HomeMy WebLinkAbout20070806 - VII-3/VIII-C-1
VII-3
VIII-C-l
MEMO
TO:
FROM:
RE:
DATE:
Honorable Mayor and City Council members
Charlene A. Stark, Finance Director
Resolution for host approval for the issuance of revenue bonds-Regina
Medical Center and set Public Hearing Date of August 6th.
July 11, 2007
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On July 16th the City Council authorized a public hearing for the Regina Medical for the issuance
of revenue bonds by the City of Vermillion for the addition to the Regina Medical Center being
planned for later this year. Since the Regina Medical Center is located in the City limits of
Hastings the City is required by the IRS to hold a Public Hearing and give host approval for the
debt issuance. The City of Vermillion will be the entity that will be offering bank qualified
financing to Regina as the City of Hastings will not have the capacity in 2007.
Council Action Reauested:
Approval for the issuance of revenue bonds by the City of Vermillion for the Regina Medical
Center.
City of Hastings
Resolution 08- -07
RESOLUTION GIVING HOST APPROVAL
TO THE ISSUANCE OF A
REVENUE NOTE
(REGINA MEDICAL CENTER PROJECT)
WHEREAS, Regina Medical Center (the "Company"), desires to remodel and expand its existing
hospital facilities, including but not limited to the remodeling of 10 patient rooms, construction of new
laboratory facilities and remodeling of emergency services at its existing hospital facilities located in the
City of Hastings, Minnesota. (the "Project"); and
WHEREAS, the Company has proposed that the City of V c;lrmillion, Minnesota, issue its revenue
note in the approximate principal amount of $6,500,000 (the "Note") to finance the Project; and
WHEREAS, Section 147(t) ofthe Internal Revenue Code of 1986, as amended, requires that a
governmental unit in which facilities to be fmanced by the Note are located must approve the issuance of
the Note following a public hearing; and
WHEREAS, a public hearing on this matter was held by the City of Hastings, Minnesota
("Hastings") this same date; and
WHEREAS, the Note is payable solely from revenues of the Company, will 110t be a general or
moral obligation of Hastings, the City of Vermillion, or any other political subdivision of the State of
Minnesota, but will be payable solely from revenues ofthe Company, to the extent and in the manner
provided in the documents executed in connection with the issuance of the Note; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of Hastings, Minnesota, that
Hastings hereby gives the host approval required under the Internal Revenue Code to the issuance of the
Note.
Adopted by the City Council of Hastings, Minnesota, this 6th day of August, 2007.
Ayes:
Nays:
Absent:
Mayor
Attest:
City Clerk
2047214vl
STATE OF MINNESOTA
CITY OF HASTINGS
COUNTIES OF DAKOTA AND WASHINGTON
I, Ute undersigned, being the duly qualified and acting Clerk ofthe City of Hastings, Minnesota,
DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the
original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes
of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as
such minutes relate to a resolution giving host approval to the issuance of a revenue note (Regina Medical
Center Project).
WITNESS my hand this _ day of
,2007.
City Clerk
2047214vl
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