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RESOLUTION NO. 8118
<br /> CITY OF MOUNDS VIEW
<br /> COUNTY OF RAMSEY
<br /> STATE OF MINNESOTA
<br /> RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF HEALTH CARE FACILITY
<br /> REVENUE BONDS, SERIES 2013 (APPLE TREE DENTAL PROJECT)
<br /> (a) WHEREAS, Minnesota Statutes, Sections 469.152-469.1651,as amended(the"Act"),
<br /> confers upon cities the powers conferred by the Act, which include the power to issue revenue
<br /> obligations to finance, in whole or in part, the cost of the acquisition, construction, reconstruction,
<br /> improvement, betterment, or extension of a "project," defined in the Act, in part, as any properties,
<br /> real or personal, used or useful in connection with a revenue producing enterprise, whether or not
<br /> operated for profit, engaged in providing health care services; and
<br /> (b) WHEREAS, Apple Tree Dental, a Minnesota nonprofit corporation (the "Borrower")
<br /> has requested that the City of Mounds View, Minnesota (the "City") issue its health care revenue
<br /> bonds to provide financing, in whole or in part, for a Project (as defined below); and
<br /> (c) WHEREAS, the Borrower has proposed that the proceeds of the revenue bonds to be
<br /> issued by the City will be applied to (i) finance the acquisition, construction and equipping of an
<br /> approximately 16,000 square foot building located at 2442 County Road 10 in the City to be used
<br /> as a new clinic and headquarters facility (the "Project"); and (ii) pay the costs of issuance of the
<br /> revenue bonds and other costs related to the Project; a public hearing on the Project was held by
<br /> the City Council on November 26, 2012, following duly published notice; and
<br /> (d) WHEREAS, the City's Health Care Facility Revenue Bonds (Apple Tree Dental
<br /> Project), Series 2013 will be issued in one or more series in an aggregate principal amount not to
<br /> exceed $4,500,000, and will include a pledge of, among other things, revenues of the Project(the
<br /> "Bonds"); and
<br /> (e) WHEREAS, the Borrower has requested that the Bonds be issued pursuant to an
<br /> Indenture of Trust between the City and Wells Fargo Bank, National Association (the "Trustee"),
<br /> dated as of or after July 1, 2013 (the "Indenture"); and
<br /> (f) WHEREAS, the City, the Borrower, and Wells Fargo Bank, National Association and
<br /> Wells Fargo Equipment Finance, Inc. (collectively, the"Lender") have agreed upon sufficient details
<br /> of the Bonds and to enable the City to adopt this final bond resolution (the "Resolution") on this
<br /> date.
<br /> NOW THEREFORE BE IT RESOLVED by the City Council of the City of Mounds View,
<br /> Minnesota, as follows:
<br /> 1. Proposal for Issuance of Bonds. For the purpose of providing funds to finance the
<br /> Project there is hereby authorized the issuance, sale and delivery of the Bonds in an aggregate
<br /> principal amount not to exceed $4,500,000, the proceeds of which, together with funds provided by
<br /> the Borrower or a subordinate lender, shall be used to finance the Project. The proceeds of the
<br /> Bonds will be disbursed pursuant to a Construction Disbursement Agreement among the Borrower,
<br /> the Trustee, the Lender, the subordinate lender and a disbursing agent (the "Disbursing
<br /> Agreement"). The Bonds shall be special, limited obligations of the City payable solely from the
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