HomeMy WebLinkAboutResolution No. 2008-043 Approving Issuance of Revenue Bonds by City of Mpls Fairview Health Services RESOLUTION NO. 2008-43
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 of Edina"), 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 of Edina authorize the City of
Minneapolis, Minnesota (the "City of Minneapolis") to issue bonds under Minnesota Statutes,
Sections 469.152 through 469.165 (the "Act") to (i) refund revenue bonds previously issued in
2005 by the City of Minneapolis, with the prior approval of the City of Edina, to finance and
refinance a project undertaken by Fairview at Fairview Southdale Hospital, an acute care hospital
and other health care-related facilities located at 6401 and 6400 France Avenue South in the City
of Edina(the "Edina Facilities") and the acquisition and installation of equipment therein; (ii)
• refund revenue bonds issued by the Minnesota Agricultural and Economic Development Board,
a portion of the proceeds of which were used to refund bonds issued by the City of Edina to
finance the construction of improvements to the Edina Facilities and the acquisition and
installation of equipment therein and (iii) finance the construction of improvements to and
remodeling of the Edina Facilities and the acquisition and installation of items of equipment
therein and (iv) if required in connection with the issuance and sale of the Bonds, fund a deposit
to a debt service reserve fund securing the bonds and finance the issuance costs of the bonds.
The bonds are proposed to be issued as part of a larger bond issue by the City of 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 Fairview or its affiliate of health care facilities located in the Cities of Minneapolis,
Red Wing, Princeton, Hibbing, Wyoming and Burnsville, Minnesota, in addition to financing
and refinancing improvements to the Edina Facilities.
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 revenue bonds under the Act to for the purposes described in Section
1.1, and interested persons were given the opportunity to submit written comments to the City
Clerk before the time of the hearing.
SECTION 2
Approvals
• 2.1. The issuance of bonds by the City of Minneapolis, pursuant to the Act in a
principal amount of up to $850,000,000, to finance and refinance the Edina Facilities and to
finance or refinance the acquisition, construction, renovation, remodeling and equipping by
Fairview or its affiliate of health care facilities, located in the Cities of Minneapolis, Red Wing,
Princeton, Hibbing, Wyoming and Burnsville, Minnesota, 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 Clerk and other officers of the City of Edina 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 of Edina 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 of Edina as to the truth of all
statements contained therein.
Adopted by the City Council of the City E i this 15th day of April, 2008.
Mayor
Attest: 1 ��
City-Clerk
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