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RESOLUTION NO.8299
<br /> CITY OF MOUNDS VIEW
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION REGARDING THE ISSUANCE OF A REVENUE NOTE FOR
<br /> THE BENEFIT OF CATHOLIC ELDERCARE AND TAKING ACTIONS
<br /> 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. Recitals.
<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 under the authority of the Industrial Development Act and interest on
<br /> such bonds.
<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.
<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 /> outstanding Variable Rate Demand Multifamily Housing Revenue Bonds (St. Hedwig's Assisted Living
<br /> Project), Series 2002 (the "2002 Assisted Living Bonds"), issued by the City of Minneapolis on
<br /> December 23, 2002, in the original aggregate principal amount of$7,570,000; (iv) refund the outstanding
<br /> Variable Rate Demand Nursing Home Revenue Refunding Bonds (Catholic Eldercare Project),
<br /> 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").
<br /> 449039v1 JAE MN475-38
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