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HomeMy WebLinkAbout8315 (Res.) '.... f ~ J r RESOLUTION NO. 8315 RESOLUTION RELATING TO A PROJECT ON BEHALF OF THE LONG TERM CARE FOUNDATION UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; APPROVING A JOINT POWERS AGREEMENT RELATING TO THE ISSUANCE OF BONDS BY THE CITY AND AUTHORIZING THE EXECUTION OF DOCUMENTS BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota (the "City"), as follows: 1.01. Authoritv and Approvals. This Council, acting pursuant to Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), has held a public hearing on, and given preliminary approval to, the issuance of its revenue bonds in a principal amount up to $3,900,000 and the loan of the proceeds thereof to The Long Term Care Foundation, a Tennessee nonprofit corporation (the "Borrower"), for the purpose of financing the acquisition of an existing nursing home facility commonly known as Linden Healthcare Center and certain improvements thereto (the Project) located at 105 West Linden Street in the City. r 1.02. Proposed Joint Powers Action. The Borrower has informed this Council that the Borrower is requesting the cities of Anoka, Bloomington, Delano, Excelsior, Fridley, Hopkins, Long Lake, MinneapOlis, New Brighton, Osseo, Roseville, St. Louis Park and St. Paul (collectively, the "Other Cities" and, with the City, the "Participants.) to issue similar bonds in order to finance similar projects on behalf of the Borrower located in each of the Other Cities. The Borrower has proposed that the City and each of the Other Cities enter into a joint powers agreement pursuant to the Act authorizing one of the Participants to issue revenue bonds under the Act to finance each of such projects, including the Project. In particular, the Borrower has proposed that the joint powers agreement provide that the City of MinneapOlis issue the bonds authorized by each of the Participants in order to finance each of said projects. 1.03. Joint Powers Authbritv. The City is authorized, pursuant to Section 471.59 and the Act, to enter into and perform such contracts and agreements with other municipalities as this Council may deem proper and feasible for or concerning the planning, purchase, acquisition and financing of a project whereby one city issues its revenue bonds on behalf of one or more other cities. The City is authorized by said Section to enter into the joint powers agreement proposed by the Borrower as described in Section 1.02 hereof. (' 4243F .- .. I I ~1lI, ; -' r' 1.04. Documentation. A form of Joint Powers Agreement has been prepared and submitted to this Council and is hereby directed to be filed with the City Clerk Section 2. Authorization and Aooroval of the Joint Powers Aareement. The issuance of bonds by the City of Minneapolis on behalf of the City and each of the Other Cities for the purpose of financing the Project and the other projects described above, pursuant to the Act and the Joint Powers Agreement, is hereby approved. The form of the Joint Powers Agreement referred to in Section 1.04 is approved sUbject to such modifications as are deemed appropriate and approved by the City Attorney and the Mayor, which approval shall be conclusively evidenced by the execution of the Joint Powers Agreement by the Mayor and the City Clerk The Mayor and the City Clerk are hereby authorized and directed to execute the, Joint Powers Agreement. The Mayor and the City Clerk are also authorized and directed to execute such other instruments as may be required to give effect to the transaction herein contemplated. Section 3. Authentication of Proceedinas. r' The Mayor and City Clerk and other officers of the City are authorized and directed to furnish to the Borrower and the attorneys rendering an opinion on the issuance of the bonds, 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 the truth of all statements contained therein. Adopted this 3rd day of July , 1990. Attest: ~ Ok-4~ ~ ~~L~ DeputYCi ty Clerk r -2- nil ~ ! rn n II n ~ : I~" I I!