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RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that the City does
hereby approve a partial waiver of Section II (1) of the City's guidelines and procedures for
conduit debt issuance for the Olmsted Medical Center.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS .s-r DAY OF 2008.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS 2LSJ DAY OF igzEYYTE3ER-- 2008.
• MAYOR OF SAID CITY
(Sea[ of the City of
Rochester, Minnesota)
ResC5W pprove.Waiverl
RESOLUTION NO. �— S
RESOLUTION RELATING TO A PARTIAL WAIVER OF THE CITY'S
GUIDELINES AND PROCEDURES FOR CONDUIT DEBT ISSUANCE;
GRANTING CONSENT THERETO -
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota
(the"City"), as follows:
Section 1. Recitals.
1.01. The City has, on January 23, 2008, adopted its Guidelines and Procedures for Conduit
Debt Issuance(the"Policy").
1.02. Pursuant to the Policy,the City has received an application for a conduit debt issuance on
behalf of Olmsted Medical Center, a Minnesota 501(c)(3) organization (the "Corporation"). On October
6, 2008, the City approved, subject to certain conditions described in the City resolution, the issuance of
its revenue bonds on behalf of the Corporation in an amount not to exceed$27,000,000(the"Bonds").
1.03. Section II(I) of the Policy requires that debt such as the Bonds issued thereunder, if
publicly offered, be rated at least"A"by one of the three nationally-recognized bond rating agencies or be
credit-enhanced by a bank or insurance company to at least an "A" rating. Such Section of the Policy
further provides that if the debt is to be privately placed, it must be marketed in denominations of
• $100,000 or more to sophisticated investors.
1.04. The Corporation has represented to the City that it expects the Bonds to receive a rating
of "BBB-" from Fitch Ratings and that it expects the Bonds to be, if publicly offered, issued in
denominations of$5,000. The Corporation has requested that the City waive application of Section II(I)
of the Policy to the issuance of the Bonds.
Section 2. Approval. The City Council hereby consents to the waiver of Section H(I) of the
Policy with respect to the issuance of the Bonds. In determining to do so, it has taken into consideration
factors including the relationship of the Corporation to the community and the Corporation's general
financial condition.
Section 3. Effective Date. This Resolution shall be in full force and effect from and after its
adoption.
•
• Adopted by the Common Council of the City of Rochester, Minnesota, on this 1 st day of
December,2008.
President of the Common Council
Attes .
Crty Clerk
Approved the zjudday of December, 2008.
Mayor
(Seal of the City of
Rochester, Minnesota)
•
•
2
STATE OF MINNESOTA )
) ss.
COUNTY OF OLMSTED )
I, Judy Kay Scherr, City Clerk of the City of Rochester, Minnesota do hereby certify that
I have compared the attached copy of the resolution adopted by the Common Council of the City
on December 1, 2008 with the original minutes and resolution on file in my office and that the
foregoing is a true and correct copy of the said minutes and resolution and of the whole thereof.
Witness my hand this L-Xd day of December, 2008.
City Clerk of the City of Rochester,
Minnesota
(Seal of the City of Rochester, Minnesota)