HomeMy WebLinkAboutResolution No. 2018-078 Approving Issuance of Fairview Health Service Bonds RESOLUTION NO. 2018-78
APPROVING THE ISSUANCE OF BONDS BY THE CITY OF
MINNEAPOLIS ON BEHALF OF FAIRVIEW HEALTH SERVICES
UNDER MINNESOTA STATUTES, SECTIONS 469.152 TO 469.165
BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the "City"), as follows:
SECTION I
Recitals and Findings
1.1. This Council has received a proposal from Fairview Health Services, a Minnesota nonprofit
corporation ("Fairview"), that the City authorize the City of Minneapolis, Minnesota (the "City of
Minneapolis") to issue revenue bonds under Minnesota Statutes, Sections 469.152 through 469.165, as
amended (the"Act"), in order to (a) refund the City of Minneapolis's Health Care System Revenue Bonds,
Series 2008B (Fairview Health Services), its Health Care System Variable Rate Demand Revenue Bonds,
Series 2008C (Fairview Health Services), its Health Care System Variable Rate Demand Revenue Bonds,
Series 2008D (Fairview Health Services) and its Health Care System Variable Rate Demand Revenue
Bonds, Series 2008E (Fairview Health Services) (together, the"Refunded Bonds"),a portion of which were
used to finance and refinance the construction and improvement of Fairview Southdale Hospital and other
health care-related facilities located at 6401 and 6400 France Avenue South in the City (the "Edina
Facilities") and (b) finance a project consisting of, among other things, the improvement and equipping of
the Edina Facilities, including the replacement of a fluoroscopy system and operating room improvements
(the "Project"). The Bonds are proposed to be issued as part of a larger bond issuance by the City of
Minneapolis in an aggregate amount that is not expected to exceed $550,000,000, the proceeds of which
will be issued to finance or refinance the acquisition, construction, renovation, remodeling and equipping
by Fairview or its affiliates of health care facilities located in the cities of Minneapolis, Burnsville, Chisago
City, Hibbing, Princeton and Wyoming, Minnesota, as well as the City.
1.2. At a public hearing held on the date hereof, all parties who appeared at the hearing were
given an opportunity to express their views with respect to the proposal that the City of Minneapolis
issue its Bonds, pursuant to the Act, for the purposes described in Section 1.1, and interested persons
were given the opportunity to submit written comments to the City Manager before the time of the
hearing.
SECTION 2
Approvals
2.1. The issuance of the Bonds by the City of Minneapolis, pursuant to the Act, in a principal
amount of up to $550,000,000, to finance and refinance the Edina Facilities and to finance or refinance the
acquisition, construction, renovation, remodeling and equipping by Fairview or its affiliates of health care
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
4816-9465-0223\1 www.EdinaMN.gov.952-927-8861 . Fax 952-826-0390
Resolution No. 2018-78
facilities, located in the cities of Minneapolis, Burnsville, Chisago City, Hibbing, Princeton and Wyoming,
Minnesota, as well as the City, is hereby consented to and approved. The terms of the Bonds shall be as
are approved by the Minneapolis City Council.
2.2. The Mayor and City Manager and other officers of the City are authorized and directed to
furnish to Fairview, the City of Minneapolis and the attorneys rendering an opinion on the issuance of the
Bonds by the City of Minneapolis, certified copies of all proceedings and records of the City relating to
the bonds and such other affidavits and certificates as may be required to show the facts relating to the
legality and marketability of the bonds as such facts appear from the books nd records in the officer's
custody and control or as otherwise known to them;and all such certified copie , certificates and affidavits,
including any heretofore furnished, shall constitute representations of the ty as to the truth of all
statements contained therein.
Adopted by the City Council of the City of Edina this 5th day of Se a b' r, 2018.
Attest: k t-d�4- �), j, 11v"'t, 4�_�
Debra A. Mangen, City qrerk'
James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN)SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the
attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of
September 5, 2018, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of 20_
City Clerk
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4816-9465-0223\1