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. . . - . CITY OF ARDEN HILLS RAMSEY COUNTY RESOLUTION NO. 95-56 A RESOLUTION GIVING APPROVAL TO A MUNICIPAL HOUSING PROGRAM TO PROVIDE FINANCING AND REFINANCING FOR A COMBINATION HEALTH CARE AND SENIOR HOUSING DEVELOPMENT AND GIVING PRELIMINARY APPROVAL TO THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFORE ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC. OR AN AFFILIATE THEREOF WHEREAS, by the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City of Arden Hills (the "City"), is authorized to develop housing programs, including programs for combination health care and senior housing developments, and to issue and sell revenue bonds to finance and refinance such developments, which revenue bonds shall be payable solely from the revenues to be derived in respect of such developments; and WHEREAS, the City has prepared pursuant to the Act a Housing Program, which Housing Program sets forth the information required by Section 462.03, Subd. la, and Section 462C.05, Subd. 6, of the Act, and, in accordance with the applicable provisions of the Act, has submitted the Program for review to the Metropolitan Council; and WHEREAS, The Presbyterian Homes of Minnesota, Inc. a Minnesota nonprofit corporation, or an affiliate thereof (referred to herein in the alternative as the "Corporation"), has proposed pursuant to such Program to refinance, rehabilitate, renovate and acquire and construct improvements to its existing health care and housing facilities in the City, located at 3220 Lake Johanna Boulevard and 3120 Lake Johanna Boulevard, (conunonly known, respectively, as "McKnight Care Center," "Lake View Assisted Living," and "Sutton Place"), and to provide financing therefor through the issuance by the City of its revenue bonds under the Act; and WHEREAS, a more detailed description ofthe facilities to be financed and refinanced under the Program is set forth in the Program and is hereby incorporated herein by reference and made a part hereof (as so described, the "Facilities"); and WHEREAS, under the Program, it is proposed that the City issue its revenue bonds (the "Bonds") pursuant to the Act in such aggregate principal amount as may be necessary to finance costs ofthe refinancing, rehabilitation, renovation and improvement ofthe Facilities, including amounts, if necessary, to fund necessary reserves and for payment, in part, of the costs of issuing the Bonds, subject to agreement by the Corporation to pay promptly when due all principal of, premium, if any, and interest on the Bonds: