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7/17/2007 8:36:01 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8993
Resolution Title
Approval of the issuance of $16 million of Housing Revenue Bonds to finance Care Institute Inc.'s proposed expansion of the Rosewood Estates Senior housing project at 2750 N. Victoria Street
Resolution Date Passed
9/27/1993
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<br />against all liability for injury to persons or property <br />arising from the operation thereof, and all taxes and <br />special assessments levied upon or with respect to the <br />Project Premises (as defined in the Indenture) and payable <br />during the term of the Loan Agreement, Mortgage, Regulatory <br />Agreement, Declaration and Indenture; and <br /> <br />(h) under the provisions of Minnesota statutes, <br />section 462C.07, and as provided in the Loan Agreement and <br />Indenture, the Bonds are not to be payable from or charged <br />upon any funds other than the revenues pledged to the <br />payment thereof; the city is not subject to any liability <br />thereon; no holder of any Bonds shall ever have the right to <br />compel any exercise by the City of its taxing powers to pay <br />any of the Bonds or the interest or premium thereon, or to <br />enforce payment thereof against any property of the City <br />except the interests of the City in the Loan Agreement which <br />have been assigned to the Trustee under the Indenture; the <br />Bonds shall not constitute a charge, lien or encumbrance, <br />legal or equitable, upon any property of the City except the <br />interests of the City in the Loan Agreement which have been <br />assigned to the Trustee under the Indenture; the Bonds shall <br />recite that the Bonds are issued without moral obligation on <br />the part of the state or its political sUbdivisions, and <br />that the Bonds, including interest thereon, are payable <br />solely from the revenues pledged to the payment thereof; and <br />the Bonds shall not constitute a debt of the City or its <br />political subdivision within the meaning of any <br />constitutional or statutory limitation. <br /> <br />8. Subject to the approval of the City Attorney and <br />the provisions of paragraph 12 hereof, the forms of the <br />Agreements and exhibits thereto and all other documents described <br />in paragraph 6 hereof are approved substantially in the form <br />submitted and on file in the office of the City Manager, with <br />such subsequent changes as may be approved by the City and the <br />City Attorney. The Agreements, in substantially the form <br />submitted, are directed to be executed in the name and on behalf <br />of the City by the Mayor and the or City Manager. Any other <br />documents and certificates necessary to the transaction herein <br />described shall be executed by the appropriate City officers. <br />Copies of all of the documents necessary to the transaction <br />herein described shall be delivered, filed and recorded as <br />provided herein and in the Loan Agreement and Indenture. <br /> <br />9. The City hereby consents to the distribution of the <br />Official Statement. The City has not prepared nor made any <br />independent investigation of the information contained in the <br /> <br />249075 <br /> <br />5 <br />
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