HomeMy WebLinkAbout2012-119 CCR Member Dan Ryan introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2012-119
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF
HEALTH CARE REVENUE REFUNDING BONDS (EVERCARE SENIOR
LIVING, LLC PROJECTS)
WHEREAS, Evercare Senior Living, LLC, , a Minnesota limited liability
company (the "Borrower"), desires to refinance the outstanding Health Care Revenue Bonds
(EverCare Senior Living, LLC Projects), Series 2005A (the "2005 Bonds") issued by the Apple
Valley Economic Development Authority to finance the acquisition of four assisted living
facilities (the "Projects") including an 104 bed assisted living facility located at 6001 — 6021
Earle Brown Drive in the City of Brooklyn Center, Minnesota and commonly known as Prairie
Lodge of Earle Brown; and
WHEREAS, the Borrower has proposed that the City of Moorhead, Minnesota,
and the Moorhead Economic Development Authority (collectively, "Moorhead"), issue tax
exempt revenue bonds, in one or more series, in the approximate aggregate principal amount not
to exceed $20,000,000 (the "2012 Bonds")to refinance the Projects; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), requires that because the average weighted maturity of the 2012 Bonds will be
more than that of the 2005 Bonds each governmental unit in which facilities to be financed or
refinanced by the Bonds are located must approve the issuance of the Bonds following a public
hearing; and
WHEREAS, a public hearing on this matter was held by the City of Brooklyn
Center(the "City") on the date hereof.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The City hereby gives the host approval required under the Code to the issuance
of the 2012 Bonds by Moorhead to refinance the Projects.
In no event shall the 2012 Bonds ever be payable from or charged upon any funds
of the City; the City is not subject to any liability thereon; no owners of the 2012 Bonds shall
ever have the right to compel the exercise of the taxing power of the City to pay any of the 2012
Bonds or the interest thereon, nor to enforce payment thereof against any property of the City;
the 2012 Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any
property of the City; and the 2012 Bonds do not constitute an indebtedness of the City within the
meaning of any constitutional or statutory limitation.
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RESOLUTION NO. 2012-119
Adopted by the City Council of the City of Brooklyn Center, Minnesota, this 10th day of
September, 2012.
September 10, 2012
Date Mayor
ATTEST:
-it M&aAm
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Carol Kleven
and upon vote being taken thereon,the following voted in favor thereof:
Tim Willson, Carol Kleven, Kay Lasman, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.