08-03-1992 - Laserfiche WebLink

Comm. Hinutes--August 3, 1992 894 14. RESOLUTION #1992-3, Revenue bonds for Villa Nazareth A public hearing was scheduled for this date and time on Cass County, North Dakota, Health Facilities Revenue Bonds, Catholic Health Corporation (Villa Nazareth Project), Series 1992. State's Attorney John Goff gave a letter to each Commissioner in response to the inquiry at the last meeting on liability on the part of Cass County Government. Hr. Goff said the property was technically transferred to Cass County Government in 1986 in connection with the original bond financing for said property. The property was then leased from Cass County Government to Riverview Place, Inc. He said the current lease agreement between Cass County Government (.as bond Issuer) and Villa Nazareth (Institution) contains certain indemnification provisions in favor of the County, and he outlined other safeguards as written in his letter. Attorney Leo Wilking, Fargo, and Tom Donaldson, Director of Finance for Riverview Place, Inc., were present to answer questions on the proposal to refinance revenue bonds for said project. Hr. Risher said Villa Nazareth is lowering their expenses by refinancing the bonds previously issued, thereby decreasing the liability on the project. He said they have a high rating from Standard and Poor's for a health care facility. Mr. Shannon had questions about the assets of both Riverview Place and Villa Nazareth and about financial statements. He said he doesn't believe he has enough information to adopt the resolution today unless some conditions are attached. Hr. Eckert asked about the name change, and Hr. Donaldson said Riverview Place was incorporated to operate as an apartment complex for retired people. They experienced a period of negative equity and with the bonding in 1986, incorporated under Villa Nazareth. He said Villa Nazareth operated as Friendship, Inc. at one time. County Auditor Michael Montplaisir said the County Commission has a policy on revenue bonds, including an application and fee schedule. MOTION, passed Mr. Shannon moved and Mr. Eckert seconded to adopt RESOLUTION #1992-3 AUTHORIZING CASS COUNTY, NORTH DAKOTA TO ISSUE ITS HEALTH FACILITIES REVENUE BONDS, CATHOLIC HEALTH CORPORATION (VILLA NAZARETH PROJECT), SERIES 1992, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $11,600,000 (PLUS ANY AMOUNTS REPRESENTING ANY ORIGINAL ISSUE DISCOUNTS), FOR THE PURPOSE OF REFUNDING CERTAIN REVENUE BONDS REFERRED TO HEREIN AND APPROVING CERTAIN DOCUMENTS AND OTHER MATTERS RELATED THERETO; said action being subject to receiving the appropriate fees charged by Cass County Government and subject to final review and determination by the State's Attorney that the County's position in terms of assets has not changed from what it is currently.