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RESOLUTION NO.8288
<br /> CITY OF MOUNDS VIEW
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION CALLING A PUBLIC HEARING ON THE ISSUANCE OF A
<br /> REVENUE NOTE AND PROVIDING PRELIMINARY APPROVAL TO THE
<br /> PROPOSED ISSUANCE OF THE REVENUE NOTE
<br /> BE IT RESOLVED by the City Council of the City of Mounds View,Minnesota(the"City"), as
<br /> follows:
<br /> Section 1. Recitals.
<br /> 1.01. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the
<br /> "Industrial Development Act"), the City is authorized to issue revenue bonds for the following purposes:
<br /> (i) to finance, in whole or inpart, the cost of the acquisition, construction, reconstruction, improvement,
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<br /> betterment or extension of a project, defined in the Industrial Development Act as anyproperties, real or
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<br /> personal, used or useful in connection with a revenue producing enterprise; and(ii)to refund, in whole or
<br /> in part, bonds previously issued by the City under the authority of the Industrial Development Act and
<br /> interest on such bonds.
<br /> 1.02. Pursuant to Minnesota Statutes, Chapter 462C, as amended (the"Housing Act"),the City
<br /> is authorized to issue revenue bonds to provide funds to finance or refinance multifamily housing
<br /> developments (including nursing and assisted living facilities) located within the City or outside of the
<br /> City pursuant to an agreement with the host city.
<br /> 1.03. Catholic Eldercare, a Minnesota nonprofit corporation, or any of its affiliates (the
<br /> "Borrower"), has proposed that the City issue its revenue note, in one or more series (the "City Note"), in
<br /> an aggregate principal amount not to exceed $4,000,000. The Borrower has proposed to apply the
<br /> proceeds of the City Note,along with the proceeds of a revenue note (the"Lauderdale Note")proposed to
<br /> be issued by the City of Lauderdale, Minnesota (the "City of Lauderdale") in an aggregate principal
<br /> amount not to exceed $10,000,000 and a revenue note (the "Minneapolis Note")proposed to be issued by
<br /> the City of Minneapolis (the "City of Minneapolis") in an aggregate principal amount not to exceed
<br /> $5,000,000,to(i)finance the acquisition, construction, and equipping of a transitional care unit consisting
<br /> of the addition of 24 skilled nursing beds to the existing 150-bed skilled nursing facility located at 900
<br /> 2nd Street NE in the City of Minneapolis (the "TCU Facility"); (ii) fund capitalized interest on the City
<br /> Note, the Lauderdale Note, and the Minneapolis Note (collectively, the "Notes") during construction of
<br /> the TCU Facility; (iii) refund the outstanding Variable Rate Demand Multifamily Housing Revenue
<br /> Bonds(St. Hedwig's Assisted Living Project), Series 2002 (the"2002 Assisted Living Bonds"), issued by
<br /> the City of Minneapolis on December 23, 2002, in the original aggregate principal amount of$7,570,000;
<br /> (iv) refund the outstanding Variable Rate Demand Nursing Home Revenue Refunding Bonds (Catholic
<br /> Eldercare Project), Series 2002 (the "2002 Nursing Home Bonds"), issued by the City of Minneapolis on
<br /> December 23,2002, in the original aggregate principal amount of $9,580,000; (v) refinance certain
<br /> outstanding taxable indebtedness of the Borrower; (vi) fund required reserves for the Notes, if any; and
<br /> (vii)pay the costs of issuing the Notes(collectively,the"Project").
<br /> 447996v2 JAE MN475-38
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