|
follows:
<br />CITY OF MOUNDS VIEW
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
<br />RESOLUTION NO. 8165
<br />AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF A
<br />SUBORDINATE HEALTH CARE FACILITIES REVENUE NOTE (BHS/ALLINA
<br />TCU PROJECT), SERIES 2013, IN THE AGGREGATE PRINCIPAL AMOUNT
<br />NOT TO EXCEED $3,000,000, FOR THE BENEFIT OF BENEDICTINE LIVING
<br />CENTER OF FRIDLEY, LLC, PAYABLE SOLELY FROM REVENUES
<br />PLEDGED PURSUANT TO A LOAN AGREEMENT AND A SERVICING
<br />AGREEMENT; AND APPROVING THE FORM OF AND AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS
<br />BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the "City"), as
<br />Section 1. Recitals and Findings.
<br />1.01. Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act'),
<br />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
<br />part, as any properties, real or personal, used or useful in connection with a revenue producing enterprise,
<br />whether or not operated for profit, engaged in providing health care services, including hospitals, nursing
<br />homes, and related medical facilities.
<br />1.02. Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
<br />obligations to finance the acquisition or improvement of property located outside of the corporate
<br />boundaries of such municipality if the obligations are issued under a joint powers agreement between the
<br />municipality issuing the obligations and the municipality in which the property to be acquired or
<br />improved is located. Pursuant to Minnesota Statutes, Section 471.59, as amended, by the terms of a joint
<br />powers agreement entered into through action of their governing bodies, two municipalities may jointly or
<br />cooperatively exercise any power common to the contracting parties or any similar powers, including
<br />those which are the same except for the territorial limits within which they may be exercised and the joint
<br />powers agreement may provide for the exercise of such powers by one or more of the participating
<br />governmental units on behalf of the other participating units.
<br />1.03. Benedictine Living Center of Fridley, LLC, a Minnesota nonprofit limited liability
<br />company (the `Borrower"), which will be controlled by Benedictine Health System, a nonprofit
<br />corporation ("BHS"), either as its sole member or as a joint member with Allina Health System, a
<br />Minnesota nonprofit corporation ("Allina"), or any affiliate of BHS or Allina, has proposed that the City
<br />issue its Subordinate Health Care Facilities Revenue Note (BHS/Allina TCU Project), Series 2013 (the
<br />"Subordinate Note"), in the aggregate principal amount not to exceed $3,000,000. The Borrower
<br />proposes to use the proceeds of the Subordinate Note, along with equity of the Borrower and the proceeds
<br />of the Health Care Facilities Revenue Note (BHS/Allina TCU Project), Series 2013 (the "Series 2013
<br />Note"), proposed to be issued by the City of Fridley, Minnesota (the "City of Fridley") in the aggregate
<br />principal amount not to exceed $10,000,000, to (i) finance the acquisition, construction, and equipping of
<br />a 50 -bed transitional care facility located on the Unity Hospital/Allina campus at 550 Osborne Road,
<br />433887vl JAE MU210-222
<br />
|