NOTICE OF PUBLIC HEARING
NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF ST. PAUL PARK WITH RESPECT TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CITY TO FINANCE THE ACQUISITION BY REGINA SENIOR LIVING OF CERTAIN HEALTHCARE FACILITIES
NOTICE IS HEREBY GIVEN that the City Council of the City of St. Paul Park, Minnesota (the "City"), will hold a public hearing on Monday, December 2, 2013, at or after 7:00 p.m. at City Hall, located at 600 Portland Avenue in the City, to consider a proposal that the City approve the issuance of revenue obligations (the "Bonds") by the City in one or more series, under Minnesota Statutes, Sections 469.152 through 469.1655, as amended, for the benefit of Regina Senior Living, a Minnesota nonprofit corporation (the "Borrower"), the sole member of which is Benedictine Health System, a Minnesota nonprofit corporation. The proceeds of the Bonds, along with equity of the Borrower, will be used to (i) finance the acquisition of a 61-bed skilled nursing facility and a 127-unit assisted living and memory care facility located at 1175 Nininger Road, Hastings, Minnesota (the "Project"); (ii) fund one or more reserve funds; and (iii) pay the costs of issuance of the Bonds and other costs related to the Project. The Bonds are anticipated to be issued in the aggregate principal amount not to exceed $5,000,000. The Project will be operated by the Borrower.
Following the public hearing, the City Council will consider the approval of the Project and the issuance of the Bonds by the City for the benefit of the Borrower. The Bonds will be special, limited obligations of the Issuer, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bonds will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City. The Bonds are to be payable solely from revenues and security provided by the Borrower to the City and pledged to the payment of the Bonds. Before issuing the Bonds, the City will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due.
Draft copies of the application to the Minnesota Department of Employment and Economic Development for approval of the Project are on file with the City and are available for public inspection in the office of the City Administrator during regular business hours.
Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so.
Dated: November 13, 2013
BY ORDER OF THE CITY COUNCIL OF THE CITY OF ST. PAUL PARK, MINNESOTA
/s/ Sharon Ornquist