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Section 3. Public Hearing.
<br /> 3.01. The City Council shall meet at 7:00 p.m. on Monday, September 8, 2014, to conduct a
<br /> public hearing as requested by the Borrower, notice of which hearing (the "Public Notice") will be
<br /> published as required by Section 469.154, subdivision 4 of the Industrial Development Act,
<br /> Section 462C.04, subdivision 2 of the Housing Act, and Section 147(f)of the Code.
<br /> 3.02. The City Administrator is hereby authorized and directed to publish the Public Notice, in
<br /> substantially the form attached hereto as EXHIBIT A, in the Sun Focus,the official newspaper of the City
<br /> and a newspaper of general circulation in the City. The Public Notice shall be published at least once, at
<br /> least fifteen (15) days prior to the date of the public hearing. At the public hearing, reasonable
<br /> opportunity will be provided for interested individuals to express their views, both orally and in writing,
<br /> on the proposed issuance of the City Note and the Project.
<br /> 3.03. Pursuant to Section 469.154 of the Industrial Development Act, prior to the issuance of
<br /> the City Note by the City,the Commissioner of the Minnesota Department of Employment and Economic
<br /> Development ("DEED") must approve the new costs of the Project to be funded by the City Note on the
<br /> basis of an application submitted by the City with all required attachments and exhibits (the "DEED
<br /> Application").
<br /> 3.04. In accordance with Section 469.154 of the Industrial Development Act, the City
<br /> Administrator is hereby authorized and directed to cause a draft copy of the DEED Application, together
<br /> with drafts of all required attachments and exhibits, to be prepared by Kennedy & Graven, Chartered, as
<br /> bond counsel. The DEED Application,together with all attachments and exhibits, shall be made available
<br /> for public inspection in the office of the City Administrator during regular business hours of the City.
<br /> The City Administrator and other officers, employees, attorneys, and agents of the City are hereby
<br /> authorized to provide DEED with any information needed for this purpose, and the City Administrator is
<br /> authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project.
<br /> Section 4. Preliminary Approvals.
<br /> 4.01. The City Council hereby states its preliminary intention to issue the City Note in the
<br /> maximum aggregate principal amount of $4,000,000 to (i)finance a portion of the costs of acquiring,
<br /> constructing, and equipping the TCU Facility; (ii) refund the outstanding principal amount of the 2002
<br /> Assisted Living Bonds and the 2002 Nursing Home Bonds; (iii) fund capitalized interest on the City
<br /> Note; (iv) fund required reserves for the City Note, if any; and (v)pay the costs of issuing the City Note;
<br /> provided, however, that the new costs of the Project are approved by DEED. The issuance of the City
<br /> Note is also subject to the mutual agreement of the City, the Borrower, and the initial purchaser of the
<br /> City Note as to the details of the City Note and provisions for its payment.
<br /> 4.02. The Note shall not constitute a charge, lien, or encumbrance, legal or equitable,upon any
<br /> property of the City except the City's interest in the loan or revenue agreement with respect to the City
<br /> Note and the Project, and the City Note, when, as, and if issued, shall recite in substance that the City
<br /> Note, including interest thereon, is payable solely from the revenues received from the Project and
<br /> property pledged to the payment thereof, and shall not constitute a general or moral obligation of the City.
<br /> 4.03. The law firm of Kennedy& Graven, Chartered, is authorized to act as Bond Counsel and
<br /> to assist in the preparation and review of necessary documents relating to the Project and the City Note
<br /> issued in connection therewith. The Mayor, the City Administrator, and other officers, employees, and
<br /> agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents.
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