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EXHIBIT B <br /> <br />Guardian Angels Projects <br /> <br />The Guardian Angels Projects consist of the following, and the amount of Bond proceeds <br />used for Guardian Angels Projects shall not exceed $4,500,000; provided, however, that the <br />aggregate principal amount of the Bonds shall not exceed $14,000,000: <br /> <br /> 1. The acquisition, construction, reconstruction and equipping of <br />improvements to the 120-bed skilled nursing care facility commonly known as <br />Guardian Angels Care Center, located at 400 Evans Avenue, Elk River, Minnesota <br />and owned by Guardian Angels Health Services, Inc., including renovation, <br />remodeling, equipping and furnishing of the facility and such site improvements as <br />may be necessary or desirable; and <br /> <br /> 2. The refunding in whole (referred to as the "Bond Refunding") of the <br />Housing and Redevelopment Authority of Sherburne County, Minnesota Nursing <br />Home Facility Revenue Bonds, Series 1994 (Guardian Angels Care Center Project) <br />issued in the original principal amount of $3,245,000, proceeds of which financed and <br />refinanced costs of acquiring, constructing, equipping and financing an addition and <br />certain improvements to the Guardian Angels Care Center. <br /> <br />B-1 <br /> <br /> <br />