HomeMy WebLinkAbout1992-236 CCR1
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Member Celia Scott introduced the following resolution and moved
its adoption:
RESOLUTION NO. 92 236
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 nonprofit corporation
"Group Health currently operates facilities located at 5901 John Martin Drive
and 6845 Lee Avenue North in the City of Brooklyn Center (the "Local
Facilities
WHEREAS, Group Health has proposed that the Housing and Redevelopment
Authority of the City of St. 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 he 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 St. 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 Brooklyn Center, the
Housing and Redevelopment Authority of the City of St. Paul, the City of
Minneapolis or any other political subdivision but will be payable solely from
revenue 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
Brooklyn Center that the city hereby gives the host approval required under the
Internal Revenue Code to the Issuance of the Bonds
October 13, 1992
Date Todd Paulson, Mayor
ATTEST: R
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Jerry Pedlar and upon vote being taken thereon, the following
voted in favor thereof:
Todd Paulson, Celia Scott, Jerry Pedlar, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.