|
CITY OF ROSEVILLE,MINNESOTA
<br /> RESOLUTION NO. 11434
<br /> RESOLUTION CONSENTING TO AND PROVIDING HOST
<br /> APPROVAL TO THE ISSUANCE BY THE CITY OF ST. PAUL
<br /> PARK OF ITS REVENUE BONDS
<br /> WHEREAS, the City of Roseville, Minnesota (the "City") is a statutory city and political
<br /> subdivision duly organized and existing under the laws of the State of Minnesota; and
<br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended
<br /> (the "Act'), the City is authorized to carry out the public purposes described in the Act by providing for
<br /> the issuance of revenue bonds to provide funds to finance or refinance revenue-producing enterprises
<br /> located within the City, whether or not operated for profit, engaged in providing health care services,
<br /> including, without limitation, hospitals and related medical facilities or to refund, in whole or in part,
<br /> bonds previously issued under the authority of the Act;and
<br /> WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
<br /> obligations to finance the acquisition or improvement of property located outside of the corporate
<br /> boundaries of such municipality if the governing body of the city in which the property is located
<br /> consents by resolution to the issuance of such obligations;and
<br /> WHEREAS, on December 9, 2010, the City of Bloomington, Minnesota issued its Senior
<br /> Housing Refunding Revenue Bonds (Gideon Pond Commons, LLC Project), Series 2010 (the
<br /> "Series 2010 Bonds"), in the original aggregate principal amount of$16,485,000, pursuant to the Act and
<br /> Minnesota Statutes, Section 471.656, and loaned the proceeds thereof to Gideon Pond Commons, LLC, a
<br /> Minnesota limited liability company,the sole member of which is Presbyterian Homes Bloomington Care
<br /> Center, Inc., a Minnesota nonprofit corporation (the `Borrower"), for the purpose of refinancing (i) the
<br /> 86-unit assisted living project located at 10030 Newton Avenue South, Bloomington, Minnesota (the
<br /> `Bloomington Commons"), which is owned by the Borrower; and (ii)the 143-bed skilled nursing facility
<br /> located at 1910 County Road D in the City (the "Roseville Facility"), which is owned by Presbyterian
<br /> Home Care Centers,Inc., a Minnesota nonprofit corporation and an affiliate of the Borrower;and
<br /> WHEREAS, the Borrower has requested that the City of St. Paul Park, Minnesota (the "City of
<br /> St. Paul Park") issue revenue obligations, in one or more series, as taxable or tax-exempt obligations (the
<br /> "Bonds"), in an aggregate principal amount not to exceed $35,000,000, for the purposes of, among other
<br /> things, refinancing the Bloomington Commons and the Roseville Facility through the redemption and
<br /> prepayment of the outstanding Series 2010 Bonds;and
<br /> WHEREAS, Section 147(f)of the Internal Revenue Code of 1986, as amended(the"Code"), and
<br /> regulations promulgated thereunder require that prior to the issuance of the Bonds,the City Council of the
<br /> City (the "City Council") consent to the issuance of the Bonds by the City of St. Paul Park after
<br /> conducting a public hearing thereon preceded by publication of a notice of public hearing (in the form
<br /> required by Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation
<br /> within the City at least fourteen(14)days prior to the public hearing date; and
<br /> WHEREAS, a notice of public hearing(the "Public Notice")was published at least fourteen (14)
<br /> days before the regularly scheduled meeting of the City Council on the date hereof in the Roseville
<br /> 505272v1 JAE BL405-12
<br />
|