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RESOLUTION NO.
<br />STATE OF MINNESOTA
<br />COUNTY OF RAMSEY
<br />CITY OF NEW BRIGHTON
<br />RESOLUTION CALLING A PUBLIC HEARING WITH RESPECT TO
<br />REVENUE OBLIGATIONS TO BE ISSUED BY THE CITY OF LAUDERDALE
<br />WHEREAS, the Minnesota Agricultural and Economic Development Board (the "Board") issued
<br />the following obligations (collectively, the "Prior Obligations") for the benefit of Benedictine Care
<br />Center, a Minnesota nonprofit corporation ("BCC"): (i) the Health Care Revenue Bonds (Benedictine
<br />Care Centers Project), Series 1999 (the "Series 1999 Bonds"), issued on March 18, 1999, in the original
<br />aggregate principal amount of $12,630,000; (ii) the Health Facility Revenue Notes (Benedictine Care
<br />Centers Project), Series 1999 (the "Series 1999 Notes"), issued in three subseries in the amounts of
<br />$1,090,600 on March 18, 1999, $1,425,150 on March 18, 1999, and $1,425,150 on May 10, 1999; and
<br />(iii) the Health Care Revenue Bonds (Benedictine Care Centers Project), Series 2005A (the
<br />"Series 2005A Bonds"), issued on March 16, 2005, in the original aggregate principal amount of
<br />$7,375,000; and
<br />WHEREAS, a portion of the proceeds of the Prior Obligations were used to finance the
<br />acquisition, construction, renovation, and equipping of a 105 -bed nursing home known as Benedictine
<br />Care Center at Innsbruck located at 1101 Black Oak Drive in New Brighton, Minnesota (the "New
<br />Brighton Project"); and
<br />WHEREAS, Benedictine Health System, a Minnesota nonprofit corporation and an affiliate of
<br />BCC, and its affiliates (the "Borrower") have determined to refinance, among other things, the New
<br />Brighton Project through the issuance of revenue notes, in one or more series, as taxable or tax-exempt
<br />obligations (the "Notes"), by the City of Lauderdale, Minnesota (the "City of Lauderdale"), in the
<br />estimated maximum principal amount of $9,000,000; and
<br />WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the
<br />"Code"), Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), and
<br />Minnesota Statutes, Sections 471.59 and 471.656, as amended, prior to the issuance of the Notes by the
<br />City of Lauderdale, the City is required to conduct a public hearing on the New Brighton Project and the
<br />issuance of the Notes; and
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of New Brighton,
<br />Minnesota, as follows:
<br />1. The City Council shall meet on Tuesday, December 8, 2015, to conduct a public hearing
<br />with respect to the New Brighton Project and the issuance of the Notes by the City of Lauderdale.
<br />2. The City Clerk is hereby authorized and directed to publish a notice of the public hearing,
<br />in substantially the form attached hereto as EXHIBIT A, in the Sun -Focus, the official newspaper of and a
<br />newspaper of general circulation in the City. The notice shall be published at least once, at least fourteen
<br />(14) days prior to the date of public hearing.
<br />470615v1 JAE LA135-30
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