Title
Approving the issuance of a conduit tax exempt revenue note for Open Cities Health Center, Inc.
Body
WHEREAS:
1. The Port Authority of the City of Saint Paul (the "Port Authority") has given its approval to the issuance of its revenue note (Open Cities Health Center Project) (the "Note") in the aggregate principal amount not to exceed $4,350,000. The proceeds of the Note will be loaned to Open Cities Health Center, Inc., a Minnesota nonprofit and 501(c)(3) corporation (f/k/a Model Cities Health Center, Inc.) (the "Borrower") to: (a) refinance existing bank debt against property located at 409 North Dunlap Street, St. Paul, Minnesota owned by the Borrower (the "Property"), consisting of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota Health Care Revenue Bonds, Series 2001A and 2001B (Model Cities Health Center Project), which were issued to provide financing and refinancing for the Property; and (b) pay certain costs of issuance of the Note (the "Project").
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law.
3. Approval of the issuance of the proposed Note by the City Council is also required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code").
4. To meet the requirements of both state and federal law, the Port Authority has conducted the public hearing required by Section 147(f) of the Code and requested that the City Council give its approval to the issuance of the proposed Note by the Port Authority, subject to final approval of the details of said Note by the Port Authority.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul that in accordance with the requirements of Section 147(f) of the Code, and in accordance with Laws of Minnesota 1976, Chapter 234, the City Co...
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