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<br />, <br />e <br /> <br />e <br /> <br />e <br /> <br />II <br />Ii <br />'I <br />II <br /> <br />I Pursuant to due call and notice thereof a Regular meeting of the <br />Village Council of the Village of Elk River, Minnesota, was duly held <br />at the Village Hall in said Village on 18th day of September, <br />I 1972, at 7,)0 o'olook p. M. <br /> <br /> <br /> <br />I <br /> <br />I Council member <br />, <br />, resolution and moved its adoption: <br /> <br />I RESOLUTION AUTHORIZING E. J. PRESCOTT & CO. AND <br />PAINE, WEBBER, JACKSON & CURTIS, BOTH OF MINNEAPOLIS, <br />I MINNESOTA, TO NmOTIATE FOR THE PLACEMENT OF APPROXI- <br />MATELY S 1,200,000 FIRST MORTGAGE REVENUE BONDS OF THE <br />VILLAGE OF ELK RIVER, MINNESOTA, THE PROCEEDS TO BE <br />I USED TO REFUND THE PRESENTLY OUTSTANDING LONG TERM <br />DEBT AND TO COVER THE EXPENSE OF AN ADDITION OF 60 <br />'r PATIENT BEDS OF AND TO THE PROPERTY OF THE GUARDIAN <br />I ANGELS FOUNDATION, INC. OF ELK RIVER, MINNESOTA, TO <br />BE DEEDED TO THE VILLAGE, SUBJECT TO THE FINAL APPROVAL <br />I OF THE VILLAGE COUNCIL. <br /> <br />If BE IT RESOLVED, By the Village Council of the Village of Elk River, <br />II Minnesota, as follows: . <br /> <br />11" 1. It has been presented to this Council a proposal that the Village <br />accept title to the property, real and personal, now owned by <br />I the Guardian Angels Foundation, Inc. of Elk River, Minnesota and <br />II to issue approximately S 1,200,000 first mortgage revenue bonds <br />. pursuant to provisions of Chapter 844 of the Minnesota Statutes, <br />II Laws of 1971, payable solely from the net operating revenues <br />r of the Nursing Home now owned and operated by the above Foundation, <br />I plus the net operating revenues to be generated by the addition <br />II and improvements to be built with the proceeds of the said revenue <br />Ii bonds. <br />Ii <br />II 2. <br />il <br /> <br />II <br />II <br />,I <br />11 <br />II <br />Ii <br />-/ <br />!1 <br />'I <br />II <br />II <br />I <br />I <br />i <br />il <br /> <br />EXTRACT OF MINUTES OF MEETING OF THE <br />VILLAGE COUNCIL OF THE VILLAGE OF ELK <br />RIVER, MINNESOTA. <br /> <br />The following Council members were present: <br /> <br />Robert Syring <br />William Konop <br /> <br />Hilmer Bartelt <br /> <br />and the following were absent: <br /> <br />Tom Hudson <br />Robert otto <br /> <br />Robert Syrin~ <br /> <br />introduced the following <br /> <br />In order to arrange for the financing to refund the presently <br />outstanding first mortgage and second mortgage bonds, provide <br />funds for the construction and equipping of a 60 bed additio; <br />to the above property, E. J. Prescott & Co. and Paine, Webber, <br />Jackson & Curtis, both of Minneapolis, Minnesota, is authorized <br />to discuss the refunding of the presently outstanding mortgage <br />bonds with the holders and canvass the market for the best <br />competitive interest rate on acceptable maturities. This <br />authority is granted on the understanding that the terms of the <br />first mortgage bond issue, the lease back to the Guardian Angels <br />Foundation, Inc., and all financial terms are subject to the <br />approval of the Village Council. This authority to expire <br />November 1, 1972. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded <br />by Councilman William Konop and upon a vote being taken thereon the <br />