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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Ramsey, Minnesota, was duly held on Tuesday, June 9, 2020, commencing at 7:00 o’clock P.M. Councilmember Kuzma introduced the following resolution and moved its adoption: RESOLUTION # 20-119 A RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF SENIOR HOUSING REVENUE BONDS (SUITE LIVING SENIOR CARE OF RAMSEY PROJECT), SERIES 2020 (a) WHEREAS, Minnesota Statutes, Chapter 462C, as amended (the “Act”), gives municipalities the power to issue revenue obligations for the purpose of financing or refinancing the cost of housing for the elderly and disabled and to enter into agreements necessary or convenient in the exercise of powers granted by the Act; and (b) WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the obligations are issued under a joint powers agreement between the municipality issuing the obligations and the municipality in which the property to be acquired or improved is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint powers agreement entered into through action of their governing bodies, two or more municipalities may jointly or cooperatively exercise any power common to the contracting parties or any similar powers, including those which are the same except for the territorial limits within which they may be exercised and the joint powers agreement may provide for the exercise of such powers by one or more of the participating governmental units on behalf of the other participating units; and (c) WHEREAS, the City of Ramsey, Minnesota (“Ramsey” or the “City”), has heretofore received from Hampton Properties of Ramsey, LLC, a Minnesota limited liability company (the “Borrower”), whose sole member is Suburban Housing & Community Services Corporation, a California nonprofit corporation and 501(c)(3) organization, a proposal that the City of Falcon Heights, Minnesota (the “Issuer”) assist in financing and refinancing, in part, (i) the acquisition, construction, and equipping of an approximately 32-unit high acuity assisted living th and memory care senior housing facility located on approximately 1.75 acres on 139 Lane Northwest at the intersection of Jasper Street Northwest in the City; (ii) required reserve funds; (iii) capitalized interest; (iv) certain taxable debt of the Borrower; and (v) all or a portion of the costs of issuance (collectively, the “Project”), through the issuance of revenue bonds (the “Bonds”) pursuant to the Act, in an amount not to exceed $8,500,000; and 1 12624676v2