HomeMy WebLinkAboutResolution No. 091-21 - Consenting to Issuance of Revenue Bonts by Duluth EDA - Madonna Towers
RESOLUTION
Consenting to the Issuance of Revenue Bonds by the Duluth Economic
Development Authority.
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota, as
follows:
Section 1. Definitions. The capitalized terms used in this resolution have the
meanings assigned below:
2021 Bonds: means DEDA’s revenue bonds, proposed to be issued in one or more series
in an aggregate maximum principal amount of $150,000,000.
Authorized Officers: means the President of the Common Council, Mayor and City Clerk
of the City.
Bond Counsel to DEDA: means Fryberger, Buchanan, Smith & Frederick, P.A.
Benedictine: means Benedictine Health System d/b/a Benedictine, the sole member of
the Borrower.
Borrower: means Madonna Towers of Rochester, Inc. and Madonna Meadows of
Rochester.
City: means the City of Rochester, Minnesota.
Common Council: means the governing body of the City.
DEDA: means the Duluth Economic Development Authority, Minnesota.
Host Municipalities: means the Cities of Ada, Byron, Crookston, Hastings, Minneapolis,
New Brighton, Osseo, Owatonna, Red Wing, Rochester and Shakopee, Minnesota,
DEDA and the Port Authority of Winona.
Prior Bonds: means the City of Preston, Minnesota Healthcare Facilities Revenue Note,
Series 2015 (Madonna Living Community of Rochester), and City of Spring Valley,
Minnesota Healthcare Facilities Revenue Note, Series 2015 (Madonna Living Community
of Rochester).
Prior Bonds Issuers: means the Cities of Preston and Spring Valley, Minnesota.
Project: means the constructing, improving, renovating, furnishing and equipping of
senior housing and health care facilities located at 3035 Salem Meadows Drive SW and
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4001 19Avenue NW, Rochester, Minnesota, by the Borrower.
Section 2. General Recitals.
A. The Prior Bonds Issuers previously issued the Prior Bonds to finance or
refinance, as applicable, the Project.
B. The Project is owned and operated by the Borrower as a senior living
facility.
C. Through its operation of the Project, the Borrower provides health care and
senior housing services available to residents within the jurisdiction of the City and in the
surrounding area.
D. We have been informed by Bond Counsel to DEDA that Benedictine has
requested that DEDA issue the 2021 Bonds to refund the Prior Bonds and other
outstanding obligations incurred by affiliates of Benedictine with respect to facilities
located in the jurisdictions of the Host Municipalities.
E. Bond Counsel to DEDA has informed the City that since the Project is
located within its jurisdiction, Minnesota Statutes, Section 471.656, subdivision 2(2)
requires the City Council to consent by resolution to the issuance by DEDA of any portion
of bonds financing or refinancing the Project.
Section 3. Consent. The City consents to the issuance by DEDA of the 2021
Bonds to finance and/or refinance the Project.
Section 4. Authorization to Staff. The Authorized Officers and other officers of
the City (individually or with one or more other officers of the City or their designees) are
authorized and directed to (a) provide a certified copy of this resolution to DEDA or its
representatives, along with all proceedings and records of the City relating to the subject
matter of this resolution, and any other affidavits and certificates required by DEDA to
show the facts relating to the City respecting the subject matter of this resolution, as the
facts appear from the books and records in the City’s custody and control or as otherwise
known to them; and (b) in connection with the Project, the issuance of the 2021 Bonds
and the refunding of the Prior Bonds, and on any future date in connection with the 2021
Bonds, take any other action, including holding hearings, or execute other documents,
including approvals, consents and certificates, required or deemed appropriate on the
request of DEDA or its agents for performance of the City in connection with the subject
matter of this resolution.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2021.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2021.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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