05-13-2020 Council Packet - Laserfiche WebLink

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*Preliminary, subject to change.ii Plan of Finance and Use of Proceeds................The Borrower will use the proceeds from the sale of the Series 2020 Bonds, along with funds of the Borrower, to: (i) refinance the City of Little Canada, Minnesota Health Care Facilities Revenue Note (Langton Place Project), Series 2018 (the “Prior Note”) originally issued to finance the construction and equipping of a 50-bed replacement skilled nursing facility (the “2018 Project”); (ii) finance the acquisition, construction and equipping of an 83-unit independent senior rental housing facility and town center to be added onto the 2018 Project all on a common campus located at 1910 County Road D West in the City of Roseville, Minnesota (the “2020 Project,” and together with the 2018 Project, the “Project”); (iii) fund capitalized interest on the Series 2020 Bonds for a period of time; (iv) fund required reserves; and (v) pay costs of issuance for the Series 2020 Bonds. See “THE BORROWER,” “THE PROJECT AND PLAN OF FINANCE,” and “APPENDIX A - THE BORROWER, LANGTON SHORES AND THE LIMITED GUARANTOR” in this Official Statement. Form.................................The Series 2020 Bonds will be registered under a book-entry system in the name of The Depository Trust Company (“DTC”) or its nominees. The Series 2020 Bonds will be issued in minimum denominations of $5,000 and any integral multiple of $5,000 in excess thereof. See “THE SERIES 2020 BONDS” in this Official Statement. Payment............................Interest accrues on the Series 2020 Bonds at the rates set forth on the inside front cover page of this Official Statement and is scheduled to be paid on [May] 1 and [November] 1 of each year, commencing ________ 1, 202_. Principal of the Series 2020 Bonds will be payable on [May] 1 as set forth on the inside front cover page hereof. Interest on the Series 2020 Bonds will be paid by check or draft of the Trustee mailed to the persons who were the registered owners of Series 2020 Bonds as of the applicable Record Date; provided, however, that upon written request of a Holder of $1,000,000 or more in aggregate principal amount of Series 2020 Bonds, interest will be paid by wire transfer to an account of the Holder specified in such written request. See “THE SERIES 2020 BONDS” in this Official Statement. Redemption or Prepayment.................As more fully described herein, the Series 2020 Bonds are subject to redemption or prepayment prior to maturity, together with payment of accrued interest, as follows: (a) Series 2020 Bonds maturing after [May] 1, 202__ are subject to optional redemption prior to stated maturities thereof, at the direction of the Borrower, in whole or in part, and if in part in integral multiples of $5,000 and in such order of maturities as shall be selected by the Borrower and by random selection within a maturity, on [May] 1, 20__, and any business day thereafter at a price equal to the principal amount of Series 2020 Bonds to be redeemed, plus accrued interest plus, on some dates, a premium; (b) mandatory redemption at par plus a 3% premium upon a Determination of Taxability; (c) extraordinary redemption at par due to the occurrence of certain events of damage to, or destruction or condemnation; (d) for Series 2020 Bonds that are Term Bonds, mandatory redemption at par due to sinking fund redemption; and (e) acceleration due to an Event of Default occurring under the Indenture, the Loan Agreement or the Mortgage (as defined herein). See “THE SERIES 2020 BONDS - Redemption or Prepayment” in this Official Statement. Security for the Series 2020 Bonds............THE SERIES 2020 BONDS ARE NOT GENERAL OR MORAL OBLIGATIONS OF THE ISSUER, THE HOST CITY, OR THE STATE OF MINNESOTA (THE “STATE”), NOR IS THE TAXING POWER OF THE ISSUER OR THE STATE PLEDGED TO THE PAYMENT OF THE PRINCIPAL AMOUNT THEREOF OR THE INTEREST OR PREMIUM, IF ANY, THEREON. THE SERIES 2020 BONDS SHALL CONSTITUTE SPECIAL, LIMITED OBLIGATIONS OF THE