RES 06-097
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RESOLUTION NO. 06- 97
RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS
UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT BY SHERBURNE COUNTY, MINNESOTA
BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the "City"), as
follows:
Section 1. Recitals. Guardian Angels Health Services, Inc. (the "Borrower"), a Minnesota
nonprofit corporation and an organization described in Section 501 (c) (3) of the Internal Revenue
Code of 1986, as amended (the "Code"), has advised the Board of County Commissioners of
Sherburne County (the "County") of its desire, through the issuance of revenue bonds of the
County (the "Bonds") under Minnesota Statutes, Sections 469.152 to 469.1651 (the "Act"), to
finance the acquisition and construction of improvements, including equipment and furnishings, to
its existing health care facility located at 400 Evans Avenue in the City, including the construction of
an approximately 29,000 square foot addition to the health care facility (the "Project"), and to refund
in part the outstanding Pooled Revenue Bonds (CareChoice Member Projects), Series 1998, issued
by the City in the original principal amount of $13,550,000 (the "Refunded Bonds"). The Project
will be owned and operated the Borrower.
Section 2. Authorization and Approval. For purposes of Minnesota Statutes, Section
469.153, Subdivision 3, the City Council hereby approves the issuance of the Bonds by the County
to finance the Project and to refund the Refunded Bonds. Notwithstanding the foregoing, however,
the adoption of this resolution shall not be deemed to establish any obligation on the part of the
City or this Council to cause the issuance of the Bonds, and the issuance of the Bonds is contingent
upon satisfaction of a number of requirements, including the holding of a public hearing in
accordance with the Act and the Code, approval of the County and of the Minnesota Department of
Employment and Economic Development. The Bonds, if issued, shall not constitute a charge, lien
or encumbrance, legal or equitable, upon any property of the City.
Attest:
Joan Schmidt, City Clerk