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A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE BONDS, TO PROVIDE FUNDS TO REFUND THE OUTSTANDING CITY OF ROSEVILLE, MINNESOTA HEALTH CARE FACILITIES REVENUE REFUNDING BONDS, SERIES 1987 (THE PRESBYTERIAN HOMES OF MINNESOTA, INC. PROJECT) AND TO FINANCE IMPROVEMENTS TO A HEALTH CARE FACILITIES PROJECT ON BEHALF OF PRESBYTERIAN HOMES CARE CENTERS, INC., AND AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF THE PROJECT TO THE COMMISSIONER OF THE DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT AND COMMISSIONER OF HUMAN SERVICE AND THE COMMISSIONER OF HEALTH OF THE STATE OF MINNESOTA (a) WHEREAS, the purpose of Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal industrial development (the "Act"), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemploYment; and (b) WHEREAS, the Act further states in Section 469.154, Subdivision 6, that the welfare of the State requires the provision of necessary medical and health care facilities, to the end that adequate health care services be made available to residents of the State at reasonable costs; and (c) WHEREAS, factors necessitating the active promotion and development of such medical and health care facilities are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of medical and health care services required to meet the needs of the increased population; and (d) WHEREAS, the City Council of the City of Roseville, Minnesota (the "City"), has received from Presbyterian Homes Care Centers, Inc. (the "Company"), a proposal that the City issue revenue bonds to: (i) refund the outstanding City of Roseville, Minnesota Health Care Facilities Revenue Refunding Bonds, Series 1987 (The Presbyterian Homes of Minnesota, Inc. Project); and (ii) finance the construction of improvements to Presbyterian Homes of Roseville nursing home (the "Improvements"), consisting of the acquisition, construction and reconstruction of improvements thereto located at 1910 West County Road D in the City, including the acquisition and installation of related equipment and furnishings, the making of any site improvements and any related demolition costs, all in 346051. 1 2