1990-072
RESOLUTION NO. 90-72
RESOLUTION RELATING TO A PROJECT ON BEHALF OF THE
LONG TERM CARE FOUNDATION UNDER THE MINNESOTA
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; APPROVING A
JOINT POWERS AGREEMENT RELATING TO THE ISSUANCE
OF BONDS BY THE CITY AND AUTHORIZING THE
EXECUTION OF DOCUMENTS
BE IT RESOLVED by the City Council of the City of
Hopkins, Minnesota (the "City"), as follows:
1.01. Authoritv and Approvals. This Council, acting
pursuant to Minnesota Statutes, Sections 469.152 through
469.165 (the "Act"), has held a public hearing on, and given
preliminary approval to, the issuance of its revenue bonds in a
principal amount up to $2,500,000 and the loan of the proceeds
thereof to The Long Term Care Foundation, a Tennessee nonprofit
corporation (the "Borrower"), for the purpose of financing the
acquisition of an existing nursing home facility commonly known
as Hopkins HealthCare Center and certain improvements thereto
(the Project) located at 725 Second Avenue South in the City.
1.02. Proposed Joint Powers Action. The Borrower has
informed this Council that the Borrower is requesting the
cities of Anoka, Bloomington, Delano, Excelsior, Fridley, Long
Lake, Minneapolis, New Brighton, Osseo, Roseville, St. Louis
Park, St. Paul and Stillwater (collectively, the "Other Cities"
and, with the City, the "Participants") to issue similar bonds
in order to finance similar projects on behalf of the Borrower
located in each of the Other Cities. The Borrower has proposed
that the City and each of the Other Cities enter into a joint
powers agreement pursuant to the Act authorizing one of the
Participants to issue revenue bonds under the Act to finance
each of such projects, including the Project. In particular,
the Borrower has proposed that the joint powers agreement
provide that the City of Minneapolis issue the bonds authorized
by each of the Participants in order to finance each of said
projects.
1.03. Joint Powers Authority. The City is
authorized, pursuant to Section 471.59 and the Act, to enter
into and perform such contracts and agreements with other
municipalities as this Council may deem proper and feasible for
or concerning the planning, purchase, acquisition and financing
of a project whereby one city issues its revenue bonds on
behalf of one or more other cities. The City is authorized by
said Section to enter into the joint powers agreement proposed
by the Borrower as described in Section 1.02 hereof.
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1.04. Documentation. A form of Joint Powers
Agreement has been prepared and submitted to this Council and
is hereby directed to be filed with the City Clerk.
Section 2. Authorization and Approval of the Joint
Powers Aareement.
The issuance of bonds by the City of Minneapolis on
behalf of the City and each of the Other Cities for the purpose
of financing the Project and the other projects described
above, pursuant to the Act and the Joint Powers Agreement, is
hereby approved. The form of the Joint Powers Agreement
referred to in Section 1.04 is approved subject to such
modifications as are deemed appropriate and approved by the
City Attorney and the Mayor, which approval shall be
conclusively evidenced by the execution of the Joint Powers
Agreement by the Mayor and the City Clerk. The Mayor and the
City Clerk are hereby authorized and directed to execute the
Joint Powers Agreement. The Mayor and the City Clerk are also
authorized and directed to execute such other instruments as
may be required to give effect to the transaction herein
contemplated.
Section 3. Authentication of Proceedings.
The Mayor and City Clerk and other officers of the
City are authorized and directed to furnish to the Borrower and
the attorneys rendering an opinion on the issuance of the
bonds, certified copies of all proceedings and records of the
City relating to the bonds and such other affidavits and
certificates as may be required to show the facts relating to
the legality and marketability of the bonds as such facts
appear from the books and records in the officer's custody and
control or as otherwise known to them; and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall constitute representations of the City as to
the truth of all statements contained therein.
Adopted this 19th day of June, 1990.
Attest:
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