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RESOLUTION 8027
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<br />CITY OF MOUNDS VIEW, MINNESOTA
<br />COUNTY OF RAMSEY
<br />STATE OF MINNESOTA
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<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
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<br /> BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the “City”), as follows:
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<br /> Section 1. Recitals.
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<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.
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<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.
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<br />1.03. Project. 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.
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<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.
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<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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