Adopt Resolution #17-03-060 Approving the Issuance of Bonds by the City of Minneapolis and the Housing and Redevelopment Authority of the City of St. Paul on Behalf of Allina Health Systems

Allina Health Systems previously issued Revenue Bonds which are proposed to be refinanced.  The City of Minneapolis, acting jointly with the City of Saint Paul, will be the issuers of the bonds which are not expected to exceed $200,000,000, the proceeds of which will be used to refinance the acquisition, construction, renovation, remodeling and equipping by Allina or its affiliates of health care facilities located in the cities of Blaine, Buffalo, Brooklyn Park, Coon Rapids, Cottage Grove, Eagan, Forest Lake, Fridley, Minneapolis, Ramsey, St. Paul and Woodbury, Minnesota.  The City of Ramsey must  still authorize the issuance since some of the facilities are physically located within the City of Ramsey.

 The City of Ramsey was requested and approved at its February 14, 2017 City Council meeting to set  a public hearing date of March 14, 2017 for this proposed bond issue. 

There is no obligation for the City to repay the bonds, nor do they impact the City's credit rating or bank qualification of other bonds.

A representative from Allina's bond counsel - Dorsey and Whitney will be present at the council meeting.

 

Staff recommends adopting Resolution #17-03-060 approving the issuance of bonds by the City of Minneapolis and the HRA of the City of St. Paul on behalf of Allina Systems.

Adopt Resolution #17-03-060 Approving the Issuance of Bonds by the City of Minneapolis and the Housing and Redevelopment Authority of the City of St. Paul, Minnesota, on Behalf of Allina Health Systems.