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RESOLUTION NO.8322
<br /> CITY OF MOUNDS VIEW,MINNESOTA
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION AUTHORIZING THE ISSUANCE, SALE,AND DELIVERY OF A
<br /> REVENUE OBLIGATION FOR THE BENEFIT OF CATHOLIC ELDERCARE;
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF THE REVENUE
<br /> OBLIGATION AND RELATED DOCUMENTS; AND TAKING OTHER
<br /> ACTIONS RELATED THERETO
<br /> BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota(the "City"), as
<br /> follows:
<br /> Section 1. Findings.
<br /> 1.01. Minnesota Statutes, Chapter 462C, as amended (the "Housing Act"), authorizes the City
<br /> to carry out the public purposes described in the Housing Act by providing for the issuance of revenue
<br /> bonds to provide funds to finance or refinance multifamily housing developments (including nursing and
<br /> assisted living facilities). Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the
<br /> "Industrial Development Act"), authorizes the City to issue revenue obligations to finance or refinance, in
<br /> whole or in part, the cost of the acquisition, construction, reconstruction, improvement, betterment, or
<br /> extension of a "project," defined in the Industrial Development Act, in part, as any properties, real or
<br /> personal,used or useful in connection with a revenue producing enterprise.
<br /> 1.02. Pursuant to Minnesota Statutes, Section 471.656, as amended, a municipality may issue
<br /> obligations to finance the acquisition or improvement of property located outside of the corporate
<br /> boundaries of such municipality if the obligations are issued under a joint powers agreement between the
<br /> municipality issuing the obligations and the municipality in which the property to be acquired or
<br /> improved is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint
<br /> powers agreement entered into through action of their governing bodies, two or more municipalities may
<br /> jointly or cooperatively exercise any power common to the contracting parties or any similar powers,
<br /> including those which are the same except for the territorial limits within which they may be exercised
<br /> and the joint powers agreement may provide for the exercise of such powers by one or more of the
<br /> participating governmental units on behalf of the other participating units.
<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 "Mounds View
<br /> Note"), in an aggregate principal amount not to exceed $4,000,000. The Borrower has proposed to apply
<br /> the proceeds of the Mounds View Note, along with the proceeds of a revenue note (the "Lauderdale
<br /> Note") proposed to be issued by the City of Lauderdale, Minnesota (the "City of Lauderdale") in an
<br /> aggregate principal amount not to exceed $10,000,000 and a revenue note (the "MCDA Note") proposed
<br /> to be issued by the Minneapolis Community Development Agency (the "MCDA") in an aggregate
<br /> principal amount not to exceed $5,000,000,to(i)finance the acquisition, construction, and equipping of a
<br /> transitional care unit consisting of the addition of 24 skilled nursing beds to the existing 150-bed skilled
<br /> nursing facility (the "TCU Facility") located at 900 2nd Street NE in the City of Minneapolis (the "City
<br /> of Minneapolis"); (ii)fund capitalized interest on the Mounds View Note, the Lauderdale Note, and the
<br /> Minneapolis Note (collectively, the "Notes") during construction of the TCU Facility; (iii) refund the
<br /> 449010v2 JAE MN475-38
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