2015.11.10 CC and WS Combined - Laserfiche WebLink

Home Browse Search

1*14111afill_1 NOTICE OF PUBLIC HEARING NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE NOTES BY THE CITY OF LAUDERDALE UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1655, AS AMENDED NOTICE IS HEREBY GIVEN that the City Council of the City of New Brighton, Minnesota (the "City") will hold a public hearing on Monday, December 8, 2015, at or after 6:30 p.m. in the City Council Chambers at City Hall, 803 Old Hwy 8 NW in the City, to consider a proposal that the City grant host approval to the issuance of revenue obligations, in one or more series, as taxable or tax-exempt obligations (the "Notes"), by the City of Lauderdale, Minnesota (the "City of Lauderdale") under Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), on behalf of Benedictine Health System, a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), as obligated group agent, and its affiliates (the `Borrower"). A portion of the Notes proposed to be issued by the City of Lauderdale for the benefit of the Borrower will be applied to refinance the acquisition, construction, renovation, and equipping of a 105 -bed nursing home known as Benedictine Care Center at Innsbruck located at 1101 Black Oak Drive in the City (the "New Brighton Project"). The New Brighton Project is owned and operated by Benedictine Care Centers, a Minnesota nonprofit corporation, an organization described in Section 501(c)(3) of the Code, and an affiliate of the Borrower ("BCC"). The New Brighton Project was initially financed with the proceeds of revenue obligations issued by the Minnesota Agricultural and Economic Development Board. Following the public hearing, the City Council will consider adoption of a resolution providing host approval to the refinancing of the New Brighton Project in accordance with the requirements of the Act and the issuance of the Notes. The aggregate face amount of the Notes proposed to be issued to refinance the New Brighton Project and refinance other facilities owned and operated by BCC is presently estimated not to exceed $9,000,000, and the Notes may be issued in one or more series. The Notes proposed to be issued by the City of Lauderdale will constitute special, limited obligations of the City of Lauderdale payable solely from the revenues expressly pledged to the payment thereof, and will not be a general or moral obligation of the City or the City of Lauderdale and will not be secured by the taxing power of the City or the City of Lauderdale or any assets or property of the City or the City of Lauderdale except any interests of the City of Lauderdale in the New Brighton Project that may be granted to the City of Lauderdale in conjunction with this financing. All interested persons may appear and be heard at the time and place set forth above. Dated: [Date of Publication] BY ORDER OF THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA /s/ Terri Haarstad City Clerk City of New Brighton, Minnesota 470615v1 JAE LA135-30 A-1