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HomeMy WebLinkAboutResolution No. 330-03 -77 -E t • RESOLUTION NO. STATE OF MINNESOTA ) COUNTY OF OLMSTED ) ss CITY OF ROCHESTER ) RESOLUTION RELATING TO A PROJECT ON BEHALF OF SAMARITAN BETHANY, INC. AND ITS FINANCING UNDER MI NESOTA STATUTES, CHAPTERS 462A AND 462C; CALLING FOR A PUBLIC HEARING ON THE FINANCING AND THE RELATED HOUSING PROGRAM BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota (the "City"), as follows: SECTION.l Recitals 1.1. Pursuant to the authority granted by Minnesota Statutes, Chapters 462A and • 462C, the City is authorized to issue revenue bonds in anticipation of the collection of revenues of a project to finance the cost of rehabilitation of a combined multifamily housing development and health care facility and to refund outstanding bonds. The City has been requested to issue its Housing and Health Care Revenue Bonds, Series 2003A (Samaritan Bethany, Inc. Project) (the "Bonds") in the maximum aggregate principal amount of $7,500,000 for the purposes of financing a proposed project (the `'Project") on behalf of Samaritan Bethany, Inc., which has represented that it is a qualified 501(c)(3) organization and a nonprofit corporation incorporated under the laws of the State of Minnesota (the "Corporation") consisting of (a) the current refunding of its Nursing Home and Multifamily Housing Revenue Bonds (Samaritan Bethany, Inca Project), Series 1996A, which are outstanding in the aggregate principal amount of $2,545,000 as of the date hereof, and its Nursing Home and Multifamily Housing Revenue Bonds (Samaritan Bethany, Inc. Project), Series 1996B, which are outstanding in the aggregate principal amount of$4,085,000 as of the date hereof, the proceeds of which were used to finance or refinance a combined housing and health care facility consisting of 95 units of multifamily housing for elderly persons, a 62-unit skilled nursing facility located in downtown Rochester and a 120-bed skilled nursing facility located at Samaritan Bethany Heights (together, the "Facilities") and (b) the financing of improvements to the Facilities. The Corporation has represented to the City that the Facilities are owned and operated by the Corporation and are located at 24 Eighth Street Northwest, 700 Second Avenue Northwest, and 1530 11t' Ave. Northwest, each in the City. SECTION 2 r Public Hearing 2.1. A public hearing on the proposed Project, the housing program and issuance of the Bonds is hereby called and shall be held on August 4, 2003, at approximately 7:00 p.m., Central Time, in the Council/Board Chambers located in the Government Center, 151 4ch Street SE, Rochester, Minnesota. 2.2. Notice of the public hearing shall be published in the official newspaper of the City at least once not fewer than fifteen (15) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the form attached as Exhibit A hereto. 2.3. A draft copy of the proposed housing program is hereby ordered placed on file with the City Clerk and shall be available for public inspection, following publication of the notice of public hearing, between the hours of 8:30 and 4:30 p.m., on normal City business days. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA THIS 7Tx DAY OF JULY, 2003_ tRtSIDENT OF SAID COMMON- COUNCIL ATTEST: G� CITY CLE K Approved this(W2 day of July, 2003. (SEAL) MAYOR OF SAID CITY • EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT,A HOUSING PROGRAM RELATING TO THE PROJECT,AND THE ISSUANCE OF REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTERS 462A AND 462C,AS AMENDED, ON BEHALF OF SAMARITAN BETHANY,INC. CITY OF ROCHESTER,MINNESOTA NOTICE IS HEREBY GIVEN that the Common Council (the Council)of the City of Rochester, Minnesota(the City), will hold a public hearing on August 4,2003, at a meeting of the Council beginning at approximately 7:00 o'clock P.M., Central Time, in the Council/Board Chambers located in the Government Center, 151 4"' Street SE, Rochester, Minnesota,relating to(i)a proposal that the City issue its revenue bonds (the Bonds), under Minnesota Statutes, Chapters 462A and 462C, as amended, in order to finance, on behalf of Samaritan Bethany,Inc., a Minnesota nonprofit corporation (the Corporation),the cost of a project(the Project)consisting of(a)the current refunding of its Nursing Home and Multifamily Housing Revenue Bonds(Samaritan Bethany, Inc. Project), Series 1996A, which are outstanding in the aggregate principal amount of$2,545,000 as of the date hereof, and its Nursing Home and Multifamily Housing Revenue Bonds(Samaritan Bethany,.Inc. Project), Series 1996B, which are outstanding in the aggregate principal amount of$4,085,000 as of the date hereof, the proceeds of which were used to finance or refinance a combined housing and health care facility consisting of 95 units of multifamily housing,for elderly persons, a 62-unit skilled nursing facility located in downtown Rochester and a 120-bed skilled nursing facility located at Samaritan Bethany Heights (together,the "Facilities") and(b) the financing of improvements to the Facilities and(ii) the housing program prepared with respect to the Project and its financing. The Facilities are owned and operated by the Corporation and are located at 24 Eighth Street Northwest, 700 Second Avenue Northwest, and 1530 I 1"'Ave. Northwest, each in the City. The maximum aggregate principal amount of the Bonds proposed to be issued is $7,500,000. The Bonds shall be limited obligations of the City, and the Bonds and interest thereon shall be payable solely from the revenue pledged to the payment thereof. No holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City except money payable by the Corporation to the City and pledged to the payment of the Bonds. A draft copy of the housing program relating to the Project is available for public inspection at the office of the City Clerk, located in the City Hall, between the hours of 8:00 X.M. and 4:30 P.M., on normal City business days. All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk prior to the date of the hearing set forth above. Dated: July 7, 2003 BY ORDER OF THE COMMON COUNCIL /s/Judv Kav Scherr SCity Clerk