RES 15-47 - Laserfiche WebLink

Home Browse Search

Resolution No. 15-47 A Resolution Providing Preliminary Approval To A Project And The Issuance Of Revenue Bonds In An Aggregate Amount Up To $4,000,000, At The Request Of Guardian Angels Health Services, Inc. BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City" or the "Issuer"), as follows: 1. Authority. Pursuant to Minnesota Statutes, Chapter 4620, as amended (the "Act"), the City is authorized to issue revenue bonds and refunding revenue bonds and sell such bonds at public or private sale as may be determined by the governing body to be most advantageous; and to loan the proceeds of such bonds to provide financing and refinancing for projects and multifamily housing developments, all as further provided in the Act, and to refund bonds previously issued therefor under the Act. Such bonds are authorized to be secured by a pledge of the revenues to be derived from a loan agreement with the borrower of such proceeds, and by such other security devices as may be deemed advantageous. Under the provisions of the Act, such bonds shall be special, limited obligations, and shall not constitute an indebtedness of the issuer thereof, within the meaning of any state constitutional provision or statutory limitation, nor give rise to a pecuniary liability of the issuer or a charge against its general credit or taxing powers. 2. Public Hearin . On August 3, 2015, a public hearing was held by the City Council (the "Public Hearing"), with respect to a proposal by Guardian Angels Health Services, Inc., a Minnesota nonprofit corporation (the "Borrower"), to undertake a project consisting of the acquisition, construction and equipping of improvements to the existing skilled nursing facility of the Borrower (the "Project"), located at 400 Evans Avenue in the City, and the issuance of revenue bonds, pursuant to the Act, in an aggregate principal amount not to exceed $4,000,000 (the "Bonds") by the City to provide financing therefor. The Public Hearing was called and held as required by the Act and the provisions of section 147(f) of the Internal Revenue Code of 1986, as amended (the '"Code") and regulations thereunder. Following the Public Hearing, all persons present had an opportunity to express their views with respect to the Project and the issuance of the Bonds. 3. Findings. It is hereby found, determined and declared that: a. Based on information provided by the Borrower, the Project and the issuance of the Bonds will further the purposes and policies of the Act and promote the public welfare by providing improved health care facilities to residents of the City, b. There is no litigation pending or, to the knowledge of the Issuer, threatened against the Issuer relating to the Project or the Bonds, or questioning the organization, powers or authority of the Issuer to issue the Bonds. 0. Under the provisions of the Act, the Bonds shall not be payable from or charged upon any funds other than amounts pledged thereto, including amounts to be payable by the Borrower pursuant to a loan agreement to be entered into between the Issuer