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<br />RESOLUTION NO. <br /> <br />RESOLUTION APPROVING THE ISSUANCE OF REVENUE <br />BONDS UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT BY SHERBURNE COUNTY, MINNESOTA <br /> <br />BE IT RESOLVED by tile City Council of tIle City of Elk River, Minnesota (the "City"), <br />as follo\vs: <br /> <br />Section 1. Recitals. Guardian Angels Health Services, Inc. (tIle "Borrower"), a <br />Mimlesota nonprofit corporation and an organization described in Sectioll 501(c)(3) of the <br />Intenlal Revenue Code of 1986, as alnended (the "Code"), has advised the Board of County <br />Comnlissiollers of Sherbll11le COUllty (the "County") of its desire, through tIle issuance of <br />revenlle bOl1ds of tIle County (the "Bonds") 1111der Milll1esota Statutes, SectiollS 469.152 to <br />469 .1651 (tIle "Act"), to fil1allce tIle acquisition alld construction of improvelnents, including <br />eqlliplnent and hllnishillgs, to its existillg Ilealtl1 care facility located at 400 Eval1s Avenue in the <br />City, including tIle COllstructioll of all approxinlately 29,000 sqllare foot addition to tIle health <br />care facility (the "Project"), and to refulld in part the outstanding Pooled Revenue Bonds <br />(CareClloice Member Projects), Series 1998, issued by tile City in tIle original principal amOullt <br />of$13,550,000 (tile "Refunded Bonds"). The Project will be owned and operated the Borrower. <br /> <br />Section 2. AutIlorization and Approval. For purposes of Mil me sot a Statutes, Sectioll <br />469.153, Subdivision 3, tile City COUllcilllereby approves tIle issuance of tIle BOllds by the <br />COUllty to fillance tile Project al1d to renllld the Renlllded BOllds. Notwithstanding the foregoing, <br />110\VeVer, the adoptioll of tl1is resolutioll shallllot be deelned to establish allY obligation on tile <br />part of tIle City or tIlis COllncil to cause the issuance of the Bonds, and the issuance of the Bonds <br />is COlltillgent UpOll satisfactioll of a number of requirelnents, inclllding tile holding of a public <br />llearing in accordallce witll the Act and the Code, approval of the County and of the Minnesota <br />Depalilnent of Elnploynlent alld ECOll01l1ic Developlnellt. TIle Bonds, if issued, 811all not <br />COllstitute a cIlarge, liell or enculllbrance, legal or equitable, upon any property of the City. <br /> <br />Mayor <br /> <br />Attest: <br /> <br />City Clerk <br /> <br />4846-9692-1857\1 <br />