HomeMy WebLinkAbout92-151 - ADMIN Resolution - City Council - 1992/10/05RESOLUTION NO. 92-151
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF HEALTH CARE REVENUE
BONDS, SERIES 1992
(GROUP HEALTH PLAN, INC. PROJECT)
WHEREAS, Group Health Plan, Inc., a Minnesota non-profit
corporation ("Group Health"), currently operates facilities
located at 1533 Utica Avenue South in the City of St. Louis Park
(the "Local Facilities").
WHEREAS, Group Health has proposed that the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota, and
the City of Minneapolis, Minnesota, jointly issue Health Care
Revenue Bonds in the approximate principal amount of $70,000,000
(the "Bonds") to finance or refinance various capital
expenditures made by Group Health in approximately 18 cities
located through the State of Minnesota, including the Local
Facilities.
WHEREAS, Section 147(f) of the Internal Revenue Code of
1986, as amended, requires that each municipality in which
facilities to be financed or refinanced by the Bonds are located
must approve the issuance of the Bonds following a public
hearing.
WHEREAS, a public hearing on the issuance of the Bonds was
held by the City of Minneapolis and the Housing and Redevelopment
Authority of the City of Saint Paul, Minnesota, on September 8,
1992, and September 22, 1992, respectively.
WHEREAS, the Bonds are payable solely from revenues of Group
Health, will not be a general or moral obligation of the City of
St. Louis Park, the Housing and Redevelopment Authority of the
City of Saint Paul, the City of Minneapolis or any other
political subdivision but will be payable solely from revenues of
Group Health to the extent and in the manner provided in the
documents executed in connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of St. Louis Park that the City hereby gives the host
approval required under the Internal Revenue Code to the issuance
of the Bonds.
Adopted: October 5, 1992 by the City Council of the City of
St. Louis Park
Attest:
C, y
ayor
/s/� Beverly A. /'lanagan
Reviewed by Administration:
Approved as to form and execution:
City Manager /s/ W. C. Dixon City ttorney /s/ Suesan Pace -Shapiro