ON THE ISSUANCE OF HEALTH CARE FACILITIES REFUNDING REVENUE OBLIGATIONS TO
Notice is hereby given that the City Council of the City of St. Bonifacius, Minnesota (the “City”), will meet in the City Council Chambers at the St. Bonifacius City Hall, 8535 Kennedy Memorial Drive, in the City of St. Bonifacius, Minnesota, at 6:30 p.m. on Wednesday, January 16, 2013, to consider the proposal of Moravian Care Ministries, a Minnesota nonprofit corporation, and its affiliates (collectively, the “Borrower”) that the City refinance the projects hereinafter described, pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, by the issuance of revenue obligations.
The project consists of (a) refinancing the outstanding principal amount of the City’s $6,500,000 Health Care Facilities Revenue Note, Series 2007A and $1,114,310 Health Care Facilities Revenue Note, Series 2007B (Auburn Home in Waconia Project), the proceeds of which were used to finance the acquisition, construction, and equipping of an approximately 37-bed nursing home facility located at 594 Cherry Drive, Waconia, Minnesota (“Auburn Home”), (b) refinancing the outstanding principal amount of the City of Chaska, Minnesota $2,210,000 Health Care Facilities Refunding Revenue Bonds (Auburn Manor Project), the proceeds of which were used to refinance prior debt that was used for the acquisition and construction of an approximately 61-bed skilled nursing facility located at 501 Oak Street in the City of Chaska, Minnesota (“Auburn Manor”), and (c) refinancing taxable indebtedness incurred to partially finance a memory care addition to Auburn Manor (collectively, the “Project”). Auburn Home and Auburn Manor are owned and operated by the Borrower.
The maximum aggregate estimated principal amount of the notes or other obligations to be issued, in one or more series, by the City to refinance the Project will be $8,750,000.
The notes or other obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City, the City of Waconia, Minnesota, or the City of Chaska, Minnesota, except the Project and the revenues to be derived from the Project. Such note or obligations will not be a charge against the general credit or taxing powers of the City, the City of Waconia, or the City of Chaska, but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement.
A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the project, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City.
At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the financing of the Project. Written comments will be considered if submitted to the City Clerk-Treasurer on or before the date of the hearing.
(Published in The Waconia Patriot Dec. 27, 2012)
Hearing Notice – St. Bonifacius