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*Preliminary, subject to change.1
<br />OFFICIAL STATEMENT
<br />$_____*
<br />CITY OF LITTLE CANADA, MINNESOTA
<br />SENIOR HOUSING AND HEALTH CARE FACILITIES REVENUE BONDS
<br />(LANGTON SHORES PROJECT)
<br />SERIES 2020
<br />INTRODUCTORY STATEMENT
<br />The City of Little Canada, Minnesota, a statutory city and political subdivision organized and
<br />existing under the laws of the State of Minnesota (the “Issuer”), will issue its Senior Housing and Health
<br />Care Facilities Revenue Bonds (Langton Shores Project), Series 2020 (the “Series 2020 Bonds”), in the
<br />original aggregate principal amount of $_____*. The Series 2020 Bonds are being issued by the Issuer
<br />pursuant to (i) the terms of an Indenture of Trust, dated as of ________ 1, 2020 (the “Indenture”),
<br />between the Issuer and U.S. Bank National Association, Saint Paul, Minnesota, as trustee (the “Trustee”),
<br />(ii) Minnesota Statutes, Chapter 462C and Sections 469.152 through 469.165, as amended (collectively,
<br />the “Act”), and (iii) a resolution adopted by the governing body of the Issuer on _______, 2020 (the
<br />“Resolution”). The City of Roseville, Minnesota (“Host City”) granted host approval to issue the Series
<br />2020 Bonds pursuant to a resolution adopted on April 27, 2020. All capitalized terms used in this Official
<br />Statement, but not defined herein, shall have the meanings provided in “APPENDIX D - DEFINITIONS
<br />AND SUMMARY OF CERTAIN PRINCIPAL DOCUMENTS” unless the context clearly indicates
<br />otherwise.
<br />Proceeds derived from the sale of the Series 2020 Bonds will be loaned by the Issuer to
<br />Presbyterian Homes Care Centers, Inc. (the “Borrower”), a Minnesota nonprofit corporation and an
<br />organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the
<br />“Code”), whose income is exempt from federal taxation under Section 501(a) of the Code (a “Tax-
<br />Exempt Organization”), pursuant to the terms of a Loan Agreement, dated as of ________ 1, 2020 (the
<br />“Loan Agreement”), between the Issuer and the Borrower.
<br />The Borrower will use the proceeds from the sale of the Series 2020 Bonds, along with the
<br />proceeds of the Borrower, to: (i) refinance the City of Little Canada, Minnesota Health Care Facilities
<br />Revenue Note (Langton Place Project), Series 2018 (the “Prior Note”) originally issued to finance the
<br />construction and equipping of a 50-bed replacement skilled nursing facility (the “2018 Project”); (ii)
<br />finance the acquisition, construction and equipping of an 83-unit independent senior rental housing
<br />facility and town center to be added onto the 2018 Project all on a common campus located at 1910
<br />County Road D West in the City of Roseville, Minnesota (the “2020 Project,” and together with the 2018
<br />Project, the “Project”); (iii) fund capitalized interest on the Series 2020 Bonds for a period of time; (iv)
<br />fund required reserves; and (v) pay costs of issuance for the Series 2020 Bonds. See “THE
<br />BORROWER” and “APPENDIX A - THE BORROWER, LANGTON SHORES AND THE LIMITED
<br />GUARANTOR” in this Official Statement.
<br />Pursuant to the Loan Agreement, the Borrower will covenant to make Loan Repayments at times
<br />and in amounts sufficient to pay the principal and purchase price of, premium, if any, and interest on the
<br />Series 2020 Bonds when due. The obligations of the Borrower to make the Loan Repayments will be
<br />secured by (i) the Borrower’s promise to pay such Loan Repayments pursuant to the terms of the Loan
<br />Agreement; (ii) amounts held by the Trustee under the Indenture; (iii) an [Amended and Restated]
<br />Combination Mortgage, Security Agreement, Fixture Financing Statement, and Assignment of Leases and
<br />Rents, dated as of ________ 1, 2020 (the “Mortgage”), by the Borrower in favor of the Trustee; and (iv)
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