Notice is hereby given that the City Council of the City of Rushford, Minnesota (the “City”), will meet at the City Hall, 101 North Mill Street in the City, at 6:30 p.m. on Monday, July 8, 2024, to consider the proposal of Winona Health Services, a Minnesota nonprofit corporation (the “Borrower”), that the City assist in financing a project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 through 469.165, as amended (the “Act”), through the issuance of revenue bonds or other obligations, in one or more series (the “Note”).
The Borrower has proposed that it will use the proceeds of the Note to (i) refund the City’s Health Care Facilities Refunding Revenue Note (Winona Health Obligated Group) Series 2021 (the “Series 2021 Note”), the proceeds of which were used to (a) refinance and redeem all of the City of Winona’s (the “Host City”) outstanding Health Care Facilities Refunding Revenue Bonds (Winona Health Obligated Group), Series 2012 (the “Series 2012 Bonds”), which were issued to refinance a portion of the costs of the renovation, remodeling, improvement, and equipping of the Borrower’s health care facilities located at 855 Mankato Avenue in the Host City (the “Hospital Facilities”) and the acquisition of land, demolition of existing buildings, and site improvements relating to the construction of a parking ramp located at 902, 906, 908, 912, 914, 918, 920 and 924 Parks Avenue in the Host City (the “Parking Facilities”); and (b) refund the City’s Health Care Facilities Refunding Revenue Note (Winona Health Obligated Group), Series 2017 (the “Series 2017 Note” and, together with the Series 2012 Bonds, the “Refunded Obligations”), which was issued to refinance a portion of the costs of the renovation, remodeling, improvement, and equipping of the Hospital Facilities and certain facilities of Winona Senior Services, Inc., a Minnesota nonprofit corporation (the “Corporation”) (the “Senior Facilities” and, together with the Hospital Facilities and the Parking Facilities, the “Facilities”), and the acquisition of land, demolition of existing buildings, and site improvements relating to the construction of the Parking Facilities; (ii) fund all or a portion of any required reserve funds; and (iii) pay all or a portion of certain costs associated with the issuance of the Bonds (collectively, the “Project”). The Borrower or the Corporation will own and operate the Facilities.
The aggregate estimated principal amount of the Note to refinance the Facilities and related costs will be an amount not to exceed $15,000,000.
The Note, as and when issued, will not constitute a charge, lien, or encumbrance upon any property of the Host City or the City, except for revenues derived from the Facilities. Such Bonds will not be a charge against the general credit or taxing powers of the Host City or the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement.
At the time and place fixed for the public hearing, the City Council of the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted to the office of the City Clerk-Treasurer on or before the date of the hearing.
Dated: June 24, 2024
BY ORDER OF THE CITY COUNCIL OF THE CITY OF RUSHFORD, MINNESOTA
By Katherine Zacher
Its City Clerk-Treasurer
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