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RESOLUTION GIVING APPROVAL TO A MUNICIPAL HOUSING
<br />PROGRAM TO PROVIDE FINANCING FOR A SENIOR HOUSING
<br />DEVELOPMENT AND GIVING PRELIMINARY APPROVAL TO
<br />THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFOR
<br />ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC.
<br />WHEREAS, pursuant to Minnesota Statutes, Chapter 462C, as
<br />amended (the "Act "), the City of Little Canada (the "City "), is
<br />authorized to plan, administer, and develop housing programs,
<br />including senior housing developments, and to issue and sell
<br />revenue bonds to finance such developments, which revenue bonds
<br />shall be payable solely from the revenues to be derived in
<br />respect of such developments; and
<br />WHEREAS, pursuant to the Act, the City has prepared a
<br />Housing Plan for the City, which Housing Plan has been approved
<br />by the City Council in accordance with all applicable
<br />requirements of the Act (as amended from time to time, the
<br />"Housing Plan "), and the Act provides that, prior to issuing
<br />revenue bonds or obligations with respect to a development
<br />described in Section 462C.05, subd. 4, of the Act, the City shall
<br />prepare a Program setting forth the information required by
<br />Section 462.03, Subd. la, and Section 462C.05, Subd. 6, of the
<br />Act, submit the Program for review to the Metropolitan Council,
<br />and, after holding a public hearing thereon, submit the Program
<br />to the Minnesota Housing Finance Agency for review, as provided
<br />in Section 462C.01 of the Act, on the basis of the considerations
<br />stated in Section 462C.04 of the Act; and
<br />WHEREAS, The Presbyterian Homes of Minnesota, Inc., a
<br />Minnesota nonprofit corporation (the "Corporation "), has proposed
<br />a program under the Act to provide financing for a senior housing
<br />development in the City, in accordance with the City's Housing
<br />Plan, a copy of which Program is attached hereto as Exhibit A;
<br />and
<br />WHEREAS, a description of the facilities to be financed
<br />under the Program is set forth in the Program and is hereby
<br />incorporated herein by reference and made a part hereof (as
<br />_described in Exhibit A, the "Facilities "); and
<br />WHEREAS, under the Program, it is proposed that the City
<br />issue its revenue bonds (the "Bonds ") pursuant to the Act in such
<br />aggregate principal amount as may be necessary to finance costs
<br />of acquisition and construction of the Facilities, including
<br />amounts, if necessary, to fund necessary reserves and for
<br />payment, in part, of the costs of issuing the Bonds, subject to
<br />agreement by the Corporation to pay promptly when due all
<br />principal of, premium, if any, and interest on the Bonds;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
<br />CITY OF LITTLE CANADA (the "City "), as follows:
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