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LLC Project), Series 2010 (the "Bloomington Bonds in one or more series, in the original aggregate <br />principal amount of up to $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 (ii) the Variable Rate Demand Health Care <br />Revenue Refunding Bonds (Presbyterian Homes Care Centers, Inc. Project), Series 2002, issued by the <br />City of Roseville, Minnesota "Roseville on September 26, 2002, in the original aggregate principal <br />amount of $8,950,000, the proceeds of which were used to (a) refund the outstanding principal balance of <br />the Housing and Health Care Facilities Revenue Refunding Bonds (Presbyterian Homes Care Centers, <br />Inc. Project), Series 1997, issued by Roseville in the original aggregate principal amount of $8,525,000, <br />the proceeds of which were used to pay for renovations to a 143 -bed skilled nursing facility located at <br />1910 County Road D in Roseville, and (b) make capital improvements to said 143 -bed skilled nursing <br />facility; and <br />WHEREAS, PHS/Mayfield, LLC, a Minnesota nonprofit limited liability company, the sole <br />member of which is Presbyterian Homes Housing and Assisted Living, Inc., has requested that Little <br />Canada issue its Senior Housing Revenue Refunding Bonds PHS/Mayfield, LLC Project), Series 2010 <br />(the "Little Canada Bonds in one or more series, in the original aggregate principal amount of up to <br />$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, pursuant to Section 469.155, subd. 12 of the Municipal Development Act, a <br />municipality may issue revenue bonds under the Municipal Development Act to refund, in whole or in <br />part, bonds previously issued by any other municipality on behalf of an organization described in section <br />501(c)(3) of the Code, but only with the consent of the original issuer of such bonds; and <br />WHEREAS, pursuant to Section 462C.07 of the Housing Act and Minnesota Statutes, Section <br />462A.08, a municipality may issue revenue bonds under the Housing Act to refund, in whole or in part, <br />bonds previously issued by any other municipality, but only with the consent of the original issuer of such <br />bonds; and <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ARDEN <br />HILLS, MINNESOTA: <br />1. The issuance of the Bloomington Bonds by Bloomington pursuant to the Municipal <br />Development Act for the purpose of redeeming and prepaying a portion of the Series 1999A Bonds issued <br />by Arden Hills is hereby approved. <br />2. The issuance of the Little Canada Bonds by Little Canada pursuant to the Housing Act <br />for the purpose of redeeming and prepaying a portion of the Series 1999A Bonds issued by Arden Hills is <br />hereby approved. <br />3. The Bloomington Bonds will constitute a revenue obligation secured solely by the <br />security pledged by the Borrower, including a mortgage on and the revenues derived from the operation <br />of, one of the projects refinanced with the proceeds of the Bloomington Bonds, revenues derived from the <br />operation of another project owned by the Borrower, and other security provided by the Borrower. The <br />Bloomington Bonds will not constitute a general or moral obligation of Bloomington or Arden Hills, or <br />be secured by any taxing power of Bloomington or Arden Hills. <br />2 <br />