Title
Resolution Authorizing the Issuance of Conduit Revenue Bonds for the HealthPartners Obligated Group Project under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the HRA, is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit so that adequate health care services are available to residents of the state at reasonable cost; and
WHEREAS, on June 11, 2015, in accordance with the Act, the HRA issued its (a) Health Care Facilities Revenue Refunding Bonds (HealthPartners Obligated Group), Series 2015A (the “Series 2015A Bonds” or the “Prior Bonds”), in the original aggregate principal amount of $306,395,000; and (b) Taxable Health Care Facilities Revenue Refunding Bonds (HealthPartners Obligated Group), Series 2015B (the “Series 2015B Bonds,” and together with the Series 2015A Bonds, the “Series 2015 Bonds”), in the original aggregate principal amount of $191,830,000; and
WHEREAS, Regions Hospital, a Minnesota nonprofit corporation (“Regions Hospital”), and Park Nicollet Health Services, Park Nicollet Methodist Hospital, Park Nicollet Clinic, Park Nicollet Health Care Products, and PNMC Holdings, all Minnesota nonprofit corporations (collectively “Park Nicollet,” and collectively with Regions Hospital, the “Borrowers”), have represented to the HRA that they are proposing to refinance a “Project” by refunding the outstanding Series 2015A Bonds; and
WHEREAS, the HRA loaned a portio...
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