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e - ., Resolution No. 99-16 Notice, Page Three May 24, 1999 The maximum aggregate estimated principal amount of bonds or other obligations to be issued by the City to finance the Project would be $30,000,000. It is anticipated that up to three series of Bonds will be issued to finance the Project. The Developer will be the initial owner and operator of The Mayfield and the Gardens of Gideon Pond; McKnight Care Center and Lakeview will be initially owned and operated by Presbyterian Homes of Arden Hills, Inc.; Presbyterian Homes on Lake Minnetonka, will be initially owned and operated by Presbyterian Homcs Care Centers; Bloomington Care Center will be initially owned by Presbyterian Homes Bloomington Care Center, Inc.; and Mill Pond Care Center will be initially owned by Presbyterian Homes Mill Pond Care Center, Inc. The Developer and/or one or more or all of the foregoing entities will be the obligators under the Bonds (the "Obligated Group"). Presbyterian Homes Management and Services, Inc will initially manage all facilities. The bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property ofthe City or the Cities of Little Canada, Spring Park, or Bloomington, MN or Ankeny, lA, except the Project and the revenues to be derived from the Project. Such bonds or obligations will not be a charge against the general credit or taxing powers of the City or the Cities of Little Canada, Spring Park, or Bloomington, MN or Ankeny, lA, but are payable from sums to be paid by the Obligated Group pursuant to a revenue agreement. A draft copy of the proposed application to tbe Commissioner of the Department of Trade and Economic Development, State of Minnesota, for approval of the project, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at tlle City Hall in the City. At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the financing of the Project, pursuant to the housing financing program. Written comments will be considered if submitted at the above City office on or before the date ofthe hearing. Further information concerning the housing financing program, the application to the Department of Trade and Economic Development, and the Project may be obtained from the City Administrator during normal business hours. DATED: BY ORDER OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MN May 25,1999 By: BRIAN FRITSINGER ITS: CITY ADMINISTRATOR