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RESOLUTION NO. 9705 RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE $1,847,407 HEALTH CARE FACILITIES REVENUE NOTE AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (ST. ANN'S RESIDENTIAL SERVICES PROJECT) BE IT RESOLVED by the City Council of the City ofRoseville, Minnesota (the "City"), as follows: SECTION 1. LEGAL AUTHORIZATION AND FINDINGS. 1.1 Findings. The City hereby finds, determines and declares as follows: (a) The City is a municipal corporation and a political subdivision of the State of Minnesota and is authorized under Minnesota Statutes, Section 469.152 to 469.1651, as amended (the "Act") to assist the revenue producing project herein referred to, and to issue the Note, as hereinafter defined, for the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment, and to sell the Note in the manner and upon the terms and conditions set forth in the Act and in this Resolution. (b) The City has received a proposal that it issue its revenue note in the principal amount of $1,847,407 (the "Note") to provide funds to be loaned to St. Ann's Residential Services, Inc., a nonprofit corporation organized under the laws of the State of Minnesota (the "Borrower") to refinance or acquire and renovate 4-bed supervised living services facilities for the developmentally disabled as more particularly described in Exhibit A, which facilities are to be owned and operated by the Borrower (the "Project"). (c) As required by the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City has, on this date, held a public hearing on the issuance of one or more revenue notes to finance the Project. (d) On the basis of information available to the City it appears, and the City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with a revenue producing enterprise within the meaning of Subdivision 2(d) of Section 469.153 of the Act; that the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Company to undertake the Project; and that the effect ofthe Project, ifundertaken, will be to provide necessary health care facilities so that adequate health care services are available to residents of the state at reasonable cost, to provide the range of services and employment opportunities required by the population, 1096247.1 1