Resolution - 13-18 - Sale of Senior Housing Refunding Note10 t3
Extract of Minutes of a Meeting of the
City Council of the City of Spring Park
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Spring Park was duly held in the City of Spring Park, on Monday, October 7, 2013, at
7:30 o'clock P.M.
The following members were present:
and the following were absent:
During said meeting introduced the following resolution and moved its
adoption:
RESOLUTION NO. 13-18
• RESOLUTION APPROVING THE ISSUANCE AND SALE OF A
SENIOR HOUSING REVENUE REFUNDING NOTE AND
AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO
(PHS/CHANHASSEN, INC. PROJECT)
•
WHEREAS,
(a) The purpose of Minnesota Statutes, Chapter 462C (the "Act"), confers
upon cities the power to issue revenue obligations to finance a program for the purposes of
planning, administering, making or purchasing loans with respect to a multifamily housing
facility for the elderly;
(b) The City Council of the City of Spring Park, Minnesota (the "City") has
received from PHS/Chanhassen, Inc., a Minnesota nonprofit corporation organized under the
laws of the State of Minnesota (the "Borrower"), a proposal that the City assist in refinancing a
Project hereinafter described through the issuance of a revenue note, as further defined below,
the "Note," pursuant to the Act;
(c) The City desires to facilitate the selective development of the community,
retain and improve the tax base and help to provide the range of services and employment
opportunities required by the population, including senior housing services; and the Project will
assist the City in achieving those objectives and will enhance the image and reputation of the
community;
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