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~ ~ \,- ~ RESOLUTION NO. 90-045 RESOLUTION RELATING TO A PROJECT ON BEHALF OF THE LONG TERM CARE FOUNDATION UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACTi CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota (the City), as follows: SECTION 1 Recitals 1.1. The City is authorized by Minnesota Statutes, Sections 469.152 through 469.165 (the Act), to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue-producing enterprise, including nursing homes to be owned by non-profit corporations. 1.2. The Long Term Care Foundation, a Tennessee nonprofit corporation (the Borrower), has advised this Council of its desire to acquire the existing nursing home located at 2800 Highway 694 in the City and known as Innsbruck Healthcare Center and to make certain improvements thereto. Such acquisition and improvements are hereinafter referred to as the Project. 1.3. The Borrower proposes that pursuant to the Act the City issue its revenue bonds, in a principal amount not to exceed $2,325,000, and lend the proceeds of such revenue bonds to the Borrower to pay part or all of the costs of the Project. SECTION 2 Public Hearina 2.1. Section 469.154, Subdivision 4 of the Act requires that prior to submission of an Application to the Minnesota Department of Trade and Economic Development requesting approval of the Project as required by Section 469.154, Subdivision 3 of the Act, this Council conduct a public hearing on the proposal to undertake and finance the Project. Section 147(f) of the Internal Revenue Code of 1986, as amended and regulations promulgated thereunder, require that prior to the issuance of the Bonds, this Council approve the Bonds and the Project, after conducting a public hearing thereon. 4232F