06-22-1999 Council Agenda - Laserfiche WebLink

Home Browse Search

RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF REVENUE BONDS, AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT, AND RATIFYING PREPARATION AND PUBLICATION OF A NOTICE OF THE HEARING (PRESBYTERIAN HOMES OBLIGA 1ED GROUP PROJECT) WHEREAS, Presbyterian Homes Housing and Assisted Living, Inc. (the "Company "), desires to refund the outstanding City of Little Canada, Minnesota Housing Facilities Revenue Bonds (The Presbyterian Homes ofMinnesota, Inc. Project), Series 1992 issued to finance the 93 rental unit independent living facility designed for elderly persons known as The Mayfield located at 2850 Market Place Drive in the City of Little Canada, Minnesota (the "City") and refund the outstanding City of Little Canada, Minnesota Health Care Facilities Revenue Bonds (The Presbyterian Homes ofMinnesota, Inc. Project), Series 1992, issued to finance the 86 rental unit assisted living facility designed for elderly persons known as the Gardens of Gideon Pond located at 10030 Newton Avenue South in the City of Bloomington, Minnesota ( the "Little Canada Project ") and finance various other housing and/or health care facility projects, as described in Exhibit A, in the Cities of Arden Hills, Spring Park, and Bloomington, Minnesota and Ankeny, Iowa (collectively, the "Project "); and WHEREAS, the Company has proposed that the City ofArden Hills, Minnesota, issue revenue bonds in one or more series and in the approximate aggregate principal amount of $30,000,000 (the "Bonds ") to finance the Project pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.1651, with not more than approximately $12,000,000 thereof used to finance the Little Canada Project; and WHEREAS, in connection with the issuance of the Bonds it is proposed that a Joint Powers Agreement be entered into among the City and the Cities of Arden Hills, Spring Park, and Bloomington, Minnesota and Ankeny, Iowa pursuant to Minnesota Statutes, Section 471.59 and Iowa Statutes, Chapter 28E; and WHEREAS, Section 147(1) of the Internal Revenue Code of 1986, as amended, requires that each governmental unit in which facilities to be financed by the Bonds are located must approve the issuance of the Bonds following a public hearing; and WHEREAS, a public hearing on this matter was held by the City on the date hereof; and 1050637.1 90'd Z17:21 66, I Uric PAGE 184 0SV9- 2ZZ -ZI9: red Nd9210W '8 SSBThE