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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF RAMSEY, MINNESOTA <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Ramsey, Minnesota, was duly held on Tuesday, May 12, 2020, commencing at 7:00 o'clock <br />P.M. <br />Councilmember Musgrove introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #20-088 <br /> <br />A RESOLUTION CALLING FOR A PUBLIC HEARING ON CONSENTING TO THE <br />ISSUANCE OF REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A <br />NOTICE OF THE HEARING THEREFOR (SUITE LIVING SENIOR CARE OF <br />RAMSEY PROJECT) <br /> <br />WHEREAS, <br /> Minnesota Statutes, Chapter 462C (the "Act") confers upon cities the power <br />to issue revenue bonds to finance or refinance a program for the purposes of planning, <br />administering, making, or purchasing loans with respect to one or more multifamily <br />housing developments within the boundaries of a city; and <br />WHEREAS, <br /> the City of Ramsey, Minnesota (“Ramsey”), has received from Hampton <br />Properties of Ramsey, LLC, a Minnesota limited liability company (the “Borrower”), <br />whose sole member is Suburban Housing & Community Services Corporation, a California <br />nonprofit corporation and 501(c)(3) organization, a proposal that the City of Falcon <br />Heights, Minnesota undertake a program to assist in financing the “Project” described in <br />the form of Notice of Public Hearing attached hereto as Exhibit A, which is located in <br />Ramsey, through the issuance of revenue bonds or other obligations (in one or more series) <br />(the “Bonds”) pursuant to the Act; and <br />WHEREAS, <br /> Ramsey has been advised that a public hearing and City Council host <br />approval of and consent to the financing of the Project is required under the Act and Section <br />147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), because the <br />facilities to be financed by the Bonds are located in Ramsey: <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> <br />1.A public hearing on the proposal of the Company will be held at the time, manner, <br />and place as determined by the City Administrator, which shall be set forth in the Notice of Public <br />Hearing substantially in the form attached hereto as Exhibit A (the "Notice"). The general nature <br /> <br />12579488v2 <br /> <br /> <br />