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Public Hearing: Issuance of Private Activity Bonds

Tuesday, March 11, 2014 - 6:00pm

Public Hearing

Publish March 12, 2014

NOTICE OF PUBLIC HEARING

ON PROPOSED PROJECT

AND THE ISSUANCE OF

PRIVATE ACTIVITY BONDS

DOUGLAS COUNTY, MINNESOTA

Notice is hereby given that the Board of Commissioners of Douglas County, Minnesota (the "County") will meet on Tuesday, April 1, 2014, at 9:15 a.m., or as soon thereafter as reasonably possible in the Courthouse, 305 Eighth Avenue West, Alexandria, Minnesota, for the purpose of conducting a public hearing to take comments on giving host approval to the issuance by the City of Browerville, Minnesota, the City of Fairfax, Minnesota, the City of Browns Valley, Minnesota and the City of Morris, Minnesota (together, the "Issuers"), of revenue obligations, in one or more series, under Minnesota Statutes, Sections 469.152 through 469.165, in order to refinance, on a tax-exempt basis, the cost of a project as follows (the "Project"): (a) capital improvements to a 4-bed facility for the mentally ill located at 2308 Springdale, Alexandria, MN; (b) acquisition of a 4-bed facility for community alternatives for disabled individuals, mentally ill located at 1703 Oak Knoll Drive NE, Alexandria, MN; (c) capital improvements to a 4-bed facility for the developmentally disabled and a 1-bed facility for rent/services-developmentally disabled located at 3083 Lake Victoria SE, Alexandria, MN; (d) capital improvements to a 4-bed facility for the mentally ill (medical focus/traumatic brain injury) and a 1-bed facility for respite located at 1302 West Latoka Drive SW, Alexandria, MN; and (e) capital improvements to a 4-bed facility for the mentally ill located at 206 Darling Place, Alexandria, MN.

The Project will be owned and operated by St. Francis Health Services of Morris, Inc. (the "Borrower") or its affiliate, Prairie Community Services, a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The refinancing of the Project will be combined with refinancing other capital projects of the Borrower and financing a portion of the costs associated with the refinancing, in the maximum aggregate amount of $20,000,000 to be issued by the Issuers for all projects. The obligations and interest thereon shall not be payable from nor charged against any funds of the County or the Issuers (together, the "Municipalities") other than revenue pledged for the payment thereof, nor shall the Municipalities be subject to any liability thereon. No holders of the obligations shall ever have the right to compel any exercise of the taxing power of the Municipalities to pay the obligations or the interest thereon, nor to enforce payment against any property of the Municipalities. Such obligations shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Municipalities, nor shall the same constitute a debt of the Municipalities within the meaning of any constitutional or statutory limitations.

All persons interested may appear and be heard at the time and place set forth above or may submit written comments to the County Coordinator in advance of the hearing.

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