Public Hearing – Good Samaritan

Notice of Public Hearing

NOTICE OF PUBLIC HEARING ON THE PROPOSED ISSUANCE OF BONDS BY THE COLORADO HEALTH FACILITIES AUTHORITY TO FINANCE AND REFINANCE PROJECTS OF THE EVANGELICAL LUTHERAN GOOD SAMARITAN SOCIETY, A NORTH DAKOTA NONPROFIT CORPORATION, LOCATED IN THE STATE OF MINNESOTA

MINNESOTA AGRICULTURAL AND ECONOMIC DEVELOPMENT BOARD

NOTICE IS HEREBY GIVEN that the Minnesota Agricultural and Economic Development Board (the “Ag Board”) or its designee representative, shall meet on August 7th, 2013 at 9:00 a.m., at 1st National Bank Building, 332 Minnesota Street, Suite E200, Saint Paul, Minnesota, for the purpose of conducting a public hearing on a proposed issue of one or more series of bonds by the Colorado Health Facilities Authority (the “CoHFA Bonds”) to finance or refinance projects on behalf of The Evangelical Lutheran Good Samaritan Society, a North Dakota nonprofit corporation (the “Applicant”).  Under this plan of finance, the CoHFA Bonds will be issued in an aggregate principal amount not to exceed $115,000,000.  CoHFA Bond proceeds in an amount not to exceed $15,650,000 will be used to finance or refinance a number of projects located in Minnesota (the “Mn Projects”), including the following:

$2,700,000 to refinance bonds issued in 2004 for the acquisition, construction, improvement and equipping of a dining room and $250,000 of 2013 Bonds for the construction of elevators, both in connection with the Good Samaritan Center – Waconia located at 333 West Fifth Street in Waconia, Minnesota.

The Applicant is the initial owner of the Mn Projects, and the Mn Projects will be owned, operated and managed by the Applicant.  It is contemplated that the Mn Projects will be used, or will continue to be used, as nursing homes, senior housing, assisted living or related facilities.  The CoHFA Bonds and the interest thereon shall be payable solely from the revenue pledged to the payment thereof, and no holders of any such bonds shall ever have the right to compel any exercise of the taxing powers of the State of Minnesota or any political subdivision thereof to pay the CoHFA Bonds or the interest thereon nor to enforce payment against any property of said State or said political subdivision.
This Notice of Public Hearing is being given pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.
A copy of the Ag Board’s proposed resolution regarding the Ag Board’s “approval”, as such term is used in IRC §147(f) and for the sole purpose of complying with the requirements therein, of the CoHFA Bonds is available for public inspection at the offices of the Ag Board at 1st National Bank Building, 332 Minnesota Street, Suite E200, Saint Paul, Minnesota from the date of this notice to the date of the public hearing hereinabove identified, during normal business hours.
All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the Executive Director prior to the date of the hearing set forth above.
Dated:    July 18, 2013
BY ORDER OF THE MEMBERS OF THE MINNESOTA AGRICULTURAL AND ECONOMIC DEVELOPMENT BOARD
/s/  Robin Sternberg
Executive Director
(Published in The Waconia Patriot July 18, 2013)

up arrow