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<br />RESOLUTION RELATING TO A PROJECT UNDER THE <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PROJECT <br />PRELIMINARY APPROVAL, SUBJECT TO A PUBLIC HEARING <br />(BETHANY ON 42ND PROJECT) <br /> <br />BE IT RESOLVED by the Board of County Commissioners ofCass County, North Dakota <br />(the "County"), as follows: <br /> <br />Section 1. <br /> <br />Policy and Purpose. <br /> <br />1.01. For the purpose of promotion, attraction, encouragement, and development of <br />economically sound commerce, preserving and developing a tax base adequate to finance necessary <br />public services, and encouraging employment opportunities for the citizens of the County, the <br />County is authorized by Chapter 40-57, North Dakota Century Code ("N.D. C. C. "), to issue revenue <br />bonds of the County and loan the proceeds thereof to a nonprofit corporation to acquire property for <br />use in connection with a revenue-producing enterprise. <br /> <br />1.02. Bethany on 42nd LLC, a North Dakota limited liability company, (the "Company") <br />has requested the County to issue its Housing and Healthcare Facilities Revenue Bonds (Bethany on <br />42nd Project) Series 2008 (the "Bonds") in the amount not exceeding $25,000,000 for the purpose <br />of financing the construction and equipping of senior housing facilities consisting of approximately <br />78 skilled nursing beds, 40 assisted living units and functionally related and subordinate facilities <br />located at 2955 42nd Street South, Fargo, North Dakota (the "Project"). <br /> <br />Section 2. <br /> <br />Approval and Authorization. <br /> <br />2.01. Subject to the holding of a public hearing according to law and subject to the mutual <br />agreement of the County, the Company, and the purchaser of the Bonds as to the details of the <br />Bonds, the Indenture of Trust, the Loan Agreement, and other documents necessary to evidence and <br />effect the financing of the Project, the issuance ofthe Bonds of the County, in one or more series, <br />in an amount not to exceed $25,000,000, is hereby approved. <br /> <br />2.02. Neither this preliminary approval nor any actions, agreements, or legal matters <br />related hereto or executed in pursuance hereof, shall in any manner or form create an indebtedness <br />or liability of the County. The passage of this Resolution does not finally commit the County to <br />issue and deliver the Bonds. <br /> <br />Section 3. <br /> <br />Public Hearinl!. <br /> <br />- 1 - <br />