HomeMy WebLinkAboutCity Council Resolution 1992-607CITY OF PLYMOUTH
RESOLUTION NO. 92-607
RESOLUTION GIVING HOST APPROVAL TO THE
ISSUANCE OF HEALTH CARE REVENUE BONDS, SERIES 1992
(GROUP HEALTH PLAN, INC. PROJECT)
WHEREAS, Group Health Plan, Inc., a Minnesota non-profit corporation ("Group
Health"), currently operates facilities located at 4220 Lancaster Lane in the City of
Plymouth (the "Local Facilities"); and
WHEREAS, Group Health has proposed that the Housing and Redevelopment
Authority of the City of Saint Paul, Minnesota, and the City of Minneapolis,
Minnesota, jointly issue Health Care Revenue Bonds in the approximate principal
amount of $70,000,000 (the 'Bonds") to finance or refinance various capital
expenditures made by Group Health in approximately 18 cities located through the
State of Minnesota, including the Local Facilities; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended,
requires that each municipality in which facilities to be financed or refinanced by the
Bonds are located must approve the issuance of the Bonds following a public hearing;
and
WHEREAS, a public hearing on the issuance of the Bonds was held by the City of
Minneapolis and the Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota, on September 8, 1992, and September 22, 1992, respectively; and
WHEREAS, the Bonds are payable solely from revenues of Group Health, will not be
a general or moral obligation of the City of Plymouth, the Housing and Redevelopment
Authority of the City of Saint Paul, the City of Minneapolis, or any other political
subdivision but will be payable solely from revenues of Group Health to the extent and
in the manner provided in the documents executed in connection with the issuance of
the bonds.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCEL OF
THE CITY OF PLYMOUTH, MINNESOTA, that the City hereby gives the host
approval required under the Internal Revenue Code to the issuance of the Bonds.
Adopted by the City Council on October 5, 1992.