05-13-2020 Council Packet - Laserfiche WebLink

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12378640v2 2 (collectively, the "Project"). The 2018 Project will be refinanced by prepaying and refunding the City of Little Canada, Minnesota $11,970,000 Health Care Facilities Revenue Note (Langton Place Project), Series 2018 (the "Prior Note"). Remaining proceeds of the Prior Note may also be used for the 2020 Project. The Facility is and will be owned and operated by the Borrower. Forms of the following documents relating to the Bonds have been submitted to the City, all of which are dated as of the first day of the month in which the Bonds are issued, unless otherwise indicated: (a) The Loan Agreement (the "Loan Agreement") between the City and the Borrower, whereby the City agrees to make a loan of the proceeds of sale of the Bonds to the Borrower and pursuant to which agreement the Borrower agrees to current refund the Prior Note and finance the 2020 Project and to pay amounts in repayment of the loan sufficient to provide for the full and prompt payment of the principal of, premium, if any, and interest on the Bonds; and (b) The Trust Indenture (the "Indenture") between the City and U.S. Bank National Association, as trustee (the "Trustee"), authorizing the issuance of the Bonds and pledging certain revenues, including those to be derived from the Loan Agreement, as security for the Bonds, and setting forth proposed recitals, covenants and agreements relating thereto; and (c) The Amended and Restated Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents (the "Mortgage") between the Borrower, as mortgagor, and the Trustee, as mortgagee, granting to the Trustee a first mortgage lien on and security interest in the Project as security for repayment of the Bonds (this document not executed by the City); and (d) The Bond Purchase Agreement (the "Bond Purchase Agreement"), between Northland Securities, Inc. (the "Underwriter"), the Borrower, and the City, providing for the purchase of the Bonds from the City by the Underwriter and setting forth the terms and conditions of purchase; and (e) The Preliminary Official Statement (together with the form of final Official Statement and the insertion of the final underwriting details of the Bonds, including the interest rates thereon, and any other changes deemed necessary or desirable, intended to constitute the form of the final Official Statement, and including all Appendices thereto (together the "Official Statement")), describing the offering of the Bonds, and certain terms and provisions of the foregoing documents relating to the Bonds. 3. Findings. It is hereby found, determined and declared that: (a) Based on Borrower representations to the City, the Project constitutes a project authorized by and described in the Act as elderly rental housing and health care facilities. (b) A public hearing on the Project and the housing finance program was held this same date, after notice was published in the official newspaper of the City not less