NOTICE OF PUBLIC HEARING
ON A PROPOSED PROJECT AND THE ISSUANCE OF PRIVATE ACTIVITY BONDS
DAKOTA COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the Board of Commissioners of Dakota County, Minnesota (the “County”) will meet at the Administration Center (Boardroom, Third Floor), 1590 Highway 55, Hastings, Minnesota, on Tuesday, March 26, 2024, at 9:00 a.m., or as soon thereafter as reasonably possible to conduct a public hearing.
The purpose of the public hearing is to consider the proposal of St. Francis Health Services of Morris, Inc. (“SFHS”) and Farmington Health Services, a wholly-owned subsidiary of SFHS (“FHS”), both of which are Minnesota nonprofit corporations and organizations described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that the City of Morris, Minnesota (the “Issuer”) issue its health care facilities revenue obligations, in one or more series, under Minnesota Statutes, Sections 469.152 through 469.1655 (the “Bonds”), and loan the proceeds of the revenue obligations to FHS (the “Borrower”) in order to finance, on a tax-exempt basis, the cost of a project described as follows (the “Project”): the construction, demolition, reconstruction, improving, renovating, furnishing and equipping of the health care facilities located at 905 Elm Street in Farmington, Minnesota, including the demolition of two original wings, reconstruction of 20 private rooms, reconstruction of the connecting walkway to the memory care building, and associated HVAC infrastructure improvements.
The Project is and will be owned by and operated by SFHS or FHS. The estimated total amount of the proposed revenue obligations will not exceed $11,000,000. A portion of the proceeds of the Bonds will be used to fund a debt service reserve fund, pay capitalized interest and costs of issuance of the Bonds.
The obligations and the interest thereon shall be limited obligations of the Issuer and shall not be payable from nor charged upon any funds other than the revenue pledged to their payment, nor shall the Issuer or the County be subject to any liability on them. No holder of the obligations shall ever have the right to compel any exercise of the taxing power of the Issuer or the County to pay the obligations or the interest thereon, nor to enforce payment of them against any property of the Issuer or the County except those projects, or portions thereof, mortgaged or otherwise encumbered.
All persons interested may appear and be heard at the time and place set forth above or may submit written comments to the County Manager in advance of the hearing.
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