4.8 SR 02-07-2022Request for Action
To Item Number
Mayor and City Council 4.8
Agenda Section Meeting Date Prepared by
Consent February 7, 2022 Lori Ziemer, Finance Director
Item Description Reviewed by
Resolution: Refunding Guardian Angels Health Cal Portner, City Administrator
Care Facilities Refunding Revenue Bonds,
Reviewed by
Series 2015B
Action Requested
Adopt, by motion, a resolution approving the refunding by Sherburne County of the $4,000,000 Health Care
Facilities Refunding Revenue Bonds (Guardian Angels Health Services, Inc. Project), Series 2015B.
Background/Discussion
In 2015, the City of Elk River authorized the issuance of $4 million conduit revenue bonds to provide financing
for the renovation and improvements to the Guardian Angels nursing facility located at 400 Evans Avenue.
Guardian Angels has requested Sherburne County issue conduit revenue bonds that will refinance the Health
Care Facilities Refunding Revenue Bonds (Guardian Angels Health Services, Inc. Project), Series 2015B that
were issued by the city.
The refinancing requires that the City of Elk River grant consent to the issuance of conduit refunding revenue
bonds by Sherburne County.
Financial Impact
There is no financial impact or obligation to the City of Elk River.
Mission/Policy/Goal
Work with the community to meet changing needs.
Attachments
Resolution
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: August 2020
CERTIFICATION OF MINUTES RELATING TO
REFINANCING OF HEALTH CARE FACILITIES REFUNDING REVENUE
BONDS (GUARDIAN ANGELS HEALTH SERVICES, INC. PROJECT), SERIES
2015B
Issuer: City of Elk River, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on February 7, 2022, at 6:30 p.m., at
the City Hall.
Councilmembers present:
Councilmembers absent (abstaining):
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 2022-_______
RESOLUTION APPROVING THE REFUNDING BY
SHERBURNE COUNTY, MINNESOTA, OF THE
$4,000,000 HEALTH CARE FACILITIES REFUNDING
REVENUE BONDS (GUARDIAN ANGELS HEALTH
SERVICES, INC. PROJECT), SERIES 2015B,
PREVIOUSLY ISSUED BY THE CITY OF ELK RIVER,
MINNESOTA
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation referred to in the title of this certificate, certify that the documents attached hereto, as
described above, have been carefully compared with the original records of the corporation in my
legal custody, from which they have been transcribed; that the documents are a correct and complete
transcript of the minutes of a meeting of the governing body of the corporation, and correct and
complete copies of all resolutions and other actions taken and of all documents approved by the
governing body at the meeting, insofar as they relate to the obligations; and that the meeting was duly
held by the governing body at the time and place and was attended throughout by the members
indicated above, pursuant to call and notice of such meeting given as required by law.
th
WITNESS my hand officially as such recording officer and the seal of the City this 7 day of
February, 2022.
__________________________________________
City Clerk
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RESOLUTION NO. 2022-______
RESOLUTION APPROVING THE REFUNDING BY
SHERBURNE COUNTY, MINNESOTA, OF THE
$4,000,000 HEALTH CARE FACILITIES REFUNDING
REVENUE BONDS (GUARDIAN ANGELS HEALTH
SERVICES, INC. PROJECT), SERIES 2015B,
PREVIOUSLY ISSUED BY THE CITY OF ELK RIVER,
MINNESOTA
BE IT RESOLVED by the City Council (the “Council”) of the City of Elk River, Minnesota
(the “City”), as follows:
SECTION 1
Recitals and Findings
1.1. Guardian Angels Health Services, Inc., a Minnesota nonprofit corporation (the
“Corporation”), has advised this Council of its desire to refinance, through Sherburne County,
Minnesota (the “Issuer”), the City’s Health Care Facilities Refunding Revenue Bonds (Guardian
Angels Health Services, Inc. Project), Series 2015B (the “City Bonds”), issued in the original principal
amount of $4,000,000, and presently outstanding in the amount of $4,000,000. The Corporation has
requested the Issuer issue its Health Care Facilities Refunding Revenue Bonds (Guardian Angels
Health Services, Inc. Project), Series 2022 (the “Series 2022 Bonds”), in an aggregate principal amount
not to exceed $10,000,000, under the authority of Minnesota Statutes, Sections 469.152 through
469.1655 (the “Act”). Proceeds of the Series 2022 Bonds will be applied to currently refund the City
Bonds and the Issuer’s currently outstanding Health Care Facilities Refunding Revenue Bonds
(Guardian Angels Health Services, Inc. Project), Series 2015A, issued in the original aggregate principal
amount of $7,405,000.
SECTION 2
Approvals
2.1. The issuance of the Series 2022 Bonds by the Issuer to refund the City Bonds is hereby
consented to and approved pursuant to Section 469.155, Subd. 12, of the Act. The terms of the Series
2022 Bonds shall be as approved by the governing body of the Issuer.
2.2. The Mayor and City Clerk, and other officers of the City, are authorized and directed to
furnish to the Corporation, the Issuer and Dorsey & Whitney LLP, the attorneys rendering an opinion
on the issuance of the Series 2022 Bonds, certified copies of all proceedings and records of the City
relating to the City Bonds and the refunding thereof, and such other affidavits and certificates as may
be required to show the facts relating to the legality and marketability of the Series 2022 Bonds as such
facts appear from the books and records in the City officer’s custody and control or as otherwise
known to them, and all such certified copies, certificates and affidavits, including any heretofore
furnished, shall constitute representations of the City as to the truth of all statements contained
therein.
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2.3. The Corporation has agreed and it is hereby determined that any and all costs incurred
by the City in connection with the refinancing of the City Bonds will be paid by the Corporation.
This resolution shall be effective immediately upon its final adoption.
th
Adopted this 7 day of February, 2022.
Approved:
_________________________________
Mayor
Attest: _____________________________
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember _______________ and, upon vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted and was approved by the Mayor,
whose signature was attested by the City Clerk.
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