HomeMy WebLinkAboutCity Council Resolution 2018-189
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-189
R ESOLUTION C ONSENTING TO AND P ROVIDING H OST A PPROVAL
TO THE I SSUANCE BY THE C ITY OF S T. P AUL P ARK
OF ITS R EVENUE B ONDS
WHEREAS, the City of Plymouth, Minnesota (the “City”) is a home rule charter city and political
subdivision duly organized and existing under its charter and the laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended
(the “Act”), the City is authorized to carry out the public purposes described in the Act by providing for
the issuance of revenue bonds to provide funds to finance or refinance revenue-producing enterprises
located within the City, 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; and
WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
obligations to finance the acquisition or improvement of property located outside of the corporate
boundaries of such municipality if the governing body of the city in which the property is located
consents by resolution to the issuance of such obligations; and
WHEREAS, on October 25, 2013, the City issued its Nursing Home Revenue Note (PHS
WestHealth, Inc. Project), Series 2013A (the “Series 2013A Note”), in the original aggregate principal
amount of $10,000,000, pursuant to the Act and Minnesota Statutes, Section 471.656, and loaned the
proceeds thereof to PHS WestHealth, Inc., a Minnesota nonprofit corporation (“PHS WestHealth”),
whose members are Allina Health System and Presbyterian Homes Housing and Assisted Living, Inc.,
both Minnesota nonprofit corporations, for the purpose of financing a portion of a 55-unit transitional
care facility (the “Plymouth Facility”) located at 2775 Campus Drive on the WestHealth/Allina Health
System campus in the City, which is owned by the Borrower; and
WHEREAS, the Borrower has requested that the City of St. Paul Park, Minnesota (the “City of St.
Paul Park”) issue revenue obligations, in one or more series, as taxable or tax-exempt obligations (the
“Bonds”), in an aggregate principal amount not to exceed $26,000,000, for the purposes of, among
other things, refinancing the Plymouth Facility through the redemption and prepayment of the
outstanding Series 2013A Note; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and
regulations promulgated thereunder require that prior to the issuance of the Bonds, the City Council of
the City (the “City Council”) consent to the issuance of the Bonds by the City of St. Paul Park after
conducting a public hearing thereon preceded by publication of a notice of public hearing (in the form
required by Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation
within the City at least fourteen (14) days prior to the public hearing date; and
WHEREAS, a notice of public hearing (the “Public Notice”) was published at least fourteen (14)
days before the regularly scheduled meeting of the City Council on the date hereof in the Sun Sailor, the
official newspaper of and a newspaper of general circulation in the City, with respect to the required
public hearing under Section 147(f) of the Code; and
WHEREAS, on the date hereof, the City Council conducted a public hearing at which a
reasonable opportunity was provided for interested individuals to express their views, both orally and in
writing, on the following: (i) consent to the issuance of the Bonds by the City of St. Paul Park pursuant to
the requirements of Section 147(f) of the Code and the regulations promulgated thereunder; and
(ii) approval of the issuance of the Bonds by the City of St. Paul Park to refund the Series 2013A Note
pursuant to the requirements of Section 469.155, subdivision 12 the Act; and
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, AS FOLLOWS:
1. The City Council finds that it is in the best interest of the City to approve the issuance of
the Bonds by the City of St. Paul Park to refinance the Plymouth Facility and consents to the issuance of
the Bonds by the City of St. Paul Park for the purposes set forth above in an amount not to exceed
$26,000,000.
2. The City Council approves and consents to the refunding of the City’s Series 2013A Note.
3. The Mayor and City Manager and other officers, employees, and agents of the City are
authorized and directed to prepare and furnish to bond counsel and the original purchaser of the Bonds
certified copies of all proceedings and records of the City relating to the approval of the issuance of the
Bonds, including a certification of this resolution.
4. The Mayor and the City Manager are authorized and directed to execute and deliver any
documents deemed necessary to fulfill the intentions of this resolution.
5. The Borrower will, upon demand, reimburse the City for costs paid or incurred by the
City in connection with this resolution.
6. This resolution shall be in full force and effect from and after its passage.
APPROVED by the City Council on this 8th day of May, 2018.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on
May 8, 2018 with the original thereof on file in my office, and the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________day of
__________________, __________.
____________________________________
City Clerk
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