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File #: RES 18-629    Version: 1 Name: Resolution Approving the Issuance of Conduit Revenue Bonds by the Port Authority of the City of Saint Paul for the Benefit of Lyngblomsten Care Center, Inc.
Type: Resolution Status: Passed
In control: City Council
Final action: 4/25/2018
Title: Approving the issuance of conduit revenue bonds by the Port Authority for the benefit of Lyngblomsten Care Center, Inc.
Sponsors: Samantha Henningson
Attachments: 1. SPPA Board Memo - Lyngblomsten Care Center Bond Issue.pdf, 2. Resolution - SPPA Resolution for Lyngblomsten Bond Issue.pdf, 3. SPPA Lyngblomsten Project DEED APPLICATION.pdf, 4. Signature Copy, 5. Signature Copy
Title

Approving the issuance of conduit revenue bonds by the Port Authority for the benefit of Lyngblomsten Care Center, Inc.

Body

WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.165, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), 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, engaged in providing health care services, including nursing homes; and

WHEREAS, Lyngblomsten Care Center, Inc., a Minnesota nonprofit corporation (the “Borrower”), has proposed that the Port Authority issue its (i) Health Care Facilities Revenue Bonds (Lyngblomsten Care Center, Inc. Project) Series 2018A and (ii) Taxable Health Care Facilities Revenue Bonds (Lyngblomsten Care Center Inc. Project) Series 2018B (collectively the “Bonds”); and

WHEREAS, proceeds of the Bonds will be used by the Borrower in order to (i) finance construction and equipping of improvements to an existing 277,000 square-foot, 237-bed skilled nursing facility located in the City of Saint Paul, Minnesota (the “City”), including to improve resident experience reducing the number of beds to 225; and (ii) pay a portion of the costs of issuing the Bonds (the “Project”) in the combined aggregate principal amount of approximately $10,000,000; and

WHEREAS, the Bonds are proposed to be issued under the terms of the Indenture of Trust, dated on or after May 1, 2018 (the “Indenture”), between the Port Authority and U.S. Bank National Association, as bond trustee (the “Trustee”); and

WHEREAS, the loan of the proceeds of the Bonds is proposed to be made by the Port Authority to the Borrower pursuant to the terms of a Loan Agreement, dated on or after May 1, 2018, between the Port Authority and the Borrower (the “Loan Agreement”);...

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