HomeMy WebLinkAbout92-066
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CITY OF ARDEN HILLS, MINNESOTA
RESOLUTION NO. 92-66
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF HEALTH CARE REVENUE
BONDS, SERIES 1992
(GROUP HEALTH PLAN, INC. PROJECT)
WHEREAS, Group Health Plan, Inc., a Minnesota non-profit
corporation ("Group Health"), currently operates facilities
located at 3930 Northwoods Drive in the city of Arden Hills (the
"Local Facilities").
WHEREAS, Group Health has proposed that the Housing and
Redevelopment Authority of the City of saint Paul, Minnesota, and
the City of Minneapolis, Minnesota, jointly issue Health Care
Revenue Bonds in the approximate principal amount of $70,000,000
(the "Bonds") to finance or refinance various capital
expenditures made by Group Health in approximately 18 cities
located through the state of Minnesota, including the Local
Facilities.
WHEREAS, section 147(f) of the Internal Revenue Code of
1986, as amended, requires that each municipality in which
facilities to be financed or refinanced by the Bonds are located
must approve the issuance of the Bonds following a public
hearing.
WHEREAS, a public hearing on the issuance of the Bonds was
held by the city of Minneapolis and the Housing and Redevelopment
Authority of the City of Saint Paul, Minnesota, on September 8,
1992, and September 22, 1992, respectively.
WHEREAS, the Bonds are payable solely from revenues of Group
Health, will not be a general or moral obligation of the city of
Arden Hills, the Housing and Redevelopment Authority of the City
of Saint Paul, the city of Minneapolis or any other political
subdivision but will be payable solely from revenues of Group
Health to the extent and in the manner provided in the documents
executed in connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the city Council of the
city of Arden Hills that the city hereby gives the host approval
required under the Internal Revenue Code to the issuance of the
Bonds.
PASSED AND ADOPTED BY THE CITY
DAY OF OCTOBER, 1992.
COUNCIL OF THE/CITY OF ~RDEN HILLS
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THO S R. SATHER, MAYOR
THIS 13th
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, CLERK ADMINISTRATOR