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12378640v2 <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 meeting of the City Council of the City <br />of Little Canada, Minnesota, was duly held at the City Hall in such City on Wednesday, the 13th <br />of May, 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 /> <br />A RESOLUTION PROVIDING FOR THE APPROVAL OF <br />A HOUSING PROGRAM AND THE ISSUANCE AND SALE OF <br />SENIOR HOUSING AND HEALTH CARE FACILITIES REVENUE BONDS <br />(LANGTON SHORES PROJECT), SERIES 2020 <br />RELATING TO A SENIOR HOUSING AND HEALTH CARE PROJECT <br />BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota (the <br />"City"), as follows: <br />1. Authority. The City is, by the Constitution and laws of the State of Minnesota, <br />including Minnesota Statutes, Chapter 462C and Chapter 469, as amended (collectively, the <br />"Act"), authorized to issue and sell its revenue bonds for the purpose of financing or refinancing <br />the cost of housing and skilled nursing facilities for the elderly and disabled and to enter into <br />agreements necessary or convenient in the exercise of the powers granted by the Act. <br />2. Authorization of Project; Documents Presented. Presbyterian Homes Care <br />Centers, Inc., a Minnesota nonprofit corporation (the "Borrower"), has proposed that the City <br />issue and sell its Senior Housing and Health Care Facilities Revenue Bonds (Langton Shores <br />Project), Series 2020 in an amount not to exceed $50,000,000 (the "Bonds") in substantially the <br />form set forth in the Indenture (as hereafter defined) pursuant to the Act and loan the proceeds <br />thereof to the Borrower, in order 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"); (iii) ) capitalized interest on <br />the Bonds; (iv) fund required reserve funds; and (v) pay all or a portion of the costs of issuance