Title
Resolution of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Approving Issuance of Refunding Bonds Under the Minnesota Municipal Industrial Development Act, and Approving and Authorizing the Execution of Documents in Connection Therewith (HealthEast Care System Project)
Body
It is hereby found, determined and declared:
(a) Under Minnesota Statutes, Sections 469.152 through 469.1651, cited as the "Municipal Industrial Development Act" (the "Act"), the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is authorized to issue health care facilities revenue bonds to refund outstanding bonds; and
(b) HealthEast Care System, a Minnesota non-profit corporation (the "Borrower") has proposed that the HRA pursuant to which Act issue hospital facility revenue bonds (the "Revenue Bonds") to refund prior bonds previously issued to finance projects as defined in the Act; and
(c) The Bonds being refunded (the "Prior Bonds") are as follows: Housing and Redevelopment Authority of the City of Saint Paul, Minnesota - $29,170,000 original principal amount Hospital Facility Revenue Crossover Project Bonds (HealthEast Project), Series 1997A and $4,910,000 Hospital Facility Revenue Bonds (HealthEast Project), Series 1997B; and
(d) The Prior Bonds refunded the HRA's Hospital Facility Revenue Bonds (HealthEast Project) Series 1987B which refinanced portions of the construction of, additions and improvements to, and the renovation and equipping of facilities for HealthEast (the facilities financed or refinanced from the proceeds of such Series 1987B Bonds are herein collectively referred to as the "Project"); and
(e) The Borrower has proposed that the HRA issue its Revenue Bonds in one or more series for the purpose of refunding the Prior Bonds and paying for related issuance expenses in an approximate maximum aggregate principal amount of $12,500,000; and the proposal calls f...
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