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HomeMy WebLinkAbout1992-236 CCR1 1 1 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.