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RESOLUTION NO. 10497 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF HOUSING REFUNDING REVENUE BONDS (EAGLECREST PROJECT) PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities, housing and redevelopment authorities and economic development authorities, the power to issue revenue bonds to finance multifamily housing developments within the boundaries of the city; and (b) WHEREAS, the City Council of the City of Roseville, Minnesota (the "City") has received from PHS/EagleCrest, Inc., a Minnesota nonprofit corporation (the "Borrower"), a proposal that the City undertake a program to assist in refunding certain revenue bonds previously issued by the City to finance a Project hereinafter described, through the issuance of revenue bonds (the "Bonds") pursuant to the Act; and (c) WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota, as follows: I. A public hearing on the refunding proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 2. An estimate of the principal amount of Bonds to be issued are described in the attached form of Notice of Public Hearing. 3. The Manager of the City is hereby authorized to cause the notice of the hearing to be published in a newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. 2021884vl