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<br />RESOLUTION AUTHORIZING THE ISSUANCE O~ <br />HEALTH CARE FACILITIES REVENUE BONDS <br />(THE PRESBYTE~IAN HOMES OF MINNESOTA, INC. PROJECT) <br />UNDER THE MUNICIPAL INDUST~IAL DEVELOPMENT ACT <br /> <br />BE IT RESOLVED by the Council of the City of <br />Roseville, Minnesota, as follows: <br /> <br />1. On May 1, 1985 the City issued its $9,500,000 <br />Health Care Facilities Revenue Bonds, Series 1985 (Langton Lake <br />Place Project) (the "Prior Bonds") to finance the acquisition <br />of the existing Lake Johanna Middle School located 1910 West <br />County Road D and the rehabilitation and equipping thereof for <br />use as a nursing home and ancillary health care services <br />facility (the "Project"). The Council has received a proposal <br />from The Presbyterian Homes of Minnesota, Inc., a Minnesota <br />nonprofit corporation (tne "Company") that the City refund, in <br />advance of their maturity, the Prior Bonds pursuant to the <br />Minnesota Municipal Industrial Development Act, Chapter 474, <br />Minnesota Statutes (the "Act"), through issuance by the City of <br />its Health Care Facilities Revenue Refunding Bonds, Series 1987 <br />(the "Bonds"), in an amount not to exceed $11,500,000 and in <br />accordance with a Bond Purchase Agreement (the "Purchase <br />A.;jreement") between the City, the Company and Cronin and Co., <br />Inc. and Dain Bosworth Incorporated (collectively the "Bond <br />Purchaser") . <br /> <br />2. The proposal to advance refund the Prior Bonds <br />(the "Proposal") will further the proposed policies of the Act <br />and the findings made in the preliminary resolution of the City <br />on January 14, 1985 with respect to the Project are hereby <br />ratified, affirmed and approved. <br /> <br />3. Pursuant to a Loan Agreement dated as of March 1, <br />1987, between the City as lender and the Company as borrower <br />(the "Loan Agreemen t" ), the Ci ty wi 11 loan the proceeds of the <br />Bonds to the Company to refinance the cost oE the Project. The <br />proceeds of the Bonds pursuant to an Escrow A;Jreement between <br />the City, the Company and funerican National Bank and Trust <br />Co~pany in St. Paul, Minnesota and dated as of March 1, 1987 <br />will be deposited with American National Bank and Trust Company <br />and will be used to pay the Prior Bonds. As evidence of the <br />loan of Bond proceeds, the Company will execute a promissory <br />note (the "Note") made payable to the order of the City, dated <br />as of March 1, 1987 in the principal amount of the Bonds. The <br /> <br />2 <br />