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. . f City of Arden Hills Ramsey County RESOLUTION NO. 95- 62 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF HOUSING AND HEALTH CARE FACILITIES REVENUE BONDS, TO PROVIDE FUNDS FOR A PROJECT ON BEHALF OF JOHANNA SHORES, INe. BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as follows: I. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the "Act"), authorized to issue and sell its revenue bonds and refunding revenue bonds for the purpose of financing and refinancing costs of combination housing and health care developments, and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project: Documents Presented. Johanna Shores, Inc., a Minnesota nonprofit corporation (the "Corporation"), and an affiliate of The Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation, has proposed to this Council that the City issue and sell its City of Arden Hills Housing and Health Care Facilities Revenue Bonds (The Presbyterian Homes of Minnesota, Inc. Project), Series 1995, in substantially the form set forth in the hereinafter-mentioned Indenture (the "Bonds"), pursuant to the Act and loan the proceeds thereof to the Corporation in order to ref mance, rehabilitate and renovate and acquire and construct improvements, including site improvements, to the Corporation's existing housing and health care facilities located at 3220 Lake Johanna Boulevard and 3120 Lake Johanna Boulevard in the City, including acquisition and installation of all related furnishings and equipment (collectively referred to herein as the "Project"). Refinancing of such facilities will include the refunding of the City's outstanding Housing Facilities Revenue Bond (The Presbyterian Homes of Minnesota, Inc. Sutton Place Project) (sometimes referred to as the "Prior Bond"). Forms of the following documents relating to the Bonds have been submitted to the City and are now on file in the office of the City Clerk: (a) Loan Agreement (the "Loan Agreement") dated as of September I, 1995 between the City and the Corporation, whereby the City agrees to make a loan to the Corporation of the gross proceeds of sale of the Bonds and the Corporation agrees to complete the Project and to provide for the refunding and redemption in whole of the Prior Bond, as more fully provided therein, and to