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, District 17, Ward 2
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, under the Minnesota Municipal Industrial Development Act, 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, 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, together with Regions Hospital, the “Borrowers”), have represented to the HRA that they are proposing to refinance a “Project” by refunding the following obligations: (i) the Health Care Facility Revenue Bonds, Series 2006 (HealthPartners Obligated Group Project), issued by the HRA on November 30, 2006, in the original aggregate principal amount of $176,365,000 (the “Series 2006 Bonds”); (ii) the Health Care Facilities Revenue Refunding Bonds (Park Nicollet Health Services), Series 2009 (the “Series 2009 Bonds”), issued by the City of St. Louis Park, Minnesota (“St. Louis Park”) on December 31, 2009, in the original aggregate principal amount of $188,340,000 (the “Series 2009 Bonds”); and (iii) the Heal...
Click here for full text