HomeMy WebLinkAboutResolution No. 528-08 • RESOLUTION NO. S
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF A COMMERCIAL DEVELOPMENT
REVENUE NOTE, SERIES 2008
(OPPORTUNITY SERVICES,INC. PROJECT)
WHEREAS, Opportunity Services, Inc., a Minnesota nonprofit corporation(the "Company"),
desires to finance the acquisition, construction and equipping of an approximately 8,800 square foot
facility and garage to be located near the intersection of Highway 63 and 40`h Street in the City of
Rochester,Minnesota(the "Project")which will be used in connection with providing training and
rehabilitation services to adults with developmental and/or physical disabilities.
WHEREAS,the Company has proposed that the City of Byron,Minnesota issue a Revenue Note
in the approximate principal amount of$2,000,000 (the "Note")to finance the Project.
WHEREAS, Section 147(f)of the Internal Revenue Code of 1986, as amended,requires that the
city in which facilities to be financed by the Note are located must approve the issuance of the Note
following a public hearing.
WHEREAS, a public hearing on the issuance of the Note to finance the Project was held by the
City on this date.
WHEREAS,the Note is payable solely from revenues of the Company,will not be a general or
• moral obligation of the City of Rochester,Minnesota,the City of Byron, Minnesota or any other political
subdivision but will be payable solely from revenues of the Company to the extent and in the manner
provided in the documents executed in connection with the issuance of the Note.
NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota that the City hereby gives the host approval required under the Internal Revenue Code to the
issuance of the Note.
•
2237795v1
i V
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 3'DAY OF NOVEMBER, 2008.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
C::�ZCITY C RK
Approved this 3rd day of November, 2008
MAYOR OF SAID CITY
. (SEAL OF THE CITY
OF ROCHESTER, MINNESOTA)
•
2237795v1 2