City of Glencoe-Public Hearing

City of Glencoe

CITY OF GLENCOE,
MINNESOTA
NOTICE OF PUBLIC HEARING TO BE CONDUCTED
BY THE CITY OF GLENCOE WITH RESPECT TO
THE ISSUANCE OF REVENUE OBLIGATIONS BY
THE CITY OF PLATO
NOTICE IS HEREBY GIVEN that the City Council of the City of Glencoe, Minnesota (the “City”), will hold a public hearing on Monday, March 20, 2017, at or after 7:00 p.m. at City Hall, 1107 Eleventh Street East in the City, to consider a proposal that the City grant host city approval to the issuance of one or more series of revenue obligations (the “Bonds”), in the approximate aggregate principal amount of $11,000,000, by the City of Plato, Minnesota (the “City of Plato”) under Minnesota Statutes, Sections 469.152 through 460.1655, as amended (the “Act”), and Minnesota Statutes, Section 471.656 as amended , for the benefit of Glencoe Regional Health Services, a Minnesota nonprofit corporation (the “Borrower”). The Borrower intends to apply the proceeds of the Bonds to (i) finance the remodeling of the existing long-term care facility located at 1805 Hennepin Avenue North in the City and the acquisition, construction, and equipping of an expansion to the existing long term care facility (the “Project”); (ii) fund any required reserves; (iii) finance capitalized interest during the construction of the Project, if necessary; and (iv) pay costs of issuance of the Bonds. The Borrower will own and operate the Project.
The Bonds will be special, limited obligations of the City of Plato, 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, not 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 of Plato and pledged to the payment of the Bonds.
At the time and place fixed for the public hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may direct any questions or file written comments respecting the proposal with the City Administrator, at or prior to said public hearing.
Dated: March 1, 2017
                BY ORDER OF THE CITY COUNCIL OF THE CITY OF GLENCOE, MINNESOTA
                    /s/ Mark Larson
                    City Administrator
                City of Glencoe, Minnesota
(Published in The McLeod County Chronicle March 1, 2017)