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TAYLORS FALLS - NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR HOST
APPROVAL OF THE ISSUANCE OF SENIOR LIVING FACILITIES
REVENUE REFUNDING NOTES
(July 20, 2017)
(COMMUNITY ASSET FOUNDATION OBLIGATED GROUP PROJECTS)
Notice is hereby given that the City Council of the City of Taylors Falls, Minnesota (the "City"), will meet in City Council chambers at the Taylors Falls City Hall, 637 First Street, in the City, at 7:00 p.m. on Monday, August 14, 2017, to consider giving host approval to the issuance by the City of Howard Lake, Minnesota (the "Issuer") of revenue obligations, in one or more series, under Minnesota Statutes, Chapter 462C (the "Act"), in order to refinance the cost of a project located in the City, pursuant to an existing housing program (the "Housing Program") under the Act and a joint powers agreement with the Issuer.
The Lodge of Taylors Falls, LLC, a Minnesota limited liability company ("Taylors Falls Lodge"), which is an affiliate of Community Asset Foundation, a Minnesota nonprofit corporation and 501(c)(3) organization (and, with all of its affiliates, the "Obligated Group"), proposes to refinance a Project, among others, including the refunding of the outstanding principal amount of the City's $2,212,500 Senior Housing Revenue Bonds (The Lodge of Taylors Falls Project) Series 2014, the proceeds of which were used to finance the acquisition, construction, and equipping of a 24-unit assisted living facility located at 1051 Mulberry Road in the City (the "Project").
The Project is and will be owned by Taylors Falls Lodge and managed by The Evangelical Lutheran Good Samaritan Society.
The total maximum aggregate estimated principal amount of notes or other obligations to be issued by the Issuer is $8,000,000.
The obligations, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City or the Issuer, except the Project and the revenues to be derived from the Project. Such notes or obligations will not be a charge against the City's or the Issuer's general credit or taxing powers but are payable from sums to be paid by the Obligated Group pursuant to a revenue agreement.
At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
BY ORDER OF THE CITY COUNCIL OF THE CITY OF TAYLORS FALLS, MINNESOTA
By: Mary Tomitz
Its City Clerk-Treasurer
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