HomeMy WebLinkAbout85-147 - ADMIN Resolution - City Council - 1990/08/20obstetric facilities and mechanical and electrical systems
(collectively, the "Project").
1.06. The projects financed and refinanced by the Series
1985-A Bonds and the Series 1985-B Bonds (the "Prior Projects")
are generally described as (i) the acquisition, construction and
installation of certain improvements to and equipment to be used
by the Hospital undertaken by the Hospital in 1985 and approved
by the City Council of the City by Resolution No. 85-147 adopted
October 7, 1985 and (ii) constructing an addition to and
otherwise improving the hospital facilities of the Hospital to
increase the ratio of private rooms, to relocate certain
ancillary service departments, to remodel the dormitory building
for educational and administrative purposes, and to expand space
for stores, mechanical -service, medical records, management,
engineering and business and finance offices, together with
necessary site improvements and equipment, undertaken by the
Hospital in 1977 and approved by the City Council of the City by
Resolution No. 5896, adopted November 7, 1977.
1.07. The Hospital owns and operates the Prior Projects
and will own and operate the Prior Projects and the Project at
6500 Excelsior Boulevard within the City boundaries.
1.08. The Hospital has requested that the City resolve to
issue revenue bonds and refunding revenue bonds pursuant to the
Act to finance the Project and refund certain outstanding bonds
issued to finance and refinance the Prior Projects, and has
presented to the City Council a form of preliminary resolution
concerning such issuance with a request that such preliminary
resolution, attached hereto as Exhibit A, be considered for
adoption by the City Council.
1.09. The Act provides that the City Council must conduct
a public hearing on any proposal to undertake and finance a
project. Section 147(f) of the Internal Revenue Code of 1986,
as amended, and the regulations promulgated thereunder, require
that prior to the issuance of bonds, the City Council of the
City approve the bonds and the Project, after conducting a
public hearing thereon.
1.10. The Act provides that notice of the time and place
of such public hearing, stating the general nature of the
project, and an estimate of the principal amount of the bonds or
other obligations to be issued to finance the project, must be
published at least once not less than fourteen (14) days nor
more than thirty (30) days prior to the date fixed for the
public hearing in the official newspaper of the City and a
newspaper of general circulation in the City.
1.11. The Act provides that the notice must state that a
draft copy of the proposed application (the "Application") to
the Minnesota Department of Trade and Economic Development for
approval of the Project, together with all attachments and
exhibits thereto, is on file with the City and available for
public inspection.
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1.12. The Hospital has presented to the City a form of
public notice, attached hereto as Exhibit B, with a request that
the City Council establish a date for a public hearing,
authorize publication of the form of public notice provided by
the Hospital, and give preliminary approval on the proposal to
undertake and finance the Project.
Section 2. Public Hearing.
2.01. The City will conduct, and there is hereby called, a
public hearing on the proposal to undertake and finance the
Project on the 17th day of September, 1990, at 7:30 o'clock p.m.
2.02. The City Clerk of the City is hereby authorized to
cause a public notice, substantially in the form of the notice
attached hereto as Exhibit B, to be published in the official
newspaper of the City and a newspaper of general circulation in
the City.
2.03. The City Clerk of the City is hereby authorized and
directed to place on file and have available for public
inspection in the offices of the City a draft copy of the
proposed Application, together with all attachments and exhibits
thereto, which Application shall be available for public
inspection following publication of the notice of public
hearing, during normal business hours, 8:00 a.m. to 4:30 p.m.,
on normal business days, excluding legal holidays.
2.04. This resolution shall become effective immediately
upon its passage and without publication.
Adopted this 20th day of August, 1990.
Reviewed for administration: Approved as to form and
execution:
6 006091
City Manager
235:DBND
City Attorney