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<br /> - <br /> ~ ,.,., <br /> CITY OF ARDEN HILLS, MINNESOTA <br /> RESOLUTION NO. 92-66 <br /> . RESOLUTION GIVING HOST APPROVAL <br /> TO THE ISSUANCE OF HEALTH CARE REVENUE <br /> BONDS, SERIES 1992 <br /> (GROUP HEALTH PLAN, INC. PROJECT) <br /> WHEREAS, Group Health Plan, Inc. , a Minnesota non-profit <br /> corporation ("Group Health"), currently operates facilities <br /> located at 3930 Northwoods Drive in the City of Arden Hills (the <br /> "Local Facilities"). <br /> WHEREAS, Group Health has proposed that the Housing and <br /> Redevelopment Authority of the city of Saint Paul, Minnesota, and <br /> the City of Minneapolis, Minnesota, jointly issue Health Care <br /> Revenue Bonds in the approximate principal amount of $70,000,000 <br /> (the "Bonds") to finance or refinance various capital <br /> expenditures made by Group Health in approximately 18 cities <br /> located through the State of Minnesota, including the Local <br /> Facilities. <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br /> 1986, as amended, requires that each municipality in which <br /> facilities to be financed or refinanced by the Bonds are located <br /> must approve the issuance of the Bonds following a public <br /> hearing. <br /> . WHEREAS, a public hearing on the issuance of the Bonds was <br /> held by the City of Minneapolis and the Housing and Redevelopment <br /> Authority of the City of Saint Paul, Minnesota, on September 8, <br /> 1992, and September 22, 1992, respectively. <br /> WHEREAS, the Bonds are payable solely from revenues of Group <br /> Health, will not be a general or moral obligation of the city of <br /> Arden Hills, the Housing and Redevelopment Authority of the city <br /> of Saint Paul, the City of Minneapolis or any other political <br /> subdivision but will be payable solely from revenues of Group <br /> Health to the extent and in the manner provided in the documents <br /> executed in connection with the issuance of the Bonds. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br /> City of Arden Hills that the city hereby gives the host approval <br /> required under the Internal Revenue Code to the issuance of the <br /> Bonds. <br /> PASSED AND ADOPTED RY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 13th <br /> DAY OF OCTOBER, 1992. <br /> THOMAS R. SATHER, MAYOR <br /> ATTEST: <br /> . <br /> DOROTHY A. PERSON, CLERK ADMINISTRATOR i <br /> ; <br /> i <br /> . <br /> !l <br /> ,. <br />