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<br />connection with the construction of a subacute care unit <br />(collectively, the "Project"), through the issuance of revenue <br />bonds or obligations (in one or more series) (the "Bonds") <br />pursuant to the Act. The nursing home is owned and operated by <br />the Company; and <br /> <br />(e) WHEREAS, the City desires to facilitate the <br />selective development of the community, retain and improve the <br />provision of health care services, the tax base and help to <br />provide the range of services and emploYment opportunities <br />required by the population; and the Project will assist the City <br />in achieving those objectives; the Project will help to enhance <br />the image and reputation of the community; and <br /> <br />(f) WHEREAS, the City has been advised by repre- <br />sentatives of the Company that conventional financing to pay the <br />cost of the Improvements is available only on a limited basis and <br />at such high costs of borrowing that the economic feasibility of <br />undertaking the Improvements would be significantly reduced, and <br />the Company has also advised this Council that the Improvements <br />would not be undertaken but for the availability of health care <br />development bond financing; and <br /> <br />(g) WHEREAS, no public official of the City has either <br />a direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Improvements; and <br /> <br />(h) WHEREAS, a public hearing, after published notice <br />thereof, was duly conducted on the Project on March 17, 1997, and <br />no objections to the Project were expressed. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Roseville, Minnesota (the "City"), as follows: <br /> <br />1. Authority. The City is, by the Constitution and laws <br />of the State of Minnesota, including the Act, authorized to issue <br />and sell its revenue bonds for the purpose of financing the cost <br />of medical and health care facilities and to enter into <br />agreements necessary or convenient in the exercise of the powers <br />granted by the Act. <br /> <br />2. Authorization of Project; Documents Presented. The <br />Company has proposed to this Council that the City issue and sell <br />its City of Roseville Health Care Facilities Revenue Bonds <br />(Presbyterian Homes Care Centers, Inc. Project), Series 1997, in <br />substantially the form set forth in the hereinafter-mentioned <br />Indenture (the "Bonds"), pursuant to the Act and loan the <br />proceeds thereof to the Company, in order to provide financing <br /> <br />346051.1 <br /> <br />3 <br />