10-14-1992 Council Agenda - Laserfiche WebLink

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RESOLUTION NO. A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF HEALTH CARE FACILITIES REVENUE BONDS, TO PROVIDE FUNDS FOR A HEALTH CARE FACILITIES PROJECT, ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC. BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota (the "City "), as follows: 1. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act "), authorized to issue and sell its revenue bonds for the purpose of financing the cost of health care projects and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project; Documents Presented. The Presbyterian Homes of Minnesota, Inc., a Minnesota nonprofit corporation (the "Parent Corporation "), has proposed to this Council that the City issue and sell its City of Little Canada Health Care Facilities Revenue Bonds (The Presbyterian Homes of Minnesota, Inc. Project), Series 1992, in substantially the form set forth in the hereinafter - mentioned Indenture (the "Bonds "), pursuant to the Act and loan the proceeds thereof to Gideon Pond Center, Inc., a Minnesota nonprofit corporation affiliated with the Parent Corporation (the "Corporation "), in order to provide financing with respect to costs of the acquisition, construction and equipping of a, health care project to be located at 10030 Newton Avenue South in the City of Bloomington, Minnesota (the "Project "). Forms of the following documents relating to the Bonds have been submitted to the City and are now on file in the office of the City Administrator: (a) Loan Agreement (the "Loan Agreement ") dated as of October 1, 1992 between the City and the Corporation, whereby the City agrees to make a loan to the Corporation of the gross proceeds of sale of the Bonds and the Corporation agrees to undertake and complete the Project and to pay amounts in repayment of the loan sufficient to provide for the full and prompt payment of the principal of, premium, if any, and interest on the Bonds; and (b) Trust Indenture (the "Indenture ") dated as of October 1, 1992, between the City and Firstar Trust Company of Minnesota, as trustee (the "Trustee "), authorizing the issuance of and pledging certain revenues, including those to be derived from the loan Agreement, as security for the Bonds, and setting forth proposed recitals, covenants and agreements relating thereto; and Page 11