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RESOLUTION NO. 9164 APPROVING THE ISSUANCE AND SALE OF A CONDUIT HEALTH CARE FACILITY REVENUE REFUNDING NOTE, SERIES 2019 AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (APPLE TREE DENTAL PROJECT) WHEREAS, (a) Minnesota Statutes, Sections 469.152-469.1655, as amended (the "Act"), confers upon cities the powers conferred by the Act, which include the power to issue revenue obligations to finance or refinance, in whole or in part, the cost of the acquisition, construction, reconstruction, improvement, betterment, or extension of a "project," defined in the Act, in part, as any properties, real or personal, used or useful in connection with a revenue producing enterprise, whether or not operated for profit, engaged in providing health care services; (b) The City Council (the "Council") of the City of Mounds View, Minnesota (the "City") has received a proposal that it issue its Health Care Facility Revenue Refunding Note, Series 2019 (Apple Tree Dental Project) (the "Note"), in the aggregate amount not to exceed $3,000,000 to provide funds to be loaned to Apple Tree Dental, a Minnesota nonprofit corporation organized under the laws of the State of Minnesota (the "Borrower") to (i) refund the outstanding portion of the Health Care Facilities Revenue Note, Series 2013A, issued in the aggregate amount of $3,395,000 (the "Series 2013 Note"), previously issued by the City in order to finance the acquisition, construction and equipping of an approximately 16,000 square foot building located at 2442 County Road 10 in the City for use as a dental clinic and headquarters facility (the "Project"); and (ii) finance certain other costs related to the Project; (c) The City desires to facilitate the availability of adequate health care facilities to residents of the City at a reasonable cost and the refinancing of the Project will assist the City in achieving those obj ectives; (d) The City has been advised by representatives of the Borrower that conventional, commercial refinancing of the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; and (e) Based on representations of the Borrower, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota (the "City"), as follows: Section 1. Legal Authorization and Findings. 1.01. Findings. The City hereby finds, determines and declares as follows: (a) The City is a home rule charter city duly organized and existing under its Charter and the Constitution and laws of the State of Minnesota and is authorized under the Act to assist the revenue producing project herein referred to, and to issue and sell the Note, as hereinafter 609259v 1 M U210-272