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. . . CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 99-32 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF SENIOR HOUSING REVENUE BONDS TO PROVIDE FUNDS FOR A SENIOR HOUSING AND HEALTH CARE PROJECT (PRESBYTERIAN HOMES OF ARDEN HILLS, INC. PROJECT) BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as follows: 1. Authoritv. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the "Housing Program Act) and Minnesota Statutes, Scctions 469,152 through 469,165, as amended (the "Industrial Development Act") (collectively, the "Act"), authorized to issue and sell its revenue bonds for the purpose of financing the cost of health care facilities and housing developments for the elderly and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project: Documents Presented. Presbyterian Homes of Arden Hills, Inc" a Minnesota nonprofit corporation (the "Corporation"), has proposed to this Council that the City issue and sell its $18,605,000 Health Care and Housing Revenue Refunding Bonds (Presbyterian Homes of Arden Hills, Inc, Project), Series 1999A (the "Series 1999A Bonds") and its $7,161,000 Variable Rate Demand Health Care and Housing Revenue Bonds (Presbyterian Homes of Arden Hills, Inc, Project), Series 1999B (the "Series 1999B Bonds" and together with the Series 1999A Bonds, the "Bonds"), in substantially the form set forth in the Indentures described below, pursuant to the Act and loan the proceeds thereof to the Corporation, in order to provide financing with respect to costs of the refinancing, acquisition, construction or renovation by the Corporation of housing and/or health care facilities as more particularly described in Exhibit A (the "Project"). The Corporation's obligation to repay the Bonds in accordance with the Loan Agreements described below will be initially secured by irrevocable letters of credit issued by U.S. Bank National Association. Forms of the following documents relating to the Bonds have been submitted to the City: