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<br />RESOLUTIO~ AUTHORIZING A PROJECT UNDER <br />THE MIN~ESOTA MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT AND THE ISSUANCE OF <br />HEALTH CARE FACILITIES REVENUE BONDS <br />TO FINANCE THE PROJECT <br /> <br />BE IT RESOLVED by the Council of the City of <br />Roseville, Minnesota, as follows: <br /> <br />1. The Council has received a proposal from <br />Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit <br />corporation (the "company") that the City undertake to <br />partially finance a certain Project as herein described, <br />pursuant to the Minnesota Municipal Industrial Development Act, <br />Chapter 474, Minnesota Statutes (the "Act"), through issuance <br />by the City of its $9,500,000 Health Care Facilities Revenue <br />Bonds, Series 1985 (the "Bonds"), and in accordance with a Bond <br />Purchase Agreement (the "Purchase Agreement") between the City, <br />the Company and Cronin and Marcotte, Inc. and Dain Bosworth <br />Incorporated (collectively the "Bond Purchaser"). <br /> <br />2. The Company desires to construct and equip a <br />nursing home and related health care facility (hereinafter <br />referred to as the "Project"). The Project as described above <br />,,,ill provide :1ew em;>lo:rrnent t'" 120 addi ti.onal persrms and will <br />otherwise further the policies and purposes of the Act and the <br />findings made in the preliminary resolution adopted by this <br />Council on January 14, 1985, with respect to the Project are <br />hereby ratified, affirmed and approved. <br /> <br />3. Pursuant to a Loan Agreement dated as of May 1, <br />1985, between the City as lender and the Company as borrower <br />(the "Loan Agreement"), the City will loan the proceeds of the <br />Bonds to the Company to partially finance the cost of the <br />Project. As evidence of the loan of Bond proceeds, the Company <br />will execute a promissory note (the "Note") made payable to the <br />order of the City, dated as of May l, 1985 in the principal <br />amount of the Bonds. The proceeds of the Bonds are to be <br />disbursed in accordance with the provisions of a Disbursing <br />Agreement dated as of May 1, 1985 by and among the Company, <br />Trustee, Minnesota Federal Savings and Loan Association (the <br />"S&L") and a title insurance company to be named therein (the <br />"Disburing Agreement"). The basic payments to be made by the <br />Company under the Loan Agreement are fixed so as to produce <br />revenue sufficient to pay the principal of, premium, if any, <br />