20-51 - 09-15 - Providing for Issuance of Revenue Bonds by the Colorado Health Facilities Authority for Covenant Living Communities and Services (F/K/A Covenant Retirement Communiites, Inc)DocuSign Envelope ID: 62A7331B-BA9F-4C70-BE29-1E3D8C831666
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RESOLUTION NO.20-51
PROVIDING FOR ISSUANCE OF REVENUE BONDS BY THE
COLORADO HEALTH FACILITIES AUTHORITY FOR COVENANT
LIVING COMMUNITIES AND SERVICES
(F/K/A COVENANT RETIREMENT COMMUNITIES, INC.)
AUTHORIZING THE EXECUTION OF CERTAIN
DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, Covenant Living Communities and Services (f/k/a Covenant
Retirement Communities, Inc.), an Illinois not for profit corporation (the "Corporation"),
has requested that the Colorado Health Facilities Authority ("Authority') issue one or more
series of revenue bonds under Colorado Revised Statutes, Title 25, Article 25, as
amended, and Title 11, Article 57, Part 2, as amended, in a principal amount not to exceed
$90,000,000 (the `Bonds'); and
WHEREAS, the Corporation intends to use the proceeds from the sale of the
proposed Bonds to finance projects located in the States of California, Colorado, Florida,
Illinois and Minnesota; and
WHEREAS, a portion of the Bonds, together with certain other moneys, will be
issued to: (i) refund a portion of the Colorado Health Facilities Authority Revenue and
Refunding Bonds, Series 2012A (Covenant Retirement Communities, Inc.) (the "Series
2012A Bonds"), all of which are currently outstanding; (ii) in a principal amount not
exceeding $2,000,000, pay or reimburse the Corporation and/or CV Minnesota for the
costs of constructing, renovating, remodeling and/or equipping certain facilities of the
Corporation and/or CV Minnesota located in the City; (iii) fund a debt service reserve fund,
if deemed necessary or desirable by the Authority and/or the Corporation; (iv) pay a
portion of the interest on the Bonds, if deemed necessary or desirable by the Authority
and/or the Corporation; (v) provide working capital, if deemed necessary or desirable by
the Authority and/or the Corporation; and (vi) pay certain expenses incurred in connection
with the issuance of the Bonds and the refunding of a portion of the Series 2012A Bonds
(collectively, the "Financing Purposes'); and
and WHEREAS, the aggregate face amount of the Bonds will not exceed $90,000,000;
WHEREAS, the Corporation requests that the City of Golden Valley, Minnesota
(the "City') consent to the proposed issuance of the Bonds by the Authority; and
WHEREAS, the City conducted a public hearing on September 15, 2020, in
accordance with Section 147(f) of the Internal Revenue Code of 1986, on the proposed
issuance of such portion of the Bonds that will be used to finance, reimburse and
refinance the Financing Purposes; and
BE IT FURTHER RESOLVED,:
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1. The issuance of the Bonds by the Authority in an amount not to exceed
$90,000,000, is hereby approved, for purposes of Section 147(f) of the
Internal Revenue Code of 1986.
2. The Mayor and City Clerk (each, an "Authorized Officer') of the City are
hereby authorized and directed to do all such acts and things and to execute
or accept all such documents as may be necessary to carry out and comply
with the provisions of these resolutions, and all of the acts and doings of the
Authorized Officers of the City which are in conformity with the intent and
purposes of these resolutions and within the parameters set forth herein,
whether heretofore or hereafter taken or done, shall be and are hereby
authorized, ratified, confirmed and approved.
3. The Bonds shall not be deemed to constitute a debt or liability of the Citv or
the State of Minnesota or any political subdivision thereof, or a pledge of
the faith and credit of the Citv or the State of Minnesota or any political
subdivision thereof, and neither the City, the State of Minnesota nor any
political subdivision thereof will be liable on the Bonds. The Bonds will not
be issued by the Citv. nor will the Citv have anv liability with respect to the
Bonds.
Docuftned by:
S� (�avvis
Shepard M. Harris, Mayor
ATTEST:
) 0 V �,'
Sue Virnig, Deputy C Jerk
The motion for the adoption of the foregoing resolution was seconded by Member
Fonnest and upon a vote being taken thereon, the following voted in favor thereof: and
the following voted against the same: none, whereupon said resolution was declared
duly passed and adopted, signed by the Mayor and his signature attested by the City
Clerk.