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CITY OF ROSEVILLE, MINNESOTA
<br /> RESOLUTION NO. 10858
<br /> RESOLUTION APPROVING THE ISSUANCE OF ONE OR
<br /> MORE SERIES OF REVENUE REFUNDING BONDS BY THE
<br /> CITY OF BLOOMINGTON, MINNESOTA UNDER MINNESOTA
<br /> STATUTES, SECTIONS 469.152 THROUGH 469.1651, AS
<br /> AMENDED, TO REFINANCE A SENIOR HOUSING FACILITY
<br /> LOCATED IN THE CITY OF ROSEVILLE, MINNESOTA
<br /> BE IT RESOLVED by the City Council (the "Council of the City of Roseville, Minnesota (the
<br /> "City as follows:
<br /> WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Act
<br /> authorizes municipalities to issue revenue obligations to finance, in whole or in part, the costs of the
<br /> acquisition, construction, reconstruction, improvement, betterment, or extension of a project and any
<br /> related public improvements. A "project" includes any properties, real or personal, used or useful in
<br /> connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing
<br /> health care services, including hospitals, nursing homes, and related medical facilities; and
<br /> WHEREAS, at the request of Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit
<br /> corporation, the City previously issued its Variable Rate Demand Health Care Revenue Refunding Bonds
<br /> (Presbyterian Homes Care Centers, Inc. Project), Series 2002, on September 26, 2002, in the original
<br /> aggregate principal amount of $8,950,000 (the "Series 2002 Bonds and
<br /> WHEREAS, the proceeds of the Series 2002 Bonds were used to: (i) refund the outstanding
<br /> principal balance of the Housing and Health Care Facilities Revenue Refunding Bonds (Presbyterian
<br /> Homes Care Centers, Inc. Project), Series 1997, issued by the City in the original aggregate principal
<br /> amount of $8,525,000, the proceeds of which were used to pay for renovations to a 143 -bed skilled
<br /> nursing facility located at 1910 County Road D in Roseville, Minnesota; and (ii) make capital
<br /> improvements to the 143 -bed skilled nursing facility (collectively, the "Roseville Project and
<br /> WHEREAS, Gideon Pond Commons, LLC, a Minnesota nonprofit limited liability company, the
<br /> sole member of which is Presbyterian Homes Bloomington Care Center, Inc. (the "Borrower has
<br /> requested that the City of Bloomington, Minnesota (the "City of Bloomington issue its Senior Housing
<br /> Refunding Revenue Bonds (Gideon Pond Commons, LLC Project), Series 2010 (the "Bonds in one or
<br /> more series, in the original aggregate principal amount of up to $19,950,000; and
<br /> WHEREAS, the proceeds of the Bonds are proposed to be used to refund various bond issues,
<br /> including: (i) the Series 2002 Bonds issued by the City and described above; and (ii) the Health Care and
<br /> Housing Revenue Refunding Bonds, Series 1999A, issued by the City of Arden Hills, Minnesota on
<br /> September 30, 1999, in the original aggregate principal amount of $18,605,000, the proceeds of which
<br /> were used to refinance The Gardens, also known as Bloomington Commons, an 86 -unit assisted living
<br /> project located at 10030 Newton Avenue South in Bloomington, Minnesota (the `Bloomington Commons
<br /> Project and
<br /> WHEREAS, pursuant to Section 469.155, subd. 12 of the Act, a municipality may issue revenue
<br /> bonds to refund, in whole or in part, bonds previously issued by any other municipality on behalf of an
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