City of Plato - Notice
City of Plato
CITY OF PLATO
NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF
REVENUE BONDS UNDER MINNESOTA STATUTES, SECTIONS 469.152
THROUGH 469.1655, AS AMENDED, FOR THE BENEFIT
OF GLENCOE REGIONAL HEALTH SERVICES
NOTICE IS HEREBY GIVEN that the City Council of the City of Plato, Minnesota (the “City”), will hold a public hearing on Monday, March 13, 2017, at or after 7 p.m. at the Plato Fire Hall, 112 Second Avenue NE in the City, on a proposal that the City Council approve and authorize the issuance by the City of its revenue bonds, in one or more series (the “Bonds”), under Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”), for the benefit of Glencoe Regional Health Services, a Minnesota nonprofit corporation (the “Borrower”). The proceeds of the Bonds, along with other available funds of the Borrower, will be used to (i) finance the remodeling of the existing long-term care facility located at 1805 Hennepin Avenue North, Glencoe, Minnesota 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.
Following the public hearing, the City Council will consider adoption of a resolution approving the issuance of t he Bonds. The aggregate fact amount of the Bonds proposed to be issued to finance the Project is presently estimated not to exceed $11,000,000. The Bonds will be issued by the City and will constitute special, limited obligations of the City payable solely from the revenues expressly pledged to the payment thereof, will not constitute a general or moral obligation of the City, and will not be secured by the taxing power of the City or any assets or property of the City except interests in the Project that may be granted to the City in conjunction with the financing.
A draft copy of the Minnesota Department of Employment and Economic Development for approval of the Project is on file with the City and is available for public inspection in the office of the City Clerk/Treasurer during regular business hours.
Anyone desiring to be heard during this public hearing will be afforded an opportunity to do so.
Dated: February 22, 2017
BY ORDER OF THE CITY COUNCIL OF THE CITY OF PLATO, MINNESOTA
/s/ Gerri Scott
City of Plato, Minnesota
(Published in The McLeod County Chronicle February 22, 2017)