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<br />CITY OF ARDEN HILLS,
<br />MINNESOTA
<br />RESOLUTION NO. 2010-060
<br />RESOLUTION APPROVING THE ISSUANCE OF REVENUE
<br />REFUNDING BONDS BY THE CITY OF BLOOMINGTON,
<br />MINNESOTA UNDER MINNESOTA STATUTES, SECTIONS
<br />469.152 THROUGH 469.1651 AND THE ISSUANCE OF
<br />REVENUE REFUNDING BONDS BY THE CITY OF LITTLE
<br />CANADA, MINNESOTA UNDER MINNESOTA STATUTES,
<br />CHAPTER 462C TO REDEEM AND PREPAY REVENUE BONDS
<br />ISSUED BY THE CITY OF ARDEN HILLS
<br />BE IT RESOLVED by the City Council (the "Council of the City of Arden Hills, Minnesota
<br />"Arden Hills as follows:
<br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Municipal
<br />Development Act authorizes municipalities to issue revenue obligations to finance, in whole or in part,
<br />the costs of the acquisition, construction, reconstruction, improvement, betterment, or extension of a
<br />project and any related public improvements. A "project" includes any properties, real or personal, used
<br />or useful in connection with a revenue producing enterprise, whether or not operated for profit, engaged
<br />in providing health care services, including hospitals, nursing homes, and related medical facilities; and
<br />WHEREAS, Minnesota Statutes, Chapter 462C, as amended (the "Housing Act authorizes
<br />municipalities to issue and sell revenue bonds and lend the proceeds thereof to an organization described
<br />in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code for the purpose of
<br />providing financing for the acquisition of multifamily housing developments authorized thereby;
<br />WHEREAS, at the request of Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit
<br />corporation, Arden Hills previously issued its Health Care and Housing Revenue Refunding Bonds,
<br />Series 1999A, on September 30, 1999, in the original aggregate principal amount of $18,605,000 (the
<br />"Series 1999A Bonds and
<br />WHEREAS, the proceeds of the Series 1999A Bonds were used to (i) refinance The Gardens,
<br />also known as Bloomington Commons, an 86 -unit assisted living facility (the "Gardens Project located
<br />at 10030 Newton Avenue South in the City of Bloomington, Minnesota "Bloomington and
<br />(ii) refinance The Mayfield, a 93 -unit elderly independent living facility (the "Mayfield Project located
<br />at 2850 Market Place Drive in the City of Little Canada, Minnesota "Little Canada and
<br />WHEREAS, Gideon Pond Commons, LLC, a Minnesota nonprofit limited liability company, the
<br />sole member of which is Presbyterian Homes Bloomington Care Center, Inc. (the "Borrower has
<br />requested that Bloomington issue its Senior Housing Refunding Revenue Bonds (Gideon Pond Commons,
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