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City Council Resolution 1999-65RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE CITY OF ST. CLOUD ON BEHALF OF THE SAINT CLOUD HOSPITAL UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED BE IT RESOLVED by the City Council of the City of Monticello, Minnesota (the "City"), as follows: Section 1. Recitals and Authorization. 1.01. This Council has received a proposal from The Saint Cloud Hospital, a Minnesota corporation (the "Corporation"), that the City authorize the City of St. Cloud, Minnesota ("St. Cloud") to issue revenue bonds under Minnesota Statutes, Chapter 462C, as amended (the "Act"): (i) to finance the acquisition of approximately 5.3 acres of land at 1301 and 1305 Seventh Street in the City and the construction and equipping thereon of a senior multifamily rental housing facility comprising approximately 60 independent living units and 60 assisted living units and related facilities to be owned by the Corporation (the "Project"), estimated to cost approximately $13,000,000; and (ii) to finance certain other projects on behalf of the Corporation or its affiliates by St. Cloud and certain other governmental units described in the Joint Powers Agreement hereinafter referred to. 1.02. There has been presented to this Council a form of Joint Powers Agreement (the "Joint Powers Agreement") to be entered into between the City, St. Cloud, and the Cities of Long Prairie and Melrose, Minnesota (collectively, the "Governmental Units"), which authorizes St. Cloud to issue its revenue bonds under the Act to provide funds to be used, with other available funds of the Corporation, to finance various projects in the Governmental Units on behalf of the Corporation or its affiliates. 1.03. The City is authorized, pursuant to the Act, to develop and administer programs for multifamily housing developments under the circumstances and within the limitations set forth in the Act. Minnesota Statutes, Section 462C.07 provides that such programs for multifamily housing developments may be financed with revenue bonds issued by a city. The City is authorized, pursuant to Minnesota Statutes, Sections 471.59, to enter into and perform contracts and agreements with the other Governmental Units concerning, among other things, the financing of one or more projects under the Act, including an agreement whereby one Governmental Unit issues its revenue bonds to finance one or more projects in behalf of one or more other Governmental Units. The City is authorized by Minnesota Statutes, Section 471.59 to enter into the Joint Powers Agreement. 1.04. Section 462C.04, Subdivision 2 of the Act requires that prior to undertaking the financing of the Project, the Authority must prepare and adopt a housing program after notice and hearing and review given and held as provided therein. The Authority has prepared a multifamily housing program for the Project, designated as the "Program for Multifamily Housing Development under Minnesota Statutes, Chapter 462C, St. Benedict's Senior Community at Monticello Project" (the "Housing Program"). The Housing Program authorizes the Project and the issuance of revenue bonds by St. Cloud on behalf of the City in the approximate principal amount of $13,000,000 to finance the costs thereof. 1.05. On November 801999, this Council held a public hearing on the adoption of the Housing Program after publication of the notice of hearing not less than 15 days prior to the date thereof in a newspaper circulating generally in the City. There is no regional development commission to review the Housing Program under Minnesota Statutes, Section 462C.04, Subdivision 2. The public hearing was duly noticed and held in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended. All parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to adopt the Program and to undertake and finance the Project and interested persons were given the opportunity to submit written comments to the City Administrator before the time of the hearing. Section 2. Adoption of Housing Program. Based on the public hearing, such written comments (if any) and such other facts and circumstances as this Council deems relevant, it is hereby found, determined and declared: (a) the Project would assist the construction of needed housing units in the City; (b) the Housing Program is hereby approved and adopted in the form presently on file with the City; and (c) the issuance by St. Cloud on behalf of the City of its revenue bonds under the provisions of the Act, the Program and the Joint Powers Agreement to finance the Project in the maximum aggregate face amount of $13,000,000 is hereby preliminarily approved. Section 3. Approvals. 3.01. The issuance of revenue bonds by St. Cloud for the purpose of financing the Project and certain health care facilities projects on behalf of the Corporation and its affiliates, pursuant to Minnesota Statutes, Section 471.59 and the Joint Powers Agreement, are hereby approved. The terms of the bonds shall be as are approved by the St. Cloud City Council. The form of the Joint Powers Agreement referred to in Section 1.02 is hereby 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 -2- directed to execute such other instruments as may be required to give effect to the transactions herein contemplated. 3.02. The Mayor, the City Clerk and other officers of the City are authorized and directed to furnish to the Corporation, St. Cloud 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 Housing Program and 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 of fact contained therein. Section 4. Effective Date. This resolution shall be effective immediately upon its final adoption. PASSED by the City Council of the City of Monticello, Minnesota, this 8th day of November, 1999. Attest: G2 \W & -IL C, City Cleriv (SEAL) -3- �C\C� - CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned, being the duly qualified and acting recording officer of City of Monticello, Minnesota (the "City"), hereby certify that the attached resolution is a true copy of a resolution entitled: "RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE CITY OF ST. CLOUD ON BEHALF OF THE SAINT CLOUD HOSPITAL UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED" (the "Resolution"), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Council of the City at a meeting on November8 thl 999, and that the meeting was duly held by the City Council and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that, upon vote being taken on the Resolution at said meeting, the following Councilmembers voted in favor thereof: Roger Belsaas, Roger Carlson, Clint Herbst, Brian Stumpf and Bruce Thielen voted against the same: None ; abstained from voting thereon: None or were absent: None WITNESS my hand officially this 9th day of November, 1999. Ci Clerk