HomeMy WebLinkAboutResolution No. 318-16 - PublicHrg.HealthCareFacilityNote.CommunityDentalCarePrjct.CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE ISSUANCE OF A $2,250,000 HEALTH
CARE REVENUE NOTE, SERIES 2016 (COMMUNITY DENTAL CARE
PROJECT) BY THE ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
BE IT RESOLVED By the Common Council (the "Council') of the City of Rochester, Olmsted
County, Minnesota (the "City") as follows:
Section 1. The Rochester Economic Development Authority (the "EDA") has received from
Community Dental Care, a Minnesota nonprofit corporation (the `Borrower"), a proposal that the EDA
issue its Health Care Facility Revenue Note, Series 2016 (Community Dental Care Project) in a principal
amount not to exceed $2,250,000 (the "Note"), pursuant to Minnesota Statutes, Sections 469.152 to
469.1655 (the "Act") to assist in financing the acquisition, construction and equipping of an approximately
9,500 square foot dental clinic facility to be located at 2120 US Highway 14 East in the City (the "Project")
be owned and operated by the Borrower.
Section 2. The City has been advised that the Note or other obligations, as and when issued,
will not constitute a charge, lien or encumbrance upon any property of the City or the EDA, except the
Project and the revenues to be derived from the Project. Such Note or other obligations will not be a charge
against the general credit or taxing powers of the City or the EDA, but are payable from sums to be paid by
the Borrower pursuant to a revenue agreement.
Section 3. As required by the Act and Section 147(f) of the Internal Revenue Code of 1986,
as amended (the "Code"), the Council has held a public hearing on the issuance of the Note and the proposal
to undertake the Project located within the jurisdictional limits of the City.
Section 4. The City hereby finds, determines and declares that the issuance of the Note by the
EDA is necessary and in the best interests of the City and, as required by Section 147(f) of the Code, the
Council, as the elected legislative body of the City, hereby approves and authorizes issuance of the Note by
the EDA to finance the Project.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
MINNESOTA, THIS 18th DAY OF JULY, 2016.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
482529 2 JSB RC110-72
Approved this day of July, 2016.
(Seal of the City of
Rochester, Minnesota)
MAYOR OF SAID CITY
482529 2 JSB RCI 10-72
CERTIFICATION
I, the undersigned City Clerk of the City of Rochester, Minnesota, do hereby certify the
following:
The foregoing is true and correct and a copy of the Resolution is on file and of record in the
offices of the City, which Resolution relates to providing for the issuance of the health care revenue note
and said Resolution was duly adopted by the Rochester Common Council at a regular or special meeting
of the Council held on the date therein indicated. Said meeting was duly called and regularly held and
was open to the public and was held at the place at which meetings of the Council are regularly held, a
quorum of the Council being present and acting throughout. Councilmember
moved the adoption of the Resolution, which motion was seconded by Councilmember
. A vote being taken on the motion, the following members of the
Council voted in favor of the Resolution:
and the following voted against the same:
Whereupon said Resolution was declared duly passed and adopted. The Resolution is in full
force and effect and no action has been taken by the Council which would in any way alter or amend the
Resolution.
WITNESS MY HAND officially as the City Clerk of the City of Rochester, Minnesota, this
day of July, 2016.
City Clerk
City of Rochester, Minnesota
482529 2 JSB RC110-72