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RESOLUTION NO. 2022 - 8
<br />RESOLUTION APPROVING THE REFUNDING BY
<br />SHERBURNE COUNTY, MINNESOTA, OF THE
<br />$4,000,000 HEALTH CARE FACILITIES REFUNDING
<br />REVENUE BONDS (GUARDIAN ANGELS HEALTH
<br />SERVICES, INC. PROJECT), SERIES 2015B,
<br />PREVIOUSLY ISSUED BY THE CITY OF ELK RIVER,
<br />MINNESOTA
<br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota
<br />(the "City"), as follows:
<br />SECTION 1
<br />Recitals and Findings
<br />1.1. Guardian Angels Health Services, Inc., a Minnesota nonprofit corporation (the
<br />"Corporation"), has advised this Council of its desire to refinance, through Sherburne County,
<br />Minnesota (the "Issuer"), the City's Health Care Facilities Refunding Revenue Bonds (Guardian
<br />Angels Health Services, Inc. Project), Series 2015B (the "City Bonds"), issued in the original principal
<br />amount of $4,000,000, and presently outstanding in the amount of $4,000,000. The Corporation has
<br />requested the Issuer issue its Health Care Facilities Refunding Revenue Bonds (Guardian Angels
<br />Health Services, Inc. Project), Series 2022 (the "Series 2022 Bonds"), in an aggregate principal amount
<br />not to exceed $10,000,000, under the authority of Minnesota Statutes, Sections 469.152 through
<br />469.1655 (the "Act"). Proceeds of the Series 2022 Bonds will be applied to currently refund the City
<br />Bonds and the Issuer's currently outstanding Health Care Facilities Refunding Revenue Bonds
<br />(Guardian Angels Health Services, Inc. Project), Series 2015A, issued in the original aggregate principal
<br />amount of $7,405,000.
<br />SECTION 2
<br />Approvals
<br />2.1. The issuance of the Series 2022 Bonds by the Issuer to refund the City Bonds is hereby
<br />consented to and approved pursuant to Section 469.155, Subd. 12, of the Act. The terms of the Series
<br />2022 Bonds shall be as approved by the governing body of the Issuer.
<br />2.2. The Mayor and City Clerk, and other officers of the City, are authorized and directed to
<br />furnish to the Corporation, the Issuer and Dorsey & Whitney LLP, the attorneys rendering an opinion
<br />on the issuance of the Series 2022 Bonds, certified copies of all proceedings and records of the City
<br />relating to the City Bonds and the refunding thereof, and such other affidavits and certificates as may
<br />be required to show the facts relating to the legality and marketability of the Series 2022 Bonds as such
<br />facts appear from the books and records in the City officer's custody and control or as otherwise
<br />known to them, and all such certified copies, certificates and affidavits, including any heretofore
<br />furnished, shall constitute representations of the City as to the truth of all statements contained
<br />therein.
<br />4862-1186-1515\3
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