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12378325v2 <br /> <br /> <br />Extract of Minutes of a Meeting of the <br />City Council of the <br />City of Little Canada, Minnesota <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Little Canada, Minnesota, was duly held at the City Hall in such City on <br />Wednesday, the 8th day of April, 2020 at 7:30 o'clock p.m. <br />The following Council members were present: <br /> <br />and the following Council members were absent: <br /> <br /> <br /> <br />Member _____________ introduced the following resolution and moved its adoption: <br />RESOLUTION NO. ____________ <br />RESOLUTION CALLING FOR A PUBLIC HEARING <br />ON THE PROPOSAL OF A HOUSING PROGRAM FOR, AND THE ISSUANCE OF, <br />SENIOR HOUSING AND HEALTH CARE FACILITIES REVENUE BONDS <br />(LANGTON SHORES PROJECT) SERIES 2020 <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />WHEREAS, Minnesota Statutes, Chapter 462C (the "Act") confers upon cities the power <br />to issue revenue bonds to finance or refinance a program for the purposes of planning, <br />administering, making, or purchasing loans with respect to one or more multifamily housing <br />developments within the boundaries of a city; and <br />WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City"), has <br />received a request from Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit <br />corporation (the "Company"), that the City issue revenue obligations, pursuant to the Act in one <br />or more series of taxable or tax-exempt, short or long term obligations, in an amount not to <br />exceed $50,000,000 (the "Bonds") to (i) finance, in part, the acquisition, construction, and <br />equipping of an approximately 83-unit independent living senior housing facility (the "2020 <br />Project"); (ii) refinance the acquisition, construction, and equipping of a 50-unit replacement <br />skilled nursing facility (the "2018 Project") located, with the 2020 Project, at 1910 County Road <br />D, in the City of Roseville, Minnesota (collectively, the "Facility") by refunding and prepaying <br />the City of Little Canada, Minnesota $11,970,000 Health Care Facilities Revenue Note (Langton <br />Place Project) Series 2018 (the "Prior Note"); (iii) fund capitalized interest on the Bonds; <br />(iv) fund required reserve funds; and (v) pay all or a portion of the costs of issuance (collectively, <br />the "Project"); and