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RESOLUTION NO. 8932 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION CONSENTING TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY OF ST. PAUL PARK TO REFINANCE REVENUE OBLIGATIONS ISSUED BY THE CITY OF MOUNDS VIEW follows: BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the "City"), as Section L Recitals. 1.01. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), the City is authorized to cavy out the public proposes described in the Act by providing for the issuance of revenue bonds to provide funds to finance or refinance revenue-producing enterprises, whether or not operated for profit, engaged in providing health care services, including, without limitation, hospitals and related medical facilities or to refund, in whole or in part, bonds previously issued under the authority of the Act. 1.02. On December 30, 2013, the City issued its Subordinate Health Care Facilities Revenue Note (BHS/Allina TCU Project), Series 2013 (the "Subordinate Note"), in the original aggregate principal amount of $2,900,000. The Subordinate Note was issued pursuant to the Act and Minnesota Statutes, Sections 471.59 and 471.656, as amended, and under the terms of a Servicing Agreement, dated as of December 1, 2013 (the "Servicing Agreement"), between the City, Piper Jaffray Lending LLC, in its capacity as servicer (the "Servicer"), and Cedar Rapids Bank & Trust, in its capacity as lead lender (the "Lead Lender"). The City loaned the proceeds of the Subordinate Note to PHS Interlude Fridley, LLC, a Minnesota nonprofit limited liability company formerly known as Benedictine Living Center of Fridley, LLC (the "Borrower"), for the purpose of financing a portion of the costs of the acquisition, construction, and equipping of a 50 -bed transitional care facility (the "Facility") located at 520 Osborne Road on the Unity Hospital/Allina campus in Fridley, Minnesota. 1.03. The Borrower has proposed that the City consent to the issuance by the City of St. Paul Park, Minnesota or another political subdivision of the State of Minnesota (the "Issuer") of one or more series of revenue obligations (the "Bonds") in the approximate principal amount of $26,000,000. The Bonds will be issued in accordance with the terms of the Act and Minnesota Statutes, Section 471.656, subdivision 2(2). 1.04. The Borrower intends to apply a portion of the proceeds of the Bonds to refinance the outstanding principal amount of the Subordinate Note and refinance the Facility. Section 2. Approval. The City Council hereby consents to the issuance of the Bonds by the Issuer to, among other things, refinance the City's outstanding Subordinate Note, subject to final approval by the governing body of the Issuer, following the preparation of bond documents and a determination by the Issuer to issue the Bonds. The City hereby directs the Servicer and the Lead Lender to satisfy the Servicing Agreement in accordance with the terms thereof. 518815v2 JAE FR 110-14