HomeMy WebLinkAboutResolution No. 2015-067 Approving Bond Issuance Mpls Behalf Fairview Health Services w�IA11
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Resolution No. 2015-67
RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE CITY OF MINNEAPOLIS ON
BEHALF OF FAIRVIEW HEALTH SERVICES UNDER MINNESOTA STATUTES, SECTIONS 469.152
TO 469.
BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the "City'), as
follows:
SECTION 1
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 "Minneapolis")to issue its bonds (the "Bonds"), under Minnesota Statutes, Sections
469.152 through 469.165 (the "Act"), on behalf of Fairview, in order to (a) refund the Health
Care System Revenue Bonds, Series 1997A (Fairview Hospital and Healthcare Services)
previously issued by the Minnesota Agricultural and Economic Development Board (the
"Board"), a portion of which were used to refund bonds issued by the City and finance the
construction of improvements to Fairview Southdale Hospital, an acute care hospital and other
health care-related facilities owned and operated by the Corporation and located at 6401 and
6400 France Avenue South in the City (the "Edina Facilities") and the acquisition and installation
of equipment therein; (b) refund the Health Care System Revenue Bonds, Series 2000A
(Fairview Health Services) (the "Series 2000A Bonds") issued by the Board, a portion of which
were used to finance an addition to the Edina Facilities and construction of a new parking ramp
to serve the Edina Facilities; (c) refund all or a portion of the Health Care System Revenue
Bonds (Fairview Health Services), Series 2005D issued by Minneapolis for the purpose of
financing the construction of improvements to and remodeling of the Edina Facilities and the
acquisition and installation of items of equipment therein; and (d)finance a project consisting
of, among other things, the acquisition, improvement and equipping of the Edina Facilities,
including the construction of a new and expanded emergency department (the "Project"). The
Bonds are proposed to be issued as part of a larger bond issue by Minneapolis in an aggregate
amount which is not expected to exceed $135,000,000,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, Red Wing,
Hibbing, Wyoming, Chisago City and Burnsville, Minnesota, as well as the City.
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 • Fax 952-826-0389
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 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 Minneapolis, pursuant to the Act, in a principal
amount of up to $135,000,000, to finance and refinance the Edina Facilities and to finance or
refinance the acquisition, construction, renovation, remodeling and equipping by the
Corporation or its affiliates of health care facilities, located in the cities of Minneapolis, Red
Wing, Hibbing, Wyoming, Chisago City and Burnsville, 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, Minneapolis and the attorneys rendering an opinion on the
issuance of the Bonds by 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
and records in the 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 Lthetr h of all statemenLon"ained rein.
Adopted by the City Coue City of Edina t y, 2015.
Attest:
Debra A. Mangen, City Clerk J ames 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 July 7, 2015 and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this '��P i-,/\day of 20 1�5.
City Clerk