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RESOLUTION # 98-84 APPROVING A HOUSING PROGRAM AND OTHER PROJECTS AND PROVIDING FOR THE ISSUANCE AND SALE OF POOLED REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, MINNESOTA STATUTES, SECTIONS 469.152 TO 469.1651, AND MINNESOTA STATUTES, SECTION 471.59 TO PROVIDE FUNDS FOR HOUSING, HEALTH CARE FACILITIES, AND SOCIAL SERVICE FACILITIES PROJECTS PURSUANT TO A JOINT POWERS AGREEMENT TO BE ENTERED INTO IN CONNECTION THEREWITH BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELK RIVER: 1. Authori _ty. The City of Elk River (the "City") is by the laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Industrial Development Act"), Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act"), and Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Act," and together with the Industrial Development Act and the Housing Programs Act, collectively, the "Acts") authorized to issue and sell its revenue bonds for the purpose of financing and refinancing costs of authorized projects and to enter into contracts necessary or convenient in the exercise of the powers granted by the Acts. Pursuant to the Joint Powers Act, the City, the Housing and Redevelopment Authority of the City of Saint'Paul and the Washington County Housing and Redevelopment Authority (collectively referred to as the "Participating Jurisdictions") have been requested to enter into a Joint Powers Agreement (as further described herein, the "Joint Powers Agreement") under which the City would issue its Pooled Revenue Bonds (CareChoice Member Projects), Series 1998 (as further described herein, the "Bonds") on behalf of itself and the other Participating Jurisdictions. 2. The Bonds and the Proiects. Amherst H. Wilder ("Wilder"), Guardian Angels Health Services, Inc. ("Guardian Angels"), and Evans Park, Inc. ("Evans Park"), (Wilder, Guardian Angels and Evans Park are collectively referred to as the "Borrowers"), have proposed to this Council that the City undertake a housing program in the form attached hereto as Exhibit A (the "Housing Program"), as well as the various projects described in the Joint Powers Agreement (such Housing Program and projects, as further described herein, collectively referred to as the "Projects"), and that the City issue and sell the Bonds in substantially the form set forth in the hereinafter-mentioned Consolidated Indenture, pursuant to the Acts, on behalf of itself and the Participating Jurisdictions, and loan the proceeds thereof to the Borrowers to finance or refinance the Projects, all located in one or more of the Participating Jurisdictions (all as further described in the Joint Powers Agreement). A portion of the proceeds of the Bonds (the "Guardian Angels Portion") would be loaned to Guardian Angels to pay costs of the Guardian Angels Projects described in Exhibit B hereto, (the "Guardian Angels Projects") and a portion of the proceeds of the Bonds (the "Evans Park Portion") would be loaned to Evans Park to pay costs of the Housing Program and Evans Park Projects described in Exhibit C hereto, (the "Evans Park Projects"). The proceeds of the Bonds