Laserfiche WebLink
<br />RESOLUTION APPROVING THE ISSUANCE OF <br />HOUSING AND HEAL THCARE FACILITIES REVENUE BONDS <br />(BETHANY ON 42ND PROJECT) <br /> <br />BE IT RESOLVED by the County Commission of Cass County, North Dakota, as follows: <br /> <br />RECITALS: <br /> <br />1. Cass County, North Dakota (the "County") is authorized pursuant to Chapter 40-57 <br />of the North Dakota Century Code (the "Act") to issue its revenue bonds and to loan the proceeds <br />to a contracting party for the purpose of providing nursing facilities, healthcare facilities and other <br />revenue-producing facilities. <br /> <br />2. Bethany on 420d LLC, a North Dakota limited liability company (the "Company"), the <br />sole member of which is Bethany Homes, Inc., a North Dakota nonprofit corporation, has requested <br />the County to issue its Housing and Healthcare Facilities Revenue Bonds (Bethany on 420d Project) <br />Series 2008 (the "Bonds") in the amount not exceeding $25,000,000 for the purposes of (i) financing <br />the construction and equipping of senior housing facilities consisting of approximately 78 skilled <br />nursing beds, 40 assisted living units and functionally related and subordinate facilities located at <br />2955 420d Street South, Fargo, North Dakota (the "Project") and (ii) paying a portion of the costs of <br />Issuance. <br /> <br />3. The County Commission has, on April 21 ,2008, held a public hearing following duly <br />published notice thereof, at which all persons desiring to be heard were heard. <br /> <br />4. It is in the public interest, for public benefit and in furtherance of the public purposes <br />of the County that the County Commission approve the issuance of the Bonds. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Board of County Commissioners ofCass <br />County, North Dakota, as follows: <br /> <br />1. The County hereby approves the issuance and sale of its Housing and Healthcare <br />Facilities Revenue Bonds (Bethany on 420d Project) pursuant to the Act in the aggregate principal <br />amount not to exceed $25,000,000, to provide financing to the Company for the purposes of (i) <br />constructing and equipping the Project, and (ii) paying a portion of the costs of issuance. <br /> <br />2. Pursuant to a Loan Agreement, as the same may be amended and supplemented, <br />between the County and the Company (the "Loan Agreement"), the County will loan the proceeds <br />of the Bonds to the Company. The basic payments to be made by the Company under the Loan <br /> <br />-1- <br />