <br />FOR ELDERLY HOUSING PROJECT <br /> <br />, <br /> <br />BE IT RESOLVED by the City Council of the City of Arden <br />Hills, Minnesota (the "City"), as follows: <br /> <br />1. Authoritv. The City is, by the Constitution and <br />laws of the State of Minnesota, including Minnesota Statutes, <br />Chapter 462C, as amended (the "Act"), authorized to issue and <br />sell its revenue bonds for the purpose of undertaking authorized <br />housing programs and to enter into contracts necessary or <br />convenient in the exercise of the powers granted by the Act and <br />to pledge revenues of the project and otherwise secure such <br />bonds. <br /> <br />. <br /> <br />2. Authorization of Bond. The City Council hereby <br />determines that it is desirable and expedient to authorize, and <br />the City Council does hereby authorize, the issuance of a revenue <br />bond of the City pursuant to the Act to provide funds to be <br />loaned to Presbyterian Homes of Minnesota, Inc., a Minnesota <br />nonprofit corporation (the "Borrower"), to enable the Borrower to <br />refinance certain Existing Indebtedness (as further described in <br />the Loan Agreement referred to below), incurred with respect to <br />its existing elderly housing facilities in the City commonly <br />known as "Sutton Place" (together with the undertaking by the <br />Borrower of certain improvements, rehabilitation and renovation <br />thereof, all as more fully described in the Loan Agreement, the <br />"Project") . <br /> <br />. <br /> <br />3. Documents Presented. Forms of the following <br />documents relating to the Project and the financing thereof have <br />been submitted to and examined by the City and are now on file in <br />the office of the City Clerk/Administrator: <br /> <br />(a) Loan and Purchase Agreement (the "Loan <br />Agreement"), dated as of April 1, 1992, between and among <br />the City, the Borrower and Norwest Bank Minnesota, National <br />Association (the "Lender"), whereby, among other things, the <br />City agrees to issue and sell to the Lender and the Lender <br />agrees to purchase from the City the City's Housing <br />Facilities Revenue Bond (presbyterian Homes of Minnesota, <br />Inc. Sutton Place Project) (the "Bond"), the City agrees to <br />make a loan to the Borrower of the proceeds of the sale of <br />the Bond, and the Borrower covenants to pay amounts <br />sufficient to provide for the full and prompt payment when <br />due of the principal of, premium, if any, and interest on <br />the Bond; and <br />