Loading...
HomeMy WebLinkAbout87-38 - ADMIN Resolution - City Council - 1987/04/06RESOLUTION NO. 87-38 RESOLUTION CALLING FOR A PUBLIC HEARING RELATING TO AN ISSUE OF REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT ON BEHALF OF METHODIST HOSPITAL BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota (the Municipality), as follows: SECTION 1 Recitals 1.1. The Municipality has previously issued two separate series of its revenue bonds under Minnesota Statutes, Sections 474.01 to 474.13, as amended (the Act), in the principal amount of $31,000,000 and designated "Hospital Facilities Revenue Bonds (Methodist Hospital Project), Series 1985-A," all of which are currently outstanding (the Series 1985-A Bonds), and in the principal amount of $10,465,000 and', designated "Hospital Facilities Refunding Revenue Bonds (Methodist Hospital Project), Series 1985-B," $10,295,000 in aggregate principal amount of which are currently outstanding (the Series 1985-B Bonds, and, together with the Series 1985-A Bonds, collectively referred to as the Existing Bonds). The proceeds of the Series 1985-A Bonds were loaned to the Corporation to finance a portion of the cost of a project (the Series 1985-A Project) consisting of certain improvements to, and equipment to be used in the operation of, the Corporation's existing hospital facilities located in the Municipality at 6500 Excelsior Boulevard and commonly known as Methodist Hospital (the Hospital). The proceeds of the Series 1985-B Bonds were loaned to the Corporation to refund revenue bonds previously issued by the Municipality under the Act to finance a portion of the cost of a project (the Series 1985-B Project) consisting of certain improvements to, and equipment to be used in the operation of, the Hospital. 1.2. The Municipality is authorized by the Act to issue its revenue bonds to refund, in whole or in part, bonds previously issued by the Municipality under the Act and interest on them. The Corporation has requested the Municipality to issue its revenue bonds under the Act in an aggregate principal amount not to exceed151,000,000 (the Series 1987 Bonds) to refund all or a portion of the Existing Bonds. SECTION 2 Public Hearing 2.1. Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that this Council Conduct a public hearing on the the Series 1985-A Project, the Series 1985-B Project and the proposal to issue the Series 1987 Bonds to refund the Existing Bonds. Pursuant to such section, a public hearing on the Series 1985-A Project, the Series 1985-B Project and the proposal to refund the Existing Bonds through the issuance of the Series 1987 Bonds is hereby called and shall be held on May 4, 1987, at 7:30 o'clock P.M., at the City Hall. 2.2. The City Clerk shall cause notice of the public hearing to be published in the official newspaper of the Municipality and a newspaper of general circulation in the Municipality at least once not less than fifteen (15) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the following form: -2- NOTICE OF PUBLIC HEARING ON CERTAIN PROJECTS AND THE ISSUANCE OF REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, SECTIONS 474.01 TO 474.13, AS AMENDED, ON BEHALF OF METHODIST HOSPITAL CITY OF ST. LOUIS PARK, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of St. Louis Park, Minnesota (the City), will meet on May 4, 1987, at 7:30 o'clock P.M., at the City Hall, 5005 Minnetonka Boulevard, in St. Louis Park, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue its revenue bonds (the Bonds), in one or more issues, under the Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 to 474.13, as amended, in order to refund, in whole or in part, two series of revenue bonds previously issued by the City under the Act in the aggregate principal amount of $41,465,000, the proceeds of which were loaned to Methodist Hospital, a Minnesota nonprofit corporation (the Corporation), to finance, or to refund revenue bonds previously issued to finance, the cost of certain improvements to, and equipment to be used in the operation of, the Corporation's existing hospital facilities located in the City at 6500 Excelsior Boulevard and commonly known as Methodist Hospital. The aggregate principal amount of the proposed Bonds will not exceedA$ 1000,000. The Bonds shall be limited obligations of the City, and the Bonds and interest thereon shall be payable -solely from the revenue pledged to the payment thereof, except that such Bonds may be secured by a mortgage or other encumbrance on certain property of the Corporation. No holder of any such Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City except the property pledged to the payment thereof. All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk prior to the date of the hearing set forth above. Dated: April 7, 1987. BY ORDER OF THE CITY COUNCIL By /s/ Beverly A. Flanagan City Clerk (Published in St. Louis Park Sailor April 13, 1987) -3- SECTION 3 Special Obligations 3.1. In all events, it is understood, however, that any Series 1987 Bonds issued by the Municipality pursuant to the Act to refund the Existing Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Municipality; each Series 1987 Bond, when, as and if issued, shall be payable solely from revenues received from the Corporation and property pledged to the payment thereof and shall not constitute a debt of the Municipality; and the Corporation shall save and hold the Municipality harmless with respect to any and all liabilities and expenses incurred by the Municipality with respect to the Series 1987 Bonds. Adopted this 6th day of April, 1987. Attest: .& ity Clerk (SEAL) Approved as to form and execution: Approved: City Attorney -5- City Manager