HomeMy WebLinkAbout90-113 - ADMIN Resolution - City Council - 1990/08/204.
RESOLUTION NO. 90-113
RESOLUTION RELATING TO PROJECTS UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AND
CALLING A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council (the "City Council") of
the City of St. Louis Park, Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. The Minnesota Municipal Industrial Development Act,
Minnesota Statutes, Section 469.152 to 469.165, as amended (the
"Act"), authorizes the issuance of revenue bonds to finance
projects.
1.02. The term "project" is defined in the Act to include
"any properties, real or personal, used or useful in connection
with a revenue producing enterprise." The term "project" is
also defined in the Act to include "any properties, real or
personal, used or useful in connection with a revenue producing
enterprise, whether or not operated for profit, engaged in
providing health care services, including hospitals, nursing
homes, and related medical facilities."
1.03. The term "project" is deemed to include, under the
Act, the issuance of "revenue bonds to pay, purchase, or
discharge all or any part of the outstanding indebtedness of a
contracting party engaged primarily in the operation of one or
more nonprofit hospitals or nursing homes previously incurred in
the acquisition or betterment of its existing hospital or
nursing home facilities".
1.04. Methodist Hospital, a Minnesota nonprofit
corporation, (the "Hospital") has presented this City Council of
the City with information concerning a hospital facilities
Project proposed to be undertaken and financed pursuant to the
Act, and the issuance of hospital facilities revenue bonds on
behalf of the Hospital to finance the Project and refunding
revenue bonds to refund and redeem on July 1, 1995 $36,125,000
of the City's Hospital Facilities Revenue Bonds and Refunding
Revenue Bonds (Methodist Hospital Project), Series 1985-A and
1985-B, which revenue bonds and refunding revenue bonds will be
in an aggregate principal amount not to exceed $118,500,000.
1.05. The Project includes constructing improvements to
and remodeling and equipping hospital facilities including, but
not limited to, a new cancer treatment center, an intensive
oncology care and bone marrow transplant unit and improvements
to the kidney dialysis unit, the imaging center, respiratory
therapy center, surgery and surgery support facilities,