City of Rockford
NOTICE OF PUBLIC
HEARING ON A PROPOSAL FOR THE ISSUANCE OF A SENIOR HOUSING REVENUE REFUNDING NOTE
(PHS/CHANHASSEN, INC. PROJECT)
Notice is hereby given that a public hearing shall be conducted by the City Council of the City of Rockford, Minnesota (the City), in City Council chambers at the Rockford City Hall, 6031 Main Street, in the City, at 7:05 p.m. on Tuesday, October 8, 2013, to consider the proposal of PHS/Chanhassen, Inc., a Minnesota nonprofit corporation (the Borrower), that the City issue its revenue obligations to finance the Project, hereinafter described, pursuant to Minnesota Statutes, Chapter 462C and to a joint powers agreement with the City of Chanhassen, Minnesota (Chanhassen) and a housing finance program (the Housing Program) for the Project.
The Project consists of refunding a portion of the outstanding principal amount of $7,710,000 Senior Housing Revenue Bonds (PHM/Chanhassen, Inc. Project), Series 2003A and $16,425,000 Senior Housing Revenue Bonds (PHM/Chanhassen, Inc. Project), Series 2003B (together, the Bonds) issued by the City of Victoria, Minnesota to finance the acquisition, construction and equipping of a 161-unit senior housing and assisted living development known as SummerWood of Chanhassen, located at 545 Lake Drive in Chanhassen. The Project is owned and operated by PHS/Chanhassen, Inc. (the Company).
The maximum aggregate estimated principal amount of notes or other obligations to be issued by the City is $7,000,000.
The obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, except the Project and the revenues to be derived from the Project. Such notes or obligations will not be a charge against the Citys general credit or taxing powers but are payable from sums to be paid by the Borrower pursuant to a revenue agreement.
Further information concerning the Project and the Housing Program may be obtained from the City Administrator during normal business hours.
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 and the Housing Program. Written comments will be considered if submitted at the above City office on or before the date of the hearing.
BY ORDER OF THE CITY COUNCIL OF THE CITY OF ROCKFORD, MINNESOTA
By Nancy Carswell
Its City Administrator-Clerk-
City of Rockford