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447996v2 JAE MN475-38
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<br />RESOLUTION NO. 8288
<br />
<br />CITY OF MOUNDS VIEW
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
<br />
<br />
<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 />
<br /> BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the “City”), as
<br />follows:
<br />
<br /> Section 1. Recitals.
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<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 in part, the cost of the acquisition, construction, reconstruction, improvement,
<br />betterment or extension of a project, defined in the Industrial Development Act as any properties, real or
<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.
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<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.
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<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”).
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