HomeMy WebLinkAboutResolution 8932RESOLUTION NO. 8932
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION CONSENTING TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE
CITY OF ST. PAUL PARK TO REFINANCE REVENUE OBLIGATIONS ISSUED BY THE
CITY OF MOUNDS VIEW
follows:
BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota (the "City"), as
Section L Recitals.
1.01. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the
"Act"), the City is authorized to cavy out the public proposes described in the Act by providing for the
issuance of revenue bonds to provide funds to finance or refinance revenue-producing enterprises, whether
or not operated for profit, engaged in providing health care services, including, without limitation, hospitals
and related medical facilities or to refund, in whole or in part, bonds previously issued under the authority
of the Act.
1.02. On December 30, 2013, the City issued its Subordinate Health Care Facilities Revenue
Note (BHS/Allina TCU Project), Series 2013 (the "Subordinate Note"), in the original aggregate principal
amount of $2,900,000. The Subordinate Note was issued pursuant to the Act and Minnesota Statutes,
Sections 471.59 and 471.656, as amended, and under the terms of a Servicing Agreement, dated as of
December 1, 2013 (the "Servicing Agreement"), between the City, Piper Jaffray Lending LLC, in its
capacity as servicer (the "Servicer"), and Cedar Rapids Bank & Trust, in its capacity as lead lender (the
"Lead Lender"). The City loaned the proceeds of the Subordinate Note to PHS Interlude Fridley, LLC, a
Minnesota nonprofit limited liability company formerly known as Benedictine Living Center of Fridley,
LLC (the "Borrower"), for the purpose of financing a portion of the costs of the acquisition, construction,
and equipping of a 50 -bed transitional care facility (the "Facility") located at 520 Osborne Road on the
Unity Hospital/Allina campus in Fridley, Minnesota.
1.03. The Borrower has proposed that the City consent to the issuance by the City of St. Paul
Park, Minnesota or another political subdivision of the State of Minnesota (the "Issuer") of one or more
series of revenue obligations (the "Bonds") in the approximate principal amount of $26,000,000. The
Bonds will be issued in accordance with the terms of the Act and Minnesota Statutes, Section 471.656,
subdivision 2(2).
1.04. The Borrower intends to apply a portion of the proceeds of the Bonds to refinance the
outstanding principal amount of the Subordinate Note and refinance the Facility.
Section 2. Approval. The City Council hereby consents to the issuance of the Bonds by the
Issuer to, among other things, refinance the City's outstanding Subordinate Note, subject to final approval
by the governing body of the Issuer, following the preparation of bond documents and a determination by
the Issuer to issue the Bonds. The City hereby directs the Servicer and the Lead Lender to satisfy the
Servicing Agreement in accordance with the terms thereof.
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Section 3. Costs. The Borrower will pay and upon demand, reimburse the City for payment
of, any and all costs incurred by the City in connection with the refinancing of the City's outstanding
Subordinate Note and the issuance of the Bonds, whether or not the Bonds are issued.
passage.
Section 4. Effective Date. This resolution shall be in full force and effect from and after its
Adopted by the City Council of the City of Mounds View, Minnesota, this 26'x' day of March, 2018.
Carol A. Mueller, Mayor
ATTEST: I AJ
Nyle IkmunPlty Administrator
(Scal)
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