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will be St. Anthony Nursing Home, A Co-Partnership, a Minnesota <br /> • [limited] general partnership (the Developer ). <br /> 1 . 5. The City has caused to be prepared a program <br /> with respect to the Development and its financing (the <br /> Program) . At a public hearing, duly noticed and held on <br /> , 1985, in accordance with the Act and Section <br /> 103 (k) of the Internal Revenue Code of 1954, as amended, on the <br /> proposal to undertake the Program and finance the Development, <br /> all parties who appeared at the hearing were given an <br /> opportunity to express their views with respect to the proposal <br /> to undertake the Program and finance the Development, and <br /> interested persons were given the opportunity to submit written <br /> comments to the City Manager before the time of the hearing. <br /> 1.6. The Developer has requested that the City issue <br /> its revenue bonds in one or more series pursuant to the <br /> authority of the Act in an aggregate principal amount not to <br /> exceed $6,350, 000, to finance all or a portion of the costs of <br /> the Development, and to make the proceeds of the bonds <br /> available to the Developer for the acquisition, construction <br /> and equipping of the Development, subject to agreement by the <br /> Developer to pay promptly the principal of and interest on the <br /> bonds. <br /> 1 . 7. The City has been advised by the Developer that <br /> conventional commercial financing is available to pay the <br /> capital costs of the Development only on a limited basis and at <br /> such high costs of borrowing that the scope of the Development <br /> and the economic feasibility of operating the Development would <br /> be significantly affected, but with the aide of municipal <br /> financing the Development can be constructed as designed and <br /> its operation can be made more economically feasible. <br /> 1.8. This Council has been advised by representatives <br /> of the Developer and Juran & Moody, Inc. , of St. Paul, <br /> Minnesota, that on the basis of information available to them <br /> and their discussions with the Developer and potential <br /> purchasers of tax-exempt bonds, the Bonds could be sold at <br /> favorable rates and terms to finance the Project. <br /> 1 .9. The full faith and credit of the City will not <br /> be pledged to or responsible for the payment of the principal <br /> of, or premium or interest on the bonds. <br /> SECTION 2 <br /> 2. 1. On the basis of the information given the City <br /> to date, it appears that it would be desirable for the City to <br /> -3- <br />