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<br />RESOLUTION NO. <br /> <br />RESOLUTION APPROVING THE ISSUANCE <br />OF HEALTH CARE FACILITIES REFUNDING REVENUE BONDS <br />(AMERICAN LUTHERAN HOMES, INC. PROJECT) SERIES 2004A, <br />SERIES 2004B, SERIES 2004C AND SERIES 2004D <br /> <br />BE IT RESOLVED by the County Commission of Cass County, North Dakota (the <br />"County"), as follows: <br /> <br />RECITALS: <br /> <br />1. The County is authorized pursuant to Chapter 40-57 of the North Dakota Century <br />Code (the "Act") to issue its revenue bonds for the purpose of providing financing for the <br />construction and equipping of revenue producing facilities located within the County and to refund <br />bonds previously issued for such purposes under the Act. <br /> <br />2. The County has issued its (i) Nursing Facility Revenue Bonds (American Lutheran <br />Homes, Inc. Project) Series 1996A, dated July 12, 1996, in the original principal amount of <br />$1,650,000; (ii) Nursing Facility Refunding Revenue Bonds (American Lutheran Homes, Inc. <br />Project) Series 1998, dated February 2, 1998, in the original principal amount of$I,873,000; (iii) <br />Health Care Facilities Revenue Bonds (American Lutheran Homes, Inc. Towers II Project) Series <br />1998, dated July 7, 1998, in the original principal amount of $2,000,000; and (iv) Congregate <br />Housing Revenue Bonds (American Lutheran Homes, Inc. Kinder Apartments Project) Series 2001, <br />dated October 1,2001, in the original principal amount of$1 ,500,000 (together, the "Prior Bonds") <br />to finance improvements to a skilled nursing facility, assisted living facility and congregate housing <br />facility owned and operated by American Lutheran Homes, Inc., a North Dakota nonprofit <br />corporation (the "Corporation"). <br /> <br />3. The Corporation has requested the County to issue and sell its Bonds for the purposes <br />of (i) refunding the Prior Bonds, and (ii) paying a portion of the costs of issuance. <br /> <br />4. It is in the public interest, for public benefit and in furtherance ofthe public purposes <br />of the Act that the County Commission authorize the issuance of Bonds for the purposes set forth <br />above. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, as follows: <br /> <br />1. The County hereby approves the issuance and sale of its Health Care Facilities <br />Refunding Revenue Bonds (American Lutheran Homes, Inc. Project) Series 2004A, in the principal <br />amount not exceeding $1,480,000 (the "Series 2004A Bonds"), its Health Care Facilities Refunding <br />Revenue Bonds (American Lutheran Homes, Inc. Project) Series 2004B, in the principal amount not <br /> <br />-1- <br />