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RESOLUTION 8027
<br /> CITY OF MOUNDS VIEW, MINNESOTA
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION GIVING PRELIMINARY APPROVAL TO THE PROPOSED ISSUANCE OF A
<br /> HEALTH CARE FACILITY REVENUE NOTE UNDER MINNESOTA STATUTES,SECTIONS
<br /> 469.152 THROUGH 469.1651,AS AMENDED
<br /> BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the"City"), as follows:
<br /> Section 1. Recitals.
<br /> 1.01. Statutory Authorization. Minnesota Statutes,Sections 469.152 through 469.1651,as amended(the
<br /> "Act"), authorizes a city to issue revenue obligations to finance, in whole or in part, the cost of the acquisition,
<br /> construction, reconstruction, improvement, betterment,or extension of a"project,"defined in the Act,in part,as any
<br /> properties, real or personal, used or useful in connection with a revenue producing enterprise, or any combination
<br /> of two or more such enterprises engaged in any business.
<br /> 1.02. Series 2012 Note. Apple Tree Dental, a Minnesota nonprofit corporation, (the "Borrower"), has
<br /> proposed that the City issue its Health Care Facility Revenue Note(Apple Tree Dental Project), Series 2012 (the
<br /> "Series 2012 Note"), in a principal amount not to exceed $8,500,000.
<br /> 1.03. Proiect. The Borrower has proposed that the proceeds of the Series 2012 Note to be issued by the
<br /> City will be applied to(i)finance the acquisition,construction and equipping of an approximately 16,000 square foot
<br /> building located at 2442 County Road 10 in the City to be used as a new clinic and headquarters facility, (ii)finance
<br /> the acquisition, construction and equipping of an existing approximately 6,000 square foot clinic and office facility
<br /> located at 210 Wood Lake Drive in Rochester, Minnesota and (iii) refinance existing indebtedness incurred in
<br /> connection with the clinic facility located at 520 Main Street in Hawley, Minnesota (the"Project"); (ii) fund one or
<br /> more reserve funds; and (iii) pay the costs of issuance of the Series 2012 Note and other costs related to the
<br /> Project.
<br /> 1.04. Public Hearing Required. Section 147(f)of the Internal Revenue Code of 1986, as amended(the
<br /> "Code"), and regulations promulgated thereunder, requires that prior to the issuance of the Series 2012 Note,the
<br /> City Council of the City(the"City Council")approve the Series 2012 Note after conducting a public hearing thereon.
<br /> Section 469.154, subdivision 4, of the Act requires that prior to submitting an application to the Minnesota
<br /> Department of Employment and Economic Development ("DEED") for approval of the Project, the City Council
<br /> must conduct a public hearing on the proposal to undertake projects authorized to be financed under the terms of
<br /> the Act.
<br /> 1.05. Public Hearing Conducted. A notice of public hearing(the"Public Notice")was published in the Sun
<br /> Focus, the official newspaper and a newspaper of general circulation in the City with respect to: (i) the required
<br /> public hearing under Section 147(f)of the Code; (ii)the required public hearing under Section 469.154,subdivision
<br /> 4, of the Act; and (iii) approval of the issuance of the Series 2012 Note. The Public Notice was published on
<br /> November 8, 2012,which is a date at least 14 days before the date hereof. On the date hereof,the City Council of
<br /> the City conducted a public hearing at which a reasonable opportunity was provided for interested individuals to
<br /> express their views, both orally and in writing,with respect to the proposed issuance of the Series 2012 Note and
<br /> the location and nature of the Project.
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