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"Bloomington Bonds in one or more series, in the original aggregate principal amount of up to
<br />$19,000,000; and
<br />WHEREAS, the proceeds of the Bloomington Bonds are proposed to be used to refund all or a
<br />portion of various bond issues, including: (i) the Series 1999A Bonds (excluding the portion of the Series
<br />1999A Bonds used to refinance the Mayfield Project) and the Series 2001 Notes issued by the City and
<br />described above; and (ii) the Variable Rate Demand Health Care Revenue Refunding Bonds (Presbyterian
<br />Homes Care Centers, Inc. Project), Series 2002 (the "Series 2002 Bonds issued by the City of
<br />Roseville, Minnesota "Roseville on September 26, 2002, in the original aggregate principal amount of
<br />$8,950,000, the proceeds of which were used to (a) refund the outstanding principal balance of the
<br />Housing and Health Care Facilities Revenue Refunding Bonds (Presbyterian Homes Care Centers, Inc.
<br />Project), Series 1997, issued by Roseville in the original aggregate principal amount of $8,525,000, the
<br />proceeds of which were used to pay for renovations to a 143-bed skilled nursing facility located at 1910
<br />County Road D in Roseville, and (b) make capital improvements to said 143 -bed skilled nursing facility;
<br />and
<br />WHEREAS, PHS /Mayfield, LLC, the sole member of which is Presbyterian Homes Housing and
<br />Assisted Living, Inc., has requested that Little Canada issue its Senior Housing Refunding Revenue
<br />Bonds (Presbyterian Homes Mayfield Project), Series 2010 (the "Little Canada Bonds in one or more
<br />series, in the original aggregate principal amount of up to $6,000,000; and
<br />WHEREAS, the proceeds of the Little Canada Bonds are proposed to be used to refund the
<br />portion of the Series 1999A Bonds that refinanced the Mayfield Project; and
<br />WHEREAS, since a portion of the facilities proposed to be refinanced by the Bloomington Bonds
<br />are located in the City, Section 147(0 of the Internal Revenue Code of 1986, as amended, and regulations
<br />promulgated thereunder require that, prior to the issuance of the Bloomington Bonds, this Council
<br />approve the issuance of the Bonds by Bloomington, after conducting a public hearing thereon; and
<br />WHEREAS, Minnesota Statutes, Section 469.155, subd. 12 requires that prior to a municipality
<br />issuing bonds to refund bonds issued by another municipality, the consent of the municipality that issued
<br />the bonds to be refunded must be obtained; and
<br />WHEREAS, following the proposed public hearing, the City Council will be asked to consent to
<br />the issuance of the Bloomington Bonds and the Little Canada Bonds.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ARDEN
<br />HILLS, MINNESOTA:
<br />1. A public hearing on the proposal that Bloomington issue the Bloomington Bonds to
<br />refinance the Arden Hills Project is hereby called, and such meeting shall be held on Monday, November
<br />15, 2010, at 7:00 P.M., at City Hall; and
<br />2. The Finance Director shall cause notice of the public hearing, in substantially the form
<br />attached hereto as Exhibit A, to be published in the official newspaper of the City and a newspaper of
<br />general circulation in the City, once not less than 14 days prior to the date fixed for the public hearing.
<br />2
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