HomeMy WebLinkAboutResolution No. 449-06 EXTRACT OF MINUTES OF A MEETING OF THE
COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA
Pursuant to due call and notice thereof, a regular or special meeting of the Common
Council of the City of Rochester, Minnesota, was duly held in the Council/Board Chambers in
the Government Center on Monday, August 21, 2006, commencing at 7:00 P.M., C.T.
The following Councilmembers were present: Amy Bl enker, Pat Carr
Marcia Marcoux, Sandra Means, Bob Nowicki , Bruce Snyder and President Dennis Hanson
and the following were absent: NONE
During said meeting introduced the following
Resolution, the written presentation and reading of which were waived by unanimous consent of
the Council, and moved its adoption:
RESOLUTION NO.
RESOLUTION GIVING HOST APPROVAL TO THE
ISSUANCE OF HEALTH FACILITIES REVENUE OBLIGATIONS
UNDER MINNESOTA STATUTES, CHAPTER 469
FOR A PROJECT LOCATED IN THE CITY OF ROCHESTER,MINNESOTA
• BY CENTRAL MINNESOTA SENIOR HOUSING, LLC
WHEREAS, Central Minnesota Senior Housing, LLC, a Minnesota limited liability
company (the 'Borrower"), which has represented that its sole member is Wedum Foundation, a
Minnesota nonprofit corporation and 501(c)(3) organization, has proposed that the City of
Buffalo, Minnesota refund its $14,847,000 Health Care Revenue Note, Series 2003A and
$4,800,000 Subordinate Health Care Revenue Note, Series 2003C (Central Minnesota Housing
LLC Project) (the "Prior Bonds"), which financed the acquisition of certain assisted living
facilities (the "Project") including a 147 unit assisted living facility known as Sunrise Cottages of
Rochester (the 'Rochester Portion") located at 4220 55th Street NW in the City of Rochester,
Minnesota(the "City"); and
WHEREAS, the City has been advised that a public hearing and Council approval of
refinancing with the obligations to be issued by the City of Buffalo, Minnesota are required
under Section 147(f) of the Internal Revenue Code because the Rochester Portion of the Project
financed by the Prior Bonds is located in the City; and
WHEREAS, the City conducted the public hearing on this same date at which hearing all
persons who appeared were given an opportunity to express their views with respect to the
Project:
NOW, THEREFORE, BE IT RESOLVED by the Common Council (the "Council') of
• the City of Rochester,Minnesota(the "City"), as follows:
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1. Project. The Borrower has advised the City that the Project; including the
• Rochester Portion, will be refinanced by refunding of the Prior Bonds (the "Refunding") with
refunding bonds to be issued by the City of Buffalo which will have a later maturity than the
maturity of the Prior Bonds.
2. Host Approval. The City hereby gives host approval to the Refunding for
purposes of Section 147(f) of the Internal Revenue Code and to the issuance of the obligations
for the Rochester Portion of the Project by the City of Buffalo, Minnesota.
3. Limited Liability. In no event shall the obligations 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 obligations shall ever have the right to compel the exercise of the taxing power of the City to
pay any of the obligations or the interest thereon, nor to enforce payment thereof against any
property of the City; the obligations shall not constitute a charge, lien or encumbrance, legal or
equitable, upon any property of the City; and the obligations do not constitute a general or moral
obligation or an indebtedness of the City within the meaning of any constitutional, statutory, or
charter limitation.
•
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• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 21ST DAY OF AUGUST, 2006.
RESIDENT OF SAID COMMON
COUNCIL
ATTEST:
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Approved this ;11 day of August, 2006.
(Seal of the City of
Rochester, Minnesota) MAYOR OF SAID CITY
Councilmember Marcia Marcoux moved the adoption of the foregoing
resolution, which motion was duly seconded by Councilmember Amy B1 enker ,
and upon vote being taken thereon, the following Councilmembers voted in favor thereof:
President Dennis Hanson, Councilmembers Blenker, Carr, Marcoux,Mean, Nowicki ,
and Snyder
and the following Councilmembers voted against the same: .NONE
whereupon said resolution was declared duly passed on adopted.
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