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RESOLUTION P 0.2002-110 <br />A RESOLUTION AUTHOR] ING AND PROVIDIN <br />FOR THE ISSUANCE AND SALE C F HEALTH CARE FA( <br />REVENUE BONDS PURSUANT TO MINNESOTA STA -1 <br />SECTIONS 469.152 TO 469.165, S ENDED, AT THE RE, <br />VOA CARE CE TE S, MINNESOTA, <br />AND APPROVING T E RMS OF REQUIRED <br />DOCUMENTS IN CO N CTION THEREWITH <br />BE IT RESOLVED by the City Council of the City of Edina, <br />follows: <br />1. Authority: Pursuant to Minnesota $ta <br />(the "Act"), the City is authorized to issue reuen <br />public or private sale as may be determined by <br />the proceeds of its revenue bonds or notes f <br />authorized projects, all as further provided in t <br />the Act. Such revenue bonds or notes may be s <br />by the City from a loan agreement with the leo <br />be deemed advantageous. Under the provisions <br />City shall be special, limited obligations of the <br />the City, within the meaning of any state constit <br />rise to a pecuniary liability of the City or a char <br />2. The Bonds and the Project. VOA C <br />corporation (the "Borrower") has proposed to u <br />by the Borrower of assisted living facilities Iloc <br />the construction of improvements thereto an <br />equipment therein, and (ii) to refund the buts <br />(Volunteers of America Care Facilities Projects <br />behalf of the Borrower, the proceeds of whi <br />incurred in the acquisition, construction and 6qu <br />of the City and in the City of Crystal, Minnes <br />expansion and improvements thereto (together, <br />City issue and sell its Health Care Facilities) Re <br />in such forms and subject to the terms and c´┐ŻOnd <br />below (the "Bonds"), pursuant to the Act, an <br />finance the Project. <br />3. Public Hearin. Following not less the <br />a newspaper of general circulation in the City, <br />the date hereof with respect to the Project and t11 <br />an opportunity to express their views with tesp( <br />Based on the information presented, the City hei <br />the Project and the issuance of the Bonds are in <br />of the Act. <br />City Hall <br />4801 WEST 50TH STREET <br />EDINA, MINNESOTA 55424-1394 <br />:LITIES <br />JTES, <br />UEST OF <br />(the "City"), as <br />t tes, Sections 469.152 to <br />o <br />h <br />e <br />rro <br />g <br />n <br />c <br />o <br />69.165, as amended <br />u bonds or notes and sells <br />ch bonds or notes at <br />t is body to be most adv an <br />ageous; and to loan <br />the purpose of financin <br />permitted costs of <br />Act, or to refund bonds <br />notes issued under <br />ed by a pledge of the re <br />enues to be derived <br />er, and by such other se <br />rity devices as may <br />f the Act, any bonds or n <br />tes so issued by the <br />ity, and shall not constitu <br />an indebtedness of <br />u ional provision or statuto <br />limitation, nor give <br />against its general credit <br />taxing powers. <br />e Centers, Minnesota, a <br />innesota nonprofit <br />ertake a project consistin <br />of (i) the acquisition <br />a ed in the City of Coon R <br />pids, Minnesota and <br />d the acquisition and ins <br />Nation of items of <br />t nding Health Care Facil <br />ties Revenue Bonds <br />Series 1995, previously ' <br />sued by the City on <br />were used to refinance <br />certain indebtedness <br />i ping of nursing home favi <br />ities of the Borrower <br />a and to provide funds fo <br />certain renovations, <br />e "Project"), and has fu <br />er proposed that the <br />enue Bonds, in one or mo <br />a series substantially <br />i ions as are set forth in th <br />Indenture referred to <br />loan the proceeds there <br />to the Borrower to <br />14 nor more than 30 da <br />' published notice in <br />.e City Council conducte <br />a public hearing on <br />issuance of the Bonds. <br />1 persons present had <br />t to the Project and the i <br />suance of the Bonds. <br />)y finds and determines t <br />at the undertaking of <br />e public interest and will <br />promote the purposes <br />(952) 927-8861 <br />FAX (952) 826-0390 <br />TDD (952) 826-0379 <br />