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<br />City of Roseville Minnesota <br /> <br />RESOLUTION No. 10439 <br /> <br />RESOLUTION APPROVING THE ISSUANCE OF BONDS <br />BY THE COLORADO HEALTH FACILITIES AUTHORITY <br />TO REFINANCE A PROJECT OF THE EVANGELICAL <br />LUTHERAN GOOD SAMARITAN SOCIETY, A NORTH <br />DAKOTA NONPROFIT CORPORATION, PREVIOUSLY <br />FINANCED UNDER THE MINNESOTA AGRICULTURAL <br />AND ECONOMIC DEVELOPMENT BOARD ACT <br /> <br />WHEREAS, the Minnesota Agricultural and Economic Development Board (the "Ag <br />Board"), has previously issued its $13,480,000 Development Board Revenue Bonds, Series 2000 <br />(the "2000 Ag Board Bonds") on behalf of The Evangelical Lutheran Good Samaritan Society <br />(the "Applicant") to refinance debt incurred or assumed in connection with the improvement or <br />refinancing of projects in Minnesota, including the Roseville Good Samaritan Center at 1415 W. <br />County Road B in Roseville, Minnesota (the "Project"). <br /> <br />WHEREAS, the Applicant has represented to the City of Roseville, Minnesota (the <br />"City") that the Project benefits the residents of the City; that the refinancing of the outstanding <br />debt related to the Project is essential to the successful operation of the Project; and that the <br />Colorado Health Facilities Authority ("CoHFA") has evidenced a willingness to issue tax- <br />exempt revenue bonds and loan the proceeds thereof to the Applicant to provide such <br />refinancing. <br /> <br />WHEREAS, in order to facilitate the refinancing of the Project, together with other <br />Applicant facilities throughout the United States, on a cost effective basis, the Applicant has <br />advised the City that it would like CoHFA to issue its Health Facilities Revenue Bonds (The <br />Evangelical Lutheran Good Samaritan Society Project) to refinance the Project, among other <br />things. <br /> <br />WHEREAS, under the provisions contained in Section 147(f) of the Internal Revenue <br />Code of 1986, as amended ("IRC SI47(f)"), in order for CoHFA to issue such bonds each <br />governmental unit having jurisdiction over the area in which any facility with respect to which <br />financing is to be provided is located, needs to hold a public hearing and provide its approval of <br />the issuance of such bonds. <br /> <br />WHEREAS, approximately $2,300,000 of the CoHF A bonds (the "CoHF A Roseville <br />Approved Bonds") will be used to refinance the Project. <br /> <br />WHEREAS, CoHF A and the Applicant have requested that the City hold the public <br />hearing required under IRC SI47(f) and "approve", as such term is used in IRC SI47(f), the <br />issuance of the CoHFA Roseville Approved Bonds. <br /> <br />3540446.2 <br />