HomeMy WebLinkAbout8294 (Res.)
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CITY OF STILLWATER
RESOLUTION NO.
8294
RESOLUTION RELATING TO A PROJECT ON BEHALF OF THE
LONG TERM CARE FOUNDATION UNDER THE MINNESOTA
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR
A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota (the City), as follows:
SECTION 1
Recitals
1.1. The City is authorized by Minnesota Statutes, Sections
469.152 through 469.165 (the Act), to issue its revenue bonds
to finance capital projects consisting of properties used and
useful in connection with a revenue-producing enterprise,
including nursing homes to be owned by non-profit corporations.
1.2. The Long Term Care Foundation, a Tennessee nonprofit
corporation (the Borrower), has advised this Council of its
desire to acquire the existing nursing home located at 105 West
Linden Street in the City and known as Linden Healthcare Center
and to make certain improvements thereto. Such acquisition and
improvements are hereinafter referred to as the Project.
1.3. The Borrower proposes that pursuant to the Act the City
issue its revenue bonds, in a principal amount not to exceed
$3,900,000, and lend the proceeds of such revenue bonds to the
Borrower to pay part or all of the costs of the Project.
SECTION 2
Public Hearina
2.1. Section 469.154, Subdivision 4 of the Act requires that
prior to submission of an Application to the Minnesota
Department of Trade and Economic Development requesting
approval of the Project as required by Section 469.154,
Subdivision 3 of the Act, this Council conduct a pUblic hearing
on the proposal to undertake and finance the Project. Section
147(f) of the Internal Revenue Code of 1986, as amended and
regulations promulgated thereunder, require that prior to the
issuance of the Bonds, this Council approve the Bonds and the
Project, after conducting a public hearing thereon.
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2.2. A public hearing on the proposal to undertake and finance
the Project through the issuance of the Bonds is hereby called
and shall be held on July 3 , 1990, at 7:00 o'clock P.M., at
the City Hall.
2.3. The City Clerk shall cause notice of the public
hearing to be published in The Courier , the
official newspaper of the City and a newspaper of general
circulation in the City, at least once not less than fourteen
(14) nor more than thirty (30) days prior to the date fixed for
the pUblic hearing. The notice to be published shall be in
substantially the fOllowing form:
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