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<br />RESOLUTION GIVING PRELIMINARY APPROVAL TO A MUNICIPAL
<br />HOUSING PROGRAM AND AMENDMENT TO HOUSING PLAN TO PROVIDE
<br />FINANCING AND REFINANCING FOR A SENIOR HOUSING DEVELOPMENT AND
<br />THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFOR, ON BEHALF
<br />OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC.
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<br />WHEREAS, by the provisions of Minnesota Statutes, Chapter
<br />462C, as amended (the "Act"), the City of Arden Hills (the
<br />"City"), is authorized to plan, administer, and develop housing
<br />programs including senior housing developments, and to issue
<br />and sell revenue bonds to make loans to finance and refinance
<br />such developments, which revenue bonds shall be payable solely
<br />from the revenues to be derived in respect of such
<br />developments; and
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<br />WHEREAS, the City has prepared pursuant to the Act a
<br />Housing Plan for the City, which Housing Plan has been approved
<br />by the City Council (as amended from time to time, the "Housing
<br />Plan"). The Act provides that, prior to issuing revenue bonds
<br />or obligations with respect to a development described in
<br />Section 462C.05, subd. 4, of the Act, the City shall prepare a
<br />Program setting forth the information required by
<br />Section 462.03, Subd. la, and Section 462C.05, Subd, 6, of the
<br />Act, submit the Program for review to the Metropolitan Council,
<br />and, after holding a public hearing thereon, submit the Program
<br />to the Minnesota Housing Finance Agency for review, as provided
<br />in Section 462C.Ol of the Act, on the basis of the
<br />considerations stated in Section 462C.04 of the Act; and
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<br />WHEREAS, The PreSbyterian Homes of Minnesota, Inc., a
<br />Minnesota nonprofit corporation (the "Corporation"), has
<br />proposed a program under the Act to provide financing and
<br />refinancing for a senior housing development in the City, in
<br />accordance with the City's Housing Plan, as amended hereby, a
<br />copy of which Program is attached hereto as Exhibit A; and
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<br />WHEREAS, a description of the facilities to be financed and
<br />refinanced under the Program is set forth in the Program and is
<br />hereby incorporated herein by reference and made a part hereof
<br />(as described in Exhibit A, the "Facilities"); and
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<br />WHEREAS, under the Program, it is proposed that the City
<br />issue its revenue bond or revenue bonds (the "Bonds") pursuant
<br />to the Act in such aggregate principal amount as may be
<br />necessary to finance costs of renovation and refinancing the
<br />Facilities, including amounts, if necessary, to fund necessary
<br />reserves and for payment, in part, of the costs of issuing the
<br />Bonds, subject to agreement by the Corporation to pay promptly
<br />when due all principal of, premium, if any, and interest on the
<br />Bonds;
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