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30 EXTRACT OF MINUTES OF A MEETING OF THE <br />31 CITY COUNCIL OF THE CITY OF <br />32 ROSEVILLE, MINNESOTA <br />33 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of <br />34 Roseville, Minnesota, was duly held in the City Hall in said City on Monday, May 18, 2009, <br />35 commencing at 6:00 P.M. <br />36 The following Councilmembers were present: <br />37 <br />38 and the following were absent: <br />39 Member introduced the following resolution and moved its adoption: <br />40 <br />RESOLUTION NO. <br />41 RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />42 THE ISSUANCE OF HEALTH CARE AND HOUSING <br />43 REVENUE REFUNDING BONDS AND <br />44 AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />45 (EAGLECREST PROJECT) <br />46 WHEREAS, Minnesota Statutes, Chapter 462C (the "Housing Program Act "), confers upon cities the <br />47 power to issue revenue bonds to finance multifamily housing developments; and <br />48 WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 1, relating to municipal industrial <br />49 development (the "Industrial Development Act "), gives municipalities the power to issue revenue <br />50 obligations for the purpose of promoting the welfare of the state by providing necessary health care <br />51 facilities, so that adequate health care services are available to residents of the state at reasonable cost; <br />52 and <br />53 WHEREAS, the City of Roseville, Minnesota (the "City "), has received from EagleCrest Senior <br />54 Housing, LLC, a Minnesota limited liability company, the sole member of which is PHS /EagleCrest, <br />55 Inc. a Minnesota nonprofit corporation, (the "Borrower "), a proposal that the City undertake a program <br />56 to assist in financing a Project hereinafter described, through the issuance of approximately <br />57 $23,500,000 of revenue bonds or other obligations (which may be issued in one or more series) (the <br />58 "Bonds ") pursuant to the Housing Program Act and the Industrial Development Act; and <br />59 WHEREAS, the "Project" to be financed by the Bonds includes refunding the City's outstanding Senior <br />60 Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007 and refinancing taxable <br />61 outstanding debt of the Borrower used to finance improvements to facilities owned or operated by the <br />62 Borrower which are located in the City of Arden Hills, Minnesota (the "Host City "); and <br />Page 3 of 7 <br />