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<br />RESOLUTION AMENDING RESOLUTION <br />PROVIDING FOR ISSUANCE AND SALE OF BONDS <br />AND RATIFYING DESIGNATION MADE ON BEHALF OF CITY <br /> <br />WHEREAS, on March 17, 1997, the City Council adopted a <br />resolution (the "Bond Resolution") authorizipg the issuance of <br />its Health Care Facilities Refunding Revenue Bonds, Series 1997 <br />(Presbyterian Homes Care Centers, Inc. Project) (the "Bonds II) i <br />and <br /> <br />WHEREAS, the City of Roseville heretofore issued in 1997 <br />$ 2,750,000.00 General Obligation Improvement Bonds (the <br />"Improvement Bonds") which were also designated as "qualified <br />tax-exempt obligations II within the meaning of Section 265(b) (3) <br />of the Internal Revenue Code of 1986, as amended; and <br /> <br />WHEREAS, as a result of the prior issuance of the <br />Improvement Bonds, all of the Bonds were mistakenly designated in <br />the Bond Resolution as "qualified tax-exempt obligations" within <br />the meaning of said Settion 265(b) (3) ¡and <br /> <br />WHEREAS, in order to comply with said Section 265(b) (3) it <br />was necessary that the City officials, on behalf of the City, <br />therefore override the designation made in the Bond Resolution <br />and designate only a portion of the Bonds as llqualified <br />tax-exempt obligationsll. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. Section 8 of the Bond Resolution is hereby amended <br />retroactive to the date on which the Bond Resolution was adopted <br />to read as follows: <br /> <br />118. Designation of Oualified Tax Exempt Obligations. In <br />order to qualify all of the Bonds, other than those Bonds <br />maturing on April 1, 2020, (the IIBank Qualified Bondsll) as <br />"qualified tax-exempt obligations" within the meaning of <br />Section 265(b) (3) of the Internal Revenue Code of 1986, as <br />amended (the "Code"), the City hereby makes the following <br />factual statements and representations: <br /> <br />(a) The Bank Qualified Bonds are issued after August 7, <br />1986; <br /> <br />(b) The Bank Qualified Bonds are not "private activity <br />bonds" as defined in Section 141 of the Code treating bonds <br />described in Section 265(b) (3) (B) (iii) of the Code as not <br />being private activity bonds; <br /> <br />349463.1 <br /> <br />2 <br />