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RESOLUTION AUTHORIZING THE ISSUANCE OF ELDER CARE FACILITY REVENUE BONDS, SERIES 1993, TO FINANCE A PROJECT AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH (CARE INSTITUTE, INC. PROJECT) BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: 1. The Council has previously received a proposal from Care Institute, Inc., an Indiana nonprofit corporation (the "company") that the city of Roseville (the "city) undertake a multifamily rental housing development program to finance a portion of the costs of a certain residential rental project as herein described, pursuant to Minnesota Statutes, Chapter 462C (the "Act"), through the issuance by the city of its $16,000,000 Elder Care Facility Revenue Bonds, (Care Institute, Inc. Project) Series 1993 (the "Bonds") and in accordance with a Bond Purchase Agreement (the "Bond Purchase Agreement") between the city and the Company, and A.H. Williams & Co. Incorporated (the "Purchaser") . 2. The Company desires to acquire and renovate an existing multifamily rental housing development for the elderly and acquire, construct and equip a 38 unit addition thereto on 1.3 acres of additional land to be acquired adjoining said development, along with related improvements. The Project is located at 2750 North victoria Street in the City of Roseville, Minnesota (the "Project"). The Project will provide rental housing to elderly persons and will otherwise further the policies and purposes of the Act. A public hearing on the Project and the housing program therefor was duly held by the City Council on September 27, 1993. The findings made in the Preliminary Resolution adopted by this city Council on August 23, 1993 with respect to the Project and the Bonds are hereby ratified, affirmed and approved. 3. It is proposed that, pursuant to a Loan Agreement to be dated as of November 1, 1993, between the City as Lender and the Company as Borrower (the "Loan Agreement"), the city loan the proceeds of the Bonds to the Company to finance in part the costs of the Project. The Basic Payments to be made by the Company under the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, interest on, and the purchase price of, the Bonds when due. It is further proposed that the city assign its rights to the Basic Payments and certain other rights under the Loan Agreement to 249075 2