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NOTICE OF A PUBLIC
HEARING WITH RESPECT TO THE PROPOSED ISSUANCE UNDER MINNESOTA
STATUTES, SECTIONS 469.152—469.165, AS AMENDED, OF REVENUE REFUNDING
BONDS FOR THE BENEFIT OF NORTH MEMORIAL HEALTH CARE
NOTICE IS
HEREBY GIVEN that the City Council of the City of Robbinsdale,
Minnesota (the “City”) will hold a public hearing on Tuesday, May 6,
2008, on or after 7:00 p.m. in the City Council Chambers at City
Hall, 4100 Lakeview Avenue North, Robbinsdale, Minnesota, to
consider a proposal for the issuance of revenue obligations of the
City (the “Series 2008 Bonds”) in the maximum aggregate face amount
of $155,000,000, to be issued under Minnesota Statutes, Sections
469.152-469.165, as amended (the “Act”), on behalf of North Memorial
Health Care, a Minnesota nonprofit corporation (“North Memorial”),
to refund the outstanding principal amount of the Health Care
Facilities Revenue Bonds (North Memorial Health Care), Series 2003
(Auction Rate Securities) (the “Series 2003 Bonds”), issued by the
City on May 15, 2003, in the original aggregate principal amount of
$183,725,000. The proceeds derived from the sale of the Series 2003
Bonds were loaned to North Memorial and applied by North Memorial
to: (i) the acquisition, construction, renovation, equipping, and
improvement of the acute care hospital facility of North Memorial
located at 3300 Oakdale Avenue North in the City; (ii) the
acquisition, construction, renovation, equipping, and improvement of
outpatient care facilities of North Memorial located at 3435 West
Broadway Avenue North in the City; and (iii) the redemption and
prepayment of certain outstanding indebtedness of North Memorial.
The proceeds derived from the sale of the
Series 2008 Bonds will be loaned to North Memorial and applied by
North Memorial to the redemption and prepayment of the Series 2003
Bonds. The facilities financed and refinanced with the proceeds of
the Series 2003 Bonds and the facilities to be refinanced with the
proceeds of the Series 2008 Bonds are owned and operated by North
Memorial.
At the public hearing, the City Council will
consider adoption of a resolution approving the financing plan and
giving approval to the issuance of the Series 2008 Bonds. The
Series 2008 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, and will not
constitute general or moral obligations of the City and will not be
secured by any taxing powers of the City or any assets or property
of the City.
By: Tom Marshall, City
Clerk
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