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RESOLUTION AUTHORIZING THE ISSUANCE OF <br /> ELDER CARE FACILITY REVENUE <br /> BONDS o :SERIES 1993, To FINANCE A PROJECT <br /> AND AUTHORIZING THE EXECUTION OF VARIOUS <br /> DOCUMENTS IN CONNECTION THEREWITH <br /> (CARE i�iST-I-TLw `E, INC* TR W ECT) <br /> BE IT RESOLVED by the Council of the City of Roseville, <br /> Minnesota, as follows <br /> 1. The Council has previously received a proposal <br /> from Care l nst itute, Inc. , an Indiana nonprofit corporation (the <br /> "Company") that the City of Roseville (the "C it ) undertake a <br /> multifamily rental housing development program to finance a <br /> portion of the costs of a certain residential rental project as <br /> herein described, pursuant to Minnesota Statutes, Chapter 4620 <br /> (the "Act") # through the issuance by the City of its $16, 000,,000 <br /> Elder Care Facility Revenue Bonds, (Care Institute, Inc* Project) <br /> Series 1993 (the "Bonds") and in accordance with a Bond Purchase <br /> Agreement (the "Bond Purchase Agreement") between the City and <br /> the Company, and A*H. Williams Co. Incorporated (the <br /> "purchaser's) IS <br /> 24, The Company desires to acquire and renovate an <br /> existing multifamily rental housing development for the elderly <br /> and acquire, construct and equip a 38 unit addition thereto on <br /> 1.3 acres of additional land to be acquired adjoining said <br /> development, along with related improvements. The Project is <br /> located at 2750 North Victoria Street in the City of Roseville, <br /> Minnesota (the "Project") . The Project will provide rental <br /> housing to elderly persona and will otherwise further the <br /> policies and purposes of the Act. A public hearing on the <br /> Project and the housing program therefor was duly held by the <br /> City Council on September 27, 1993 , The findings made in the <br /> Preliminary resolution adopted by this City Council on August 23, <br /> 1993 with respect to the Project and the Bonds are hereby <br /> ratified, affirmed and approved. <br /> 3,m It is proposed that, pursuant to a Loan Agreement <br /> to be dated as of November 1, 1993, between the City as Lender <br /> and the Company as Borrower (the "Loan Agreement") , the City loan <br /> the proceeds of the Bonds to the Company to finance in part the <br /> costs of the Project, The Basic Payments to be made by the <br /> Company under the Doan Agreement are fixed s o as to produce <br /> revenue sufficient to pay the principal off, premium, if any, <br /> interest on, and the purchase price of, the Bonds when due. It <br /> is further proposed that the City assign its rights to the Basic <br /> Payments and certain other rights under the Loan Agreement to <br /> 249075 <br /> 2 <br />