City Council Resolution 1995-46RESOLUTION NO. 95-46
SUPPLEMENTAL RESOLUTION BY THE CITY COUNCIL OF THE CITY
OF MONTICELLO (THE "ISSUER") REGARDING THE ISSUANCE, SALE
AND DELIVERY OF THE ISSUER'S SENIOR HOUSING REVENUE BONDS
(MISSISSIPPI SHORES PROJECT) SERIES 1995
WHEREAS, the City Council of the City of Monticello (the "Issuer") on June
12, 1995 approved Resolution No 95-40(the "Resolution") authorizing the issuance,
sale and delivery of the Issuer's Senior Housing Revenue Bonds (Presbyterian Homes
Housing and Assisted Living Project) Series 1995 (the "Bonds") in the maximum
principal amount of $3,500,000; and
WHEREAS, the Issuer has determined a need to supplement the Resolution
before delivery of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MONTICELLO, MINNESOTA, AS FOLLOWS:
1. The Bonds shall be referred to as the Senior Housing Revenue Bonds
(Mississippi Shores Project) Series 1995.
2. The Issuer hereby designates the Bonds as "qualified tax-exempt obligations"
within the meaning of Section 265 (b) (3) of the Internal Revenue Code of 1986,
as amended (the "Code") . In that connection, the Issuer makes the following
factual statements and representations:
(a) the Bonds are not "private activity bonds" as defined in Section
141 of the Code;
(b) the reasonably anticipated amount of tax-exempt obligations (other
than private activity bonds other than qualified 501(c) (3) bonds) that will be
issued by the Issuer (and all subordinate entities of the Issuer) during the
calendar year 1995 will not exceed $10, 000, 000; and
(c) not more than $10,000,000 of obligations issued by the Issuer
during calendar year 1995 have been designated for purposes of Section
265 (b) (3) of the Code.
3. This resolution supplements but does not otherwise modify the Resolution, and
shall be in full force and effect from and after its passage.
Adopted by the City Council of the Cit`
1995.
T:
Ci y Administ for
SJB90410
MN190-47
KENNEDY & GRAVEN
CHARTERED
s at Law
470 Pillsbury Center, Minneapolis, Minnesota 55402
.JBERT A. ALSOP
(612) 337-9300
JAMES J. THOMSON, JR.
RONALD H. BATTY
LARRY M. WERTHEIM
STEPHEN J. BUBUL
Facsimile (612) 337-9310
BONNIE L. WILKINS
JOHN B. DEAN
JOE Y. YANG
MARY G. DOBBINS
CORRINE A. HEINE
DAVID L. GRAVEN (1929-1991)
DAVID J. KENNEDY
CHARLES L. LEFF,VERE
WRITER'S DIRECT DIAL
OF COUNSEL
JOHN M. LEFEVRE, JR.
ROBERT C. CARLSON
ROBERT J. LINDALL
ROBERT L. DAVIDSON
ROBERT C. LONG
WELLINGTON H. LAW
JAMES M. STROMMF.N
June 14, 1995
T. JAY SALMEN
Rick Wolfsteller, Administrator
City of Monticello
City Hall
P. 0. Box 1147
Monticello, MN 55362
RE: Senior Housing Bonds
Dear Rick:
As I mentioned on the phone to you, one final action by the City Council is needed
in connection with the senior housing project. Enclosed is a resolution to be
approved at the meeting on June 26. The resolution simply acknowledges that the
bonds will be designated as the "Mississippi Shores Project," as the facility is not
expected to be owned in long run by Presbyterian Homes Housing and Assisted
Living, Inc.
The resolution also designates the bonds as "qualified tax exempt obligations,"
which means that banks who purchase the bonds receive favorable tax treatment in
connection with the Bonds. This designation increases the market for the bonds,
and was intended to be included in the resolution approved on June 12.
We currently expect that the Bonds will close by June 30. If you have questions
about this resolution or any other aspect of the Bonds, please contact Stefanie Galey
at 337-9300, who will be handling the closing in my absence .
Very tru1 o rs
ED
Stephen J. Bubul
cc: Distribution List
SJB90412
MN190-47