Resolution 3049 - Approving Long-Term Care Facility ProjectCouncil Member John Schwartz introduced the following resolution and moved its adoption:
RESOLUTION NO. 3049
RESOLUTION APPROVING AND AUTHORIZING LONG-TERM
CARE FACILITY PROJECT UNDER TITLE 11, CHAPTER
41, R.C.M. 1947, AS AMENDED AND REVENUE BONDS
TO FINANCE TEE COSTS THEREOF: ATM AUTHORIZING
EMOUTION OF AGREEMENT RELATING THERETO
BE IT RESOLVED by the City Council of Kalispellv Montana, as follows:
Section 1. R661ials 'and FinLjiM (the Corporation).
1.0. Immanuel Lutheran Rome, a Montana non-profit corporation presently owns and
operates a -bed long-term care facility (the Facility) within the City. The
Corporation has developed plans for and proposes to undertake the construction of a
55 -bed - addition (the Addition) to the facility to better serve the nursing home needs
of --- City and surrounding aaea. In order to finance the cost of construction, the
Corporation and D, A, Davidson & Co., of Great Falls, Montana (the Underwriter), ha:ve
submitted a proposal to this Council whereby the City would issue its revenue bonds
in the principal amount of $1,200,000 (the Bonds) pursuant to Title 11, Chapter 41,
Revised Codes of Montana 1947, as amended (the Act), for -the purpose of acquiring the
Facility, defraying a portion of the costs of constructing and equipping the Addition
and paying other incidental. costs and exTenses (hereinafter the Facility, Addition and
related personal property are collectively referred to as the Project.),,.
1.02 An required by the Act, this Council duly called by resolution adopted -
April 5, 1976, a public hearing on the Project and Bonds, which hearing was held on
May 3, 1976, and all interested persons were afforded an opportunity to be heard.
1.03 It is hereby found, determined and declared that the acquisition, construction
and equipping of the Project by the Cit6, the issuance and sale of the Bonds to defray
the cost thereof and the leasing of the Project to the Corporation is in the public
interest of the City and is hereby authorized and approved.
Section 2. Authorization of Action.
2.01 The letter of agreement by and among the Underwriter, the City and the
Corpora -Lion, dated March 20, 1976, setting forth the terms and conditions upon which
the City shall issue and sell the Bonds and acquire, lease and mortgage the Project
and upon which the Underwriter shall purchase the Bonds and the Corporation shall lease
the Project and guaranty the Bonds is hereby approved and the Mayor and City Clerk axe
authorized and directed to exeoute.the same on behalf of the City.
2.02 Dorsey, Windhorst, Hannaford, Whitney & Halladay, bond counsel for the City,
in cooperation with the City Attoxney, Underwriter and Corporation, axe authorized to
prepare forms of the lease between the City and the Corporation; the mortgage and
indenture of trust between the City and a state or national bank, designated by the
Underwriter and acceptable to the City and Corporation, as Trustee; the bond guaranty
agreement between the Corporation and the Trustee; and such other documents and instr--
uments,as may be necessary or desirable to effect the transaction described in the
letter agreement, �omj4, approved.
The mo-
Member La
M
in favo thi
B 1
T. OIB e;
110
Ilo
he w1i
t.1 /
3
d passed
� � I
a for %he adopt1;nnoj1,.the regoing resolution was duly seconded by
d f�
G. ZG 6im e -b ing taken thereon,,the following Members voted
lverit A. Sliter; Francis
John Schwartz; L
of. COMM ams
b 'G Ol 0 , rau!xenWQ Granmo; Forrest W. Daley; Robert G. Allen; and
70"Ted t /the - s NONE; whereupon the resolution was declared
s
d adopted ��ae�i�gne4
,7Fw, igned by the Mayor and attested by the City Clerk.
P.-ADGMY,Y BY TIM CITY COUNCIL THIS 3RP,,])Ay,,I OF MAY, 1976.�
9�
;Irr9je/ beardOie I el City Clerk
1, the undersigned, City Clerk of the City of.,galispe,
a true copy of the Resolution duly passed b �Ie City
Montana at axegular meeting held ay,T 1976
C4 that the foregoing is
0 the City of Kalispell