Loading...
HomeMy WebLinkAboutResolution No. 2008-031 Revenue Bonds Fairview Health Services City of Mpls • 2 c,c, 31 • RESOLUTION CALLING FOR A PUBLIC HEARING ON AN ISSUE OF REVENUE BONDS BY CI`T'Y OF MINNEAPOLIS ON 131"HALF OF FAIRVIEW HEALTH SERVICES BE IT RESOLVED by the City Council of the City of Edina, Minnesota(the "City"), as follows: 1. With the approval of this Council and at the request of Fairview health Services, a Minnesota nonprofit corporation("Fairview"), the Minnesota Agricultural and Economic Development Board (the "Board") has issued its Health Care System Revenue Bonds, Series 1997A (Fairview Hospital and Healthcare Services) (the "Series 1997A Bonds"), a portion of which were used to refund bonds issued by the City to finance the construction of improvements to Fairview Southdale Hospital, an acute care hospital and other health care- related facilities located at 6401 and 6400 France Avenue South in the City (the "Edina Facilities") and the acquisition and installation of equipment therein. 2. With the approval of this Council and at the request of Fairview, the City of Minneapolis ("Minneapolis") has issued its Health Care System Revenue Refunding Bonds, Series 2005A, 2005B and 2005C (Fairview Health Services) (the "Series 2005ABC Bonds") for the purpose of, among others, refunding a series of bonds issued by the I3oard for the purpose of, among others, financing the construction of an addition to and the renovation of the Edina Facilities and the acquisition and installation of items of equipment therein and of a new parking • ramp to serve the Edina Facilities. 3. With the approval of this Council and at the request of Fairview, Minneapolis has also issued its Health Care System Revenue Bonds (Fairview Health Services), Series 2005D (the "2005D Bonds"; together with the Series 2005ABC Bonds,the "Series 2005D Bonds")to finance the construction of improvements to and remodeling of the Edina Facilities and the acquisition and installation of items of equipment therein. 4. Fairview has advised this Council of its desire to refund all or a portion of the outstanding Series 1997A Bonds and all or a portion of the outstanding Series 2005 Bonds (together, the "Refunded Bonds") with revenue bonds (the"Revenue Bonds") issued by the City of Minneapolis under the authority of Minnesota Statutes, Sections 469.152 through 469.165. 5. The portion of the Refunded Bonds and the portion of the Revenue Bonds allocable to the Edina Facilities is herein referred to as the "Edina Portion." Section 147(f) of the Internal Revenue Code of 1986, as amended and regulations promulgated thereunder, require that prior to the issuance of the Revenue Bonds,this Council approve the issuance of the Revenue Bonds by Minneapolis to refund the Edina Portion, after conducting a public hearing thereon. A public hearing on the proposal that Minneapolis issue the Revenue Bonds to refund the Edina Portion is hereby called and shall be held on April 15, 2008, at 7:00 o'clock P.M., at the City Hall. 6. The City Clerk shall cause notice of the public hearing, in substantially the form attached hereto as Exhibit A, to be published in a newspaper of general circulation in the City, once not less than 14 days prior to the date fixed for the public hearing. • • Adopted by the City Council of the City of E ' is on this 18th day of March, 2008. Mayor Attest: City Clerk • • 2 • EXHIBITA CITY OF EDINA 4801 WEST 50"-x{ STREET EDINA, MINNESOTA 55424 NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS UNDER MINNESOTA STATUTES, SECTIONS 469.152 -469,165 NOTICE IS HEREBY GIVEN that the City Council of the City of Edina, Minnesota (the"City"), will meet on April 15, 2008, at 7:00 o'clock P.M., at the City Hall, 4801 West 50"' Street, in Edina, Minnesota, for the purpose of conducting a public hearing on a proposal that the City of Minneapolis, Minnesota("Minneapolis") issue revenue bonds (the "Revenue Bonds") on behalf of Fairview Health Services (the"Corporation"), in one or more series, under Minnesota Statutes, Sections 469.152 through 469.165, in order to (a) refund bonds 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 to 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 or equipment therein and (b) refund bonds previously issued by Minneapolis for the purpose of, among others, (i) refunding a series of bonds issued by the Board for the purpose of, among others, financing the construction of an addition to and the renovation of the Edina Facilities and the acquisition and installation of items of equipment therein and of a new parking ramp to serve the Edina Facilities and (ii) financing the construction of improvements and remodeling of the Edina Facilities and the acquisition and installation of items of equipment therein. The Revenue Bonds will not be issued by the City. The Revenue Bonds will be issued as part of a larger bond issue by Minneapolis in an aggregate amount which is not expected to exceed $850,000,000, the proceeds of which will be issued 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, Princeton, Red Wing, Hibbing, Wyoming and Burnsville, Minnesota as well as the City. All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk prior to the date of the hearing set forth above, Dated: March 18, 2008. BY ORDER OFTHE CITY COUNCIL Debra Mangen, City Clerk