HomeMy WebLinkAboutResolution - 2003-139 - Host Approval for Issuance of Health Care Facilities Revenue Bonds, Series 2003 (Group Health Plan, Inc. Project) - 09/16/2003 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,NIINNESOTA
RESOLUTION NO.2003-139
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF HEALTH CARE FACILITIES REVENUE
BONDS, SERIES 2003
(GROUP HEALTH PLAN,INC.PROJECT)
WHEREAS, Group Health Plan, Inc., a Minnesota nonprofit corporation("Group
Health"), currently operates facilities located at 9700 West 76th Street in the City of Eden Prairie
(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 Eden Prairie, 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 Eden
Prairie that the City hereby gives the host approval required under the Internal Revenue Code to
the issuance of the Bonds.
ADOPTED by the Eden Prairie City Council this 16th day of September.
4N �0;a-,LAens, a or
ATTEST:
Katfileen Porta, City Clerk