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� °� <br /> �r � �� ° <br /> . ; C ITY of ORONU <br /> ,� ., , . �, . <br /> , ti <br /> ti <br /> RESOLUTION OF THE CITY COUNCI� <br /> ' ��`�kES�I�g'�G NO. .�i ,�, �� . <br /> RESOLUTION APPROVING <br /> SUBSTITUTION OF SOLE MEMBER OF <br /> OWNER OF SENIOR HOUSING PROJECT <br /> WHEREAS,the City of Orono has issued its Senior Housing Revenue Bonds <br /> (Orono Woods Aparhnent Project), Series 2001A, Series 2001B and Series 2001C (the"Bonds") <br /> to provide financing for a senior housing facility(the "Project") presently owned by Orono <br /> Senior Housing LLC, a Minnesota limited liability company(the"Borrower") whose sole <br /> member is J.A. Wedum Foundation, a Minnesota nonprofit corporation("Wedum"); and <br /> WHEREAS, Wedum has requested that this Council approve the transfer of its • <br /> interest in the Borrower to Volunteers of America in Minnesota, a Minnesota nonprofit <br /> corporation("Volunteers of America") and the execution of First Supplement to Indenture of <br /> Trust and a First Amendment to Loan Agreement in order to effect the substitution of Volunteers <br /> • of America for Wedum as the sole member of the Borrower; <br /> WHEREAS, this City has received information regarding the reputation and <br /> financial condition of Volunteers of America and has been advised by Faegre&Benson LLP, as <br /> bond counsel, that it is prepared to render an opinion that the substitution will not adversely <br /> affect the tax exempt status of interest on the Bonds; and <br /> WHEREAS, there has been presented to this Council forms of the First <br /> Supplement to Indenture of Trust and First Amendment to Loan Agreement, supplementing and <br /> amending the Indenture of Trust and Loan Agreement originally executed by the City in <br /> connection with the issuance of the Bonds. <br /> THEREFORE,BE IT RESOLVED by the City Council of the City of Orono <br /> that the substitution of Volunteers of America for Wedman as sole member of the Borrower is <br /> , hereby approved, and the Mayor and City Clerk are authorized to execute and deliver the First <br /> Supplement to Indenture of Trust and First Amendment to Loan Agreement,together with such <br /> other documents as may be necessary to effect the transaction contemplated thereby. <br /> � ADOPTED by the Orono City Council this 26`h day of April, 2004. <br /> ATTEST: . <br /> . B // <br /> �!U� <br /> Linda S. Vee, City Clerk Baxbara A. Peterson,Mayor <br /> . Page 1 of 1 <br />