02-24-2021 Council Packet - Laserfiche WebLink

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13090777v3 2 RESOLUTION CALLING FOR A PUBLIC HEARING ON APPROVING THE ISSUANCE OF SENIOR HOUSING AND HEALTHCARE REVENUE NOTES TO FINANCE A PROJECT BY NEW HARMONY CARE CENTER, INC. AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (NEW HARMONY CARE CENTER PROJECT) WHEREAS, the purpose of Minnesota Statutes, Chapter 462C (the "Act"), is among other things, to confer upon cities the power to issue revenue bonds to finance projects as defined therein; and WHEREAS, the City of Little Canada, Minnesota (the "City"), has received from New Harmony Care Center, Inc. (the "Borrower"), a Minnesota nonprofit corporation and 501(c)(3) organization, the sole member of which is Elim Care, Inc., a Minnesota nonprofit corporation and 501(c)(3) organization, the sole member of which is Cassia, a Minnesota nonprofit corporation and 501(c)(3) organization, a proposal that the City assist in financing a Project described in Exhibit A, which will be located in the City of Maplewood, Minnesota, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and WHEREAS, the City has been advised that a public hearing and City Council approval of the financing of the Project is required under the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place as determined by the City Administrator, which shall be set forth in the Notice of Public Hearing substantially in the form attached hereto as Exhibit A (the “Notice”). 2. The general nature of the Project and an estimate of the aggregate principal amount of the Bonds to be issued to finance the Project are described in the Notice. 3. The City Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper and newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice. [Remainder of page intentionally blank; signature page follows.]