HomeMy WebLinkAbout03-187
. RESOLUTION NO. 03-187
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF HEALTH CARE FACII.,ITIES REVENUE
BONDS, SERIES 2003
(GROUP HEALTH PLAN, INC. PROJECT)
WHEREAS, Group Health Plan, Inc., a Minnesota nonprofit corporation ("Group Health"),
proposes to construct a new medical clinic at 185 Street West, Kenwood Trail in the City of Lakeville
(the "Local Facilities").
WHEREAS, Group Health has proposed that the Housing and. Redevelopment Authority of the
City of Saint Paul, Minnesota and the City of Minneapolis, Minnesota, jointly issue Health Care Facility
Revenue Bonds in the approximate principal amount of $85,000,000 (the "Bonds") to finance or refinance
various capital expenditures made by Group Health in approximately 9 cities located throughout the State
of Minnesota, including the Local Facilities.
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that each
municipality in which facilities to be financed or refinanced by the Bonds are located must approve the
issuance of the Bonds following a public hearing.
.WHEREAS, a public hearing on the issuance of the Bonds to finance or refinance capital costs
incurred at the Local Facilities was held by the City on this date.
WHEREAS, the Bonds are payable solely from revenues of Group Health, will not be a general
• or moral obligation of the City of Lakeville, the Housing and Redevelopment Authority of the City of
Saint Paul, the City of Minneapolis or any other political subdivision but will be payable solely from
revenues of Group Health to the extent and in the manner provided in the documents executed in
connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville that the
City hereby gives the host approval required under the. Internal Revenue Code to the issuance of the
Bonds.
The motion for the adoption of the foregoing resolution'was made by Wulff ,seconded
by Bellows ,and upon vote being duly taken thereon, the following voted in favor thereof:
Bellows, .Johnson, Wulff, Rieb, Luick
and the following voted against the same: N/A
Whereupon said resolution was declared dul pa ed and adop d t s 6th day of October.
Mayor
Attest:
• City Clerk
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