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Last modified
7/17/2007 8:36:02 AM
Creation date
12/2/2004 8:26:04 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8997
Resolution Title
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)
Resolution Date Passed
10/11/1993
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<br />American National Bank and Trust Company a national banking <br />association located in st. Paul, Minnesota (the "Trustee") as <br />security for payment of the Bonds under a Trust Indenture dated <br />as of November 1, 1993 between the City and the Trustee (the <br />"Indenture") and the Company grant a mortgage and security <br />interest in the Project to the Trustee pursuant to a Mortgage, <br />Assignment of Leases and Rents, Security Agreement and Fixture <br />Financing Statement dated November 1, 1993 (the "Mortgage"). The <br />Purchaser proposes to buy the Bonds pursuant to the Bond Purchase <br />Agreement, and to offer the Bonds for sale to the public pursuant <br />to an Official Statement to be dated on or about the date of the <br />delivery of and payment for the Bonds (the "Official statement"). <br /> <br />4. The operation and occupancy of the Project will be <br />subject to the terms and conditions of a Regulatory Agreement <br />dated as of November 1, 1993, between the City, the Trustee and <br />the Company (the "Regulatory Agreement") and a Declaration of <br />Restrictive Covenants (the "Declaration") dated as of November 1, <br />1993, executed by the Company and recorded as covenants and <br />restrictions running with the land on which the Project is to be <br />located. The Bond Proceeds loaned pursuant to the Loan Agreement <br />will be used to fund a mortgage loan made to the Company to <br />finance the acquisition, construction and installation of the <br />project and to fund a reserve fund. <br /> <br />5. This Council, by action taken on August 23, 1993 <br />gave preliminary approval (the "Preliminary Resolution") to the <br />proposal for the Project and the financing program therefor. The <br />findings of the City Council of the City made in the Preliminary <br />Resolution with respect to the Project are hereby ratified, <br />affirmed and approved. <br /> <br />6. Forms of the following documents relating to the <br />Bonds have been submitted for review to the city Attorney and to <br />the City Council for approval: <br /> <br />(a) the Loan Agreement; <br />(b) the Indenture; <br />(c) the Mortgage (not executed by the City); <br />(d) the Regulatory Agreement; <br />(e) the Declaration (not executed by the City); <br />(f) the Bond Purchase Agreement; and <br />(g) the Official statement (not executed by the <br />City). <br /> <br />7. It is hereby found, determined and declared that: <br /> <br />(a) the Project described in the Loan Agreement <br />and Indenture referred to above constitutes a Project <br /> <br />249075 <br /> <br />3 <br />
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