CCR2009190-Bonds
RESOLUTION NO. 190-2009
RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE
COLORADO HEALTH FACILITIES AUTHORITY ON BEHALF OF
AMERICAN BAPTIST HOMES OF THE MIDWEST; AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Muskego, Wisconsin (the “City”) is a duly organized and validly
existing municipal corporation under the laws and Constitution of the State of Wisconsin; and
WHEREAS, American Baptist Homes of the Midwest (“American Baptist Homes”), a
Minnesota nonprofit corporation, owns and operates a long-term healthcare facility within the
boundaries of the City called the Tudor Oaks Retirement Community (“Tudor Oaks”); and
WHEREAS, on November 19, 2009, notice of a public hearing by the Common Council
of the City was published in the Muskego Now, said hearing concerning the issuance by the
Colorado Health Facilities Authority of its Health Care Facilities Revenue Bonds (American
Baptist Homes of the Midwest Obligated Group), Series 2009A and Series 2009B (together, the
“Bonds”) on behalf of American Baptist Homes in a multi-state offering authorized by Colorado
state law; and
WHEREAS, under this plan of finance, proceeds of the Bonds in an approximate
aggregate total amount of $28,250,000 will be used to (i) to design, construct, furnish and equip
approximately 74 independent living apartments, 15 assisted living apartments, 16 assisted living
units for the mentally impaired, and renovations of all common areas at the Tudor Oaks
Retirement Community located at S77W12929 McShane Dr., Muskego, WI 53150, owned and
operated by American Baptist Homes, (ii) to fund a debt service reserve fund and a capitalized
interest account, and (iii) to pay certain costs of issuing the Bonds; and
WHEREAS, such multi-state offering is economically efficient and cost-saving for
American Baptist Homes, thereby reducing operating costs for American Baptist Homes and
therefore tending to reduce the necessity for increases of charges at its Muskego facility, thereby
benefiting the residents of the City; and
WHEREAS, the Bonds will be payable solely from revenues of American Baptist
Homes, and the City will have no obligation whatsoever for payment of the Bonds; and
WHEREAS, the public hearing was held by the Common Council earlier this evening,
December 8, 2009.
NOW, THEREFORE, THE COMMON COUNCIL OF THE CITY OF MUSKEGO
HEREBY RESOLVES:
Section 1. The City hereby approves the issuance of the aforesaid Bonds by the
Colorado Health Facilities Authority (the “Authority”) in the approximate principal amount of
$28,250,000 for American Baptist Homes, and further approves the Project as described in the
Notice relating to the public hearing for the Bonds, and such approval shall be solely for the
purposes of Section 147(f) of the Internal Revenue Code of 1986 and the City shall have no
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liabilities for the payment of the Bonds nor shall any of its assets be pledged to payment of the
Bonds.
Section 2. Further, it is recognized by the City that the instruments which authorize that
issuance of bonds, notes or obligations by the Authority will specifically state that no
governmental entity is obligated to pay the principal of or interest on the bonds, notes or
obligations proposed to be issued by the Authority. Nothing in this resolution shall be construed
as an indication by the City that it will pay or provide for the payment of any obligations of the
said Authority whether theretofore or hereafter incurred.
Section 3. This Resolution shall become effective immediately upon its passage.
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PASSED AND APPROVED this 8 day of December, 2009.
By
Mayor
Attest:
By
City Clerk
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