06-22-1999 Council Agenda - Laserfiche WebLink

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Bloomington Care Center will be initially owned and operated by Presbyterian Homes Bloomington Care Center, inc.; and Mill Pond Care Center will be initially owned and operated by Presbyterian Homes Mill Pond Care Center, Inc. The Developer and/or one or more or all of the foregoing entities will be the obligors under the Bonds (the "Obligated Group "). All facilities will be initially managed by Presbyterian Homes Management and Services, Inc. 5, Each City in which bond proceeds will be used for a housing project will adopt a housingprogram (the "Program ") which will describe each housing development to be acquired by the Developer in the City adopting the Program. 6. Each City will adopt a resnhmon (I) evidencing its intent to undertake the Program (if applicable), (ii) evidencing its intent to enter into this Agreement, and (iii) granting host approval (or, in the case of Arden Hills, granting approval) to the issuance of the Bonds as required under the Internal Revenue Code. 7. ArdenHills shall exercise thepowers ofthe Industrial Development Act and the Housing Programs Act by adopting, approving and executing such resolutions, documents, and agreements as shall be necessary or convenient to authorize, issue, and sell the Bonds and such other resolutions, documents, and agreements as shall be necessary or required in connection with the issuance of the Bonds and giving effect to or carrying out the provisions of this Agreement and documents under which the Bonds are issued and/or secured. 8. The Bonds shall be special, limited obligations of Arden Hills, payable solely from proceeds, revenues and other amounts pledged thereto and more fully described in the Indenture. The Bonds will not be a charge against the general credit or taxing powers ofArden Hills, Little Canada, Spring Park, Bloomington or Ankeny, within the meaning of any charter, Constitutional or statutory provisions. 9. This Agreement shall terminate upon the retirement or defeasance ofthe last outstanding Bonds, and this Agreement may not be terminated in advance of such retirement or defeasance. 1048803.I £I'd 911:£1 66, I Unf PAGE 189 05119- £ZZ- I9:xed Nd92JOW '8 S99I2JH