|
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />REFUNDING REVENUE BONDS (AMERICAN LUTHERAN
<br />HOMES, INC. PROJECT) UNDER CHAPTER 40-57 N.D.c.C.
<br />AND AUTHORIZING THE PREP ARA TION OF NECESSARY
<br />DOCUMENTS THEREFOR
<br />
<br />WHEREAS, Cass County, North Dakota (the "County") has, at the request ofthe Board of
<br />Directors of American Lutheran Homes, Inc. (the "Company"), previously issued the following
<br />bonds (the "Outstanding Bonds") to finance certain real property and improvements operated by the
<br />Company:
<br />
<br />1. Nursing Facility Revenue Bonds (American Lutheran Homes, Inc. Project) Series
<br />1 996A, dated July 12, 1996, in the original principal amount of$l ,650,000, bearing interest
<br />at the initial rate of 6.60%, subject to adjustment on July 1,2005,2010,2015, and 2020 and
<br />having a final maturity of July 1, 2021;
<br />
<br />2. Nursing Facility Refunding Revenue Bonds (American Lutheran Homes, Inc. Project)
<br />Series 1998, dated February 2, 1998, in the original principal amount of$1 ,873,000, bearing
<br />interest at the rate of 5.40%, and having a final maturity of July 1,2005;
<br />
<br />3. Health Care Facilities Revenue Bonds (American Lutheran Homes, Inc. Towers II
<br />Project) Series 1998, dated July 7, 1998, in the original principal amount of $2,000,000,
<br />bearing interest at the initial rate of 5.40%, subject to adjustment on July 1,2005,2010, and
<br />2015 and having a final maturity of October 1, 2018; and
<br />
<br />4. Congregate Housing Revenue Bonds (American Lutheran Homes, Inc. Kinder
<br />Apartments Project) Series 2001, dated October 1,2001, in the original principal amount of
<br />$1,500,000, bearing interest at the initial rate of5.40%, subject to adjustment on October 1,
<br />2007,2012,2017, and 2022 and having a final maturity of October 1,2027; and
<br />
<br />WHEREAS, the County has received an Application from American Lutheran Homes, Inc.,
<br />a North Dakota nonprofit corporation (the "Company") to issue revenue bonds to refund the
<br />Outstanding Bonds; and
<br />
<br />WHEREAS, the Company expects to achieve substantial interest cost savings as a result of
<br />refunding the Outstanding Bonds, which savings will directly benefit the residents of its facilities;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners ofCass
<br />County, North Dakota, as follows:
<br />
<br />Section 1.
<br />
<br />Policy and Purpose.
<br />
<br />1.01. For the purpose of promoting, attracting, encouraging, and developing an
<br />economically sound commerce, preserving and developing a tax base adequate to finance necessary
<br />
|