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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 06- 97 <br /> <br />RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS <br />UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT BY SHERBURNE COUNTY, MINNESOTA <br /> <br />BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City"), as <br />follows: <br /> <br />Section 1. Recitals. Guardian Angels Health Services, Inc. (the "Borrower"), a Minnesota <br />nonprofit corporation and an organization described in Section 501 (c) (3) of the Internal Revenue <br />Code of 1986, as amended (the "Code"), has advised the Board of County Commissioners of <br />Sherburne County (the "County") of its desire, through the issuance of revenue bonds of the <br />County (the "Bonds") under Minnesota Statutes, Sections 469.152 to 469.1651 (the "Act"), to <br />finance the acquisition and construction of improvements, including equipment and furnishings, to <br />its existing health care facility located at 400 Evans Avenue in the City, including the construction of <br />an approximately 29,000 square foot addition to the health care facility (the "Project"), and to refund <br />in part the outstanding Pooled Revenue Bonds (CareChoice Member Projects), Series 1998, issued <br />by the City in the original principal amount of $13,550,000 (the "Refunded Bonds"). The Project <br />will be owned and operated the Borrower. <br /> <br />Section 2. Authorization and Approval. For purposes of Minnesota Statutes, Section <br />469.153, Subdivision 3, the City Council hereby approves the issuance of the Bonds by the County <br />to finance the Project and to refund the Refunded Bonds. Notwithstanding the foregoing, however, <br />the adoption of this resolution shall not be deemed to establish any obligation on the part of the <br />City or this Council to cause the issuance of the Bonds, and the issuance of the Bonds is contingent <br />upon satisfaction of a number of requirements, including the holding of a public hearing in <br />accordance with the Act and the Code, approval of the County and of the Minnesota Department of <br />Employment and Economic Development. The Bonds, if issued, shall not constitute a charge, lien <br />or encumbrance, legal or equitable, upon any property of the City. <br /> <br />Attest: <br /> <br /> <br /> <br />Joan Schmidt, City Clerk <br />