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), Citywide.
Body
Recitals:
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 by the Washington County Housing and Redevelopment Authority (the "Washington County HRA") to finance a project as defined in the Act; and
(c) The Bonds being refunded (the "Prior Bonds") are as follows: Washington County Housing and Redevelopment Authority - $49,135,000 original principal amount Hospital Facility Revenue Bonds (HealthEast Project), Series 1998; and
(d) The Prior Bonds financed portions of the construction of and the equipping of facilities for the HealthEast Woodwinds facility located in Woodbury, Minnesota (the facilities financed from the proceeds of the Prior Bonds are herein collectively referred to as the "Project"); and
(e) The Borrower has proposed that the HRA issue its Revenue Bonds in two series for the purpose of refunding the Prior Bonds and paying for related issuance expenses in an approximate maximum aggregate principal amount of $41,000,000; and
(f) The Borrower's proposal calls for the HRA, the Borrower and GE Government Finance, Inc., as purchaser of one series of the Revenue Bonds (the "Se...
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