Resolution 3760 - Preliminary Approval - Immanuel Lutheran Home-I
KESOLU-1' I O� I NO . 3 7 E G
RESOLUTION GIVIr1G PRELIT-iINARY AP I PPOVAL TO A
PROPOSED PROJECT FOP 11-:!-�ANUEL L�JJIHEPAN HONE AZND
GIVINIG PRE�LITTINAPY APP7OVAL TO ThE ISSUANCE OF
FIRST I."OPTGAGE- HOUSING REVEN'UE Bb,NDS THEREFOR
UNDER TITLE 90, CHAPTEE1,1 5, PAPT :!I, MONTANA CODE
ANNOTATED
BE IT RESO:,VED by the City Counc 11 of Kali -spell,
Montana (the City), as foliows:
Section 1. Recitals.
1.01. The City is authorized by!Title 90,
Chanter 5, Part 1, Montana
Code Annotated:(the Act), to
issue and sell its revenue bonds to provide funds to he
loaned to persons for the purpose of finanicing costs of
acquiring, constructing, equipping and imp�roving real and
personal properties suitable for use for 'Multifamily
housing projects. Such bonds are to be s I cured by such
security devices as may be deemed advanta�eous by the City
1.02. A Proposal has been preseLted to this
Councl,l on behalf of Immanuel Lutheran Home, a Montana
non-profit corporation organized and exis�ing under the
laws of the State of Montana (the Borrowet'), that the
City, acting pursuant to and in accordancL� with the Act,
authorize the issuance of revenue bonds (t!he Bonds) of the
City.in the maximum aggregate principal a�lnount of
$8,000,000, the proceeds of which will belloaned to the
'Borrower for th6 purpose of: (i)-p-aying Costs of
acquiring, construtting and equipping a P�oject (the
Project) consisting of acres of land, a 100 unit
retirement housing complex with congregato dining and
incidental facilities and furnishings andiequipment
therefor, (ii) establishing appropriate rplserves for the
Bonds and (iii) paying costs and expenseslincidental to
the financing. The Project financed withithe Bonds will
be located at Buffalo Hill behind 'the ImmLnuel Lutheran
Nursing Home in the City of Kalispell. The Project will
be owned by the Borrower.
1,03. Under the provisions of the Act, the Bonds
shal-1 be limited obligations of the City �ayable solely
from the revenues of the Project, includi�g loan
repayments from the Borrower, and shall n6,t constitute nor
give rise to a pecuniary liability of theiCity �r a charge
against it--s ceneral credit or taxing power's.
1.04. Pursuant to Resol u tion Nol . 3732 notice of
a public hearing On the Project and the i I ssuance of the
Bonds. has, as directed by the City Council, been given in
Compliance witil the Act, and a public hearing has been
held on the Proposed Project and the propib
.sed issuance of
i
the Bonds at the time and place specifiedlin said notice
and aLl objections or oth-er comments relaiting to the
Project' or the issuance of the Bonds haveilbeen heard.
Section 2. Findings. It is hereby found,
determined and declared that:
(a) The City has considered the Projict and has
concluded the the benefits to beiderived
therefrom by the City and its inna0itants will be
substantial. I
I
(b) The Project comprises real and pqrsonal property
which shall be suitable for use in connection
with a 100 unit rault-ifamily housing facility as
contemplated hy the Act.
(c)
It is in the public interest thai the City
Proceed with the issuance of the'Bonds pursuant
to the Act in an amount not to ey��_ceed an
aggregate principal amount of $8'000,000 to
defray the cost of financing the';
!acquisition and
Cruction and equippinq of: the Prn�prF.
the const
Section 3. Prelimin.'�)ry Approyni. The City
hereby g4ves preliminary approval to
L the P.-oiect an, -'I to
the issuance and sale of the Bonds pursuant to the Act, in
_�..n aggregate principal amount. not to exceed $8,000,000,
and authori--n-s the appropriate officers of the Cit-y to
participate in'the-preparation of such documents as may be
necessary or desirable to ac.complish such transactions.
The Bonds shall be limited ohligations of the City payable
solely from and secured by the payments to he made by the
Borrower under the Loan Agreement and proceeds and
revenues of the Project, and will not constitute or give
rise to a pecuniary liability of the City o� a charge
against its general credit or tai:ing powers.
Section 4. No Oblig.ation. This Resolution is
preliminary only and the issuance of thy Bonds Lzid',
consurr.miation of the transactio-n Antc-,raplatcd here�� shall
be s�ihject to the adoption of a definitive resolution by
the City as required by the Act. The City shall be under
no obligation to issue the Bonds until the adoption of
such resolution by the City.
Section 5. �_Clstq. The -Borrower has agreed and
it is hereby determined that -any and all direct and
indirect costs incurred by the City in connection with the
Project and the issuance of the Bonds, whether or not the
Project is carried to Completion and whether or not the
City by resolution authorizes the issuance of the Bonds,
will be paid by the Borrower upon request.
N�
PASSED AND APPROVED
KALISPELL, NONTANA this 19th
ATTEST:
City Clerk
BY THE CITY COUNCIL OF
day of August, 1937.
2a
May r
I
I, the undersigned,% City Cleec of the City of Xali3pells certify that
foregoing is a true COPY Of the Resolution passed by the city Co-oneil of
City of INalispell, Montana at a regular meeting held
the
the
city Clerk Olt' the City of Nalispeil
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