1990-061
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RESOLUTION 90-61
APPROVING ISSUANCE BY THE CITY
OF REFUNDING REVENUE BONDS ON
BEHALF OF THE AUGUSTANA HOME OF
MINNEAPOLIS FOR CHAPEL VIEW PROJECT
WHEREAS, the City of Hopkins (the "City") has issued
its City of Hopkins Housing Mortgage Revenue Bonds (Chapel
View, Inc. Project), Series 1984, in the original aggregate
principal amount of $3,945,000 (the "Original Bonds") to
provide financing for a senlor housing project located at 605
Minnetonka Mills Road (the "Project") in the City, under the
sponsorship of Chapel View, Inc., a Minnesota nonprofit
corporation and an organization described in Section 501(c)(3)
of the Internal Revenue Code of 1986, as amended; and
WHEREAS, The Augustana Home of Minneapolis, a
Minnesota nonprofit corporation and an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended (the "Corporation"), has proposed, in connection with
the acquisition by the Corporation of the Project and the
adjacent 128-bed nursing home facillty, that the City issue its
refunding revenue bonds in an aggregate principal amount of
approximately $3,500,000 (the "Refunding Bonds") for the
purpose of dlscharging and redeeming the Original Bonds, in
order, inter alia, to provide refinanclng for the Project; and
WHEREAS, the Refunding Bonds are not to constitute a
general obligation of the City, but are to be repaid solely
from loan repayments to be made by the Corporation and will be
further secured by a mortgage lien to be granted by the
Corporation with respect to the financed facilities;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY, AS FOLLOWS:
1. The issuance of the Refundlng Bonds by the City
is hereby approved, subject only to the adoption by the City of
a definltive Bond Resolution approvlng the final details of the
Refundlng Bonds and the forms of the documents to be entered
into in connection therewlth. The Corporatlon, Faegre &
Benson, as bond counsel, and offlcials of the City are hereby
authorlzed to inltlate the preparatlon of a loan agreement,
trust indenture, official statement and other documents in
order that the refundlng may be carried forward expeditiously.
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2. The engagement by the Corporation of Norwest
Investment Servlces, Inc., Minneapolis, Minnesota, to act as
the exclusive investment banker in connection with the issuance
of the Refunding Bonds, and of Faegre & Benson, MinneapOlis,
Mlnnesota, as bond counsel, are hereby ratified, confirmed and
approved.
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3. The Refunding Bonds are hereby designated as
"qualified tax-exempt obligations" within the meaning of
Section 265(b)(3) of the Internal Revenue Code of 1986, as
amended. -The Refunding Bonds are to be issued on behalf of an
organization described in Section 501(c)(3) of the Code and are
to be issued as "qualified 501(c)(3) bonds" under Section 145
of the Code. The City, together with all subordinate entities
of the City, does not reasonably expect to issue tax-exempt
obligations, includlng the Refunding Bonds (other than private
activity bonds not constituting "quallfied 501(c)(3) bonds"),
which, when added together with all such obligations heretofore
issued by the City, and such subordlnate entities, in calendar
year 1990, will be in an aggregate amount exceeding $10,000,000
in calendar year 1990.
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STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
I, the underslgned, being the duly qualifled and
acting City Clerk of the City of Hopkins (the "City"), do
hereby certify that attached hereto is a compared, true and
correct copy of a resolution giving approval to an issuance of
refunding revenue bonds by the City in order to provide
refinancing for a senior housing project to be owned and
operated by The Augustana Home of Minneapolis, a Minnesota
nonprofit corporation, duly adopted by the City Council of the
City on May 15, 1990 at a regular meeting thereof duly called
and held, as on file and of record in my offlce, which
resolution has not been amended, modified or resclnded since
the date thereof and WhlCh resolution is in full force and
effect as of the date hereof.
WITNESS My hand and the seal of the City this AC~l day
of
, 1990.
(SEAL)
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