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