1997-091
CITY OF HOPKINS
RESOLUTION NO. 97-91
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF REVENUE REFUNDING BONDS FOR
ST. THERESE SOUTHWEST, INC. PROJECT
-WHEREAS, pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of Hopkins (the
"City") is authorized to issue its revenue bonds, in anticipation of the collection of
revenues of a multifamily housing project, to finance, in whole or in part, the cost of
acquisition, construction, reconstruction, improvement, betterment, or extension of such
project, and to refund its bonds previously issued for such purpose; and
WHEREAS, the City has previously issued its $8,500,000 Elderly Housing Revenue Refunding
Bonds (St. Therese Southwest, Inc. Project), Series 1994A, its $1,810,000 Subordinated
Elderly Housing Revenue Refunding Bonds (St. Therese Southwest, Inc. Project), Series
1994B and its $880,000 Subordinated Elderly Housing Revenue Refunding Bonds (St.
Therese Southwest, Inc. Project), Series 1994C (collectively, the "Series 1994 Bonds")
for the purpose of refunding bonds previously issued to finance a project consisting of
224 apartment units for independent seniors, located in the City and owned and operated
by St. Therese Southwest, Inc., a Minnesota nonprofit corporation (the "Borrower"); and
WHEREAS, the City has been requested by the Borrower to issue its revenue refunding bonds in
order to restructure debt of the Borrower through the refunding of the Series 1994 Bonds.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA:
1. The City Council hereby states the preliminary intention of the City to issue
revenue refunding bonds in an amount presently estimated not to exceed
$10,500,000 for the foregoing purposes, subject to compliance with the terms and
conditions of the Act and final agreement between the City, the Borrower and the
initial purchaser of the bonds as to the terms and conditions thereof.
Notwithstanding the foregoing, however, the adoption of this resolution shall not
be deemed to establish a legal obligation on the part of the City to issue or cause
the issuance of the bonds, and the City may, in its sole and absolute discretion,
determine not to issue the bonds. The bonds, if issued, shall be special, limited
obligations of the City payable solely from the loan repayments to be paid by the
Borrower and such other security devices deemed advantageous. The bonds shall
not constitute nor give rise to a pecuniary liability of the City or a charge against
its general credit or taxing powers.
2. The Borrower shall pay, and has agreed to pay, directly or through the City any
and all costs, expenses and fees incurred by the City in connection with the
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proposed project and the refunding, whether or not the bonds are issued or all
operative documents are executed and delivered.
Adopted by the City Council of the City of Hopkins this 1J!!t day of October, 1997.
-ATTEST:
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