HomeMy WebLinkAboutCity Council Resolution 2012-240Extract of Minutes of a Meeting of the
City Council of the City of Plymouth, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Plymouth, Minnesota, was duly held at the City Hall in said City on Monday, August 14,
2012, at 8:00 P.M.
The following members were present: Deputy Mayor Bildsoe, Councilmembers Willis,
Johnson, Wosje, Stein, and Black.
and the following were absent: Mayor Slavik.
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION NO. 2012-240
RESOLUTION GIVING HOST APPROVAL AND CONSENT TO THE ISSUANCE
OF A SERIES 2012 HEALTH CARE FACILITY REVENUE REFUNDING NOTE UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651
(MISSION FARM NURSING HOME PROJECT)
The motion for the adoption of the foregoing resolution was duly seconded by member
Black, and after full discussion thereof and upon vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same: All members voted in favor.
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION GIVING HOST APPROVAL AND CONSENT TO THE ISSUANCE
OF A SERIES 2012 HEALTH CARE FACILITY REVENUE REFUNDING NOTE UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651
(MISSION FARM NURSING HOME PROJECT)
BE IT RESOLVED, by the City Council (the "Council") of the City of Plymouth,
Minnesota (the "City") as follows:
Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152
through 469.1651 as amended, (the "Act"), is, among other things, to promote the welfare of the
State of Minnesota (the "State") by the active attraction and encouragement and development of
economically sound industry and commerce to prevent so far as possible the emergence of
blighted and marginal lands and areas of chronic unemployment.
Section 2. Description of the Project.
(a) Mission Farm Nursing Home, Inc (the "Borrower"), a Minnesota nonprofit
corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (the "Code"), has proposed that the City of Rockford, Minnesota
(the "Issuer") issue a revenue note under the Act, in one or more series, in an aggregate amount
not to exceed $3,500,000 (the "Note") to refiind the City's $5,155,000 Health Care Facility
Revenue Refunding Bonds (Mission Farm Nursing Home) Series 2003 (the "Prior Bonds"),
which were issued to refinance the City's Health Care Facility Revenue Bonds, Series 1994
(Mission Farm Nursing Home Project) (the "1994 Bonds"), which were issued to finance the
constriction and equipping of a, now 97 -bed, nursing facility located at 3401 East Medicine
Lake Boulevard in the City (the "Project"). The Project is owned and operated by the Borrower.
(b) The City has been advised that the Note or other obligations, as and when issued,
will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer,
except the Project and the revenues to be derived from the Project. Such Note or obligations will
not be a charge against the general credit or taxing powers of the City or the Issuer, but is
payable from sums to be paid by the Borrower pursuant to a revenue agreement.
Section 3. Recital of Representations Made by the Borrower.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Note, whether or not such issuance is carried to completion.
(b) The Borrower has represented to the City that no public official of the City has
either a direct or indirect financial interest in the Project nor will any public official either
directly or indirectly benefit financially from the Project.
Section 4. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code, a Notice of Public Hearing
was published in the City's official newspaper and newspaper of general circulation, for a public
hearing on the proposed issuance of the 1994 Bonds. As required by the Act and Section 147(f)
of the Code, the City Council did, on May 16, 1994, hold a public hearing on the issuance of the
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1994 Bonds and the proposal to undertake and finance the Project, at which all those appearing
who desired to speak were heard and written comments were accepted.
(b) The City Council has been advised by the Borrower that, as required by the Act
and Section 147(f) of the Code, the City Council of the Issuer will hold, on August 21, 2012, a
public hearing on the issuance of the Note and the proposal to undertake and finance the Project,
at which all those appearing who desire to speak will be heard and written comments will be
accepted.
Section 5. Host Approval. The City Council hereby gives the host approval required
under Section 147(f) of the Code and, pursuant to Minnesota Statutes §471.656, Subd. 2(2), the
City Council hereby consents to the issuance of the Note by the Issuer.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Plymouth, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council of said City duly called
and held on the date therein indicated, insofar as such minutes relate to granting host approval to
the issuance of a revenue note for a project in the City.
WITNESS my hand this 14th day of August, 2012.
City Clerk
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