10/3 Bethesda

The City of Blaine will hold a public hearing on October 3, 2013, at 8:00 p.m. at the Council Chambers in City Hall located at 10801 Town Square Drive NE, Blaine, Minnesota 55449.
The public hearing will be to consider the issuance by the Wisconsin Health and Educational Facilities Authority (the Authority) of its revenue bonds, in one or more series, in an aggregate principal amount not to exceed $10,000,000 (the Bonds) on behalf of Bethesda Lutheran Communities, Inc., a Wisconsin nonstock nonprofit corporation (the Borrower). The interest on the Bonds is expected to be excludable from gross income for federal income tax purposes pursuant to Sections 103 and 145 of the Internal Revenue Code of 1986, as amended (the Code). The proceeds of the Bonds will be loaned by the Authority to the Borrower, a portion of which, in a principal amount not to exceed $600,000, may be used for the following purposes: (a) to pay, reimburse the Borrower or refinance an interim loan for costs associated with the acquisition, renovation, remodeling and equipping of a group home for individuals with intellectual and developmental disabilities located in Blaine, Minnesota; and (b) to pay certain expenses incurred in connection with the issuance of the Bonds.
The City of Blaine facility to be financed with the proceeds of the Bonds is owned and operated by the Borrower and is located at 8904 7th Street NE, Blaine, Minnesota.
This public hearing does not impose any liability on the City or the State of Minnesota or in any way involve the City or the State of Minnesota in the issuance of the Bonds or the acquisition, remodeling and equipping of the facilities, but is an accommodation by the City to satisfy the requirements of Section 147(f) of the Code, for the issuance of the Bonds by the Authority.
At the public hearing, all persons will be afforded a reasonable opportunity to express their views on the proposed issuance of the Bonds and the location and nature of the facilities to be financed with the proceeds of the Bonds. At or prior to the public hearing written comments may be submitted to the City Clerk of the City at 10801 Town Square Drive NE Blaine, Minnesota 55449.
Published in the
Blaine/Spring Lake Park Life
September 13, 2013

Comments Closed