Notice is hereby given that the City Council of the City of Becker, Minnesota (the “City”) will meet on Tuesday, December 2, 2014 at 5:00 p.m. in the City Council Chambers in the City Hall, located at 12060 Sherburne Avenue, Becker, Minnesota, for the purpose of conducting a public hearing on a proposal by Shepherd of Grace, LLC (the “Company”) that the City issue its revenue refunding bonds in the aggregate amount of up to $8,500,000 (the “Bonds”), to refinance a senior housing development owned by the Company, pursuant to Minnesota Statutes, Chapter 462C.  The senior housing development consists of 69 apartment units, containing 33 independent living units, 18 assisted living units and 18 memory care units.  The senior housing development is located at 11175 27th Avenue Southeast in the City of Becker.  The City issued its $8,520,000 revenue bonds in 2006 (the “2006 Bonds”) to provide financing for the original construction and equipping of the senior housing development.  The proceeds of the Bonds will be used to refund the 2006 Bonds.

 

The Bonds and interest thereon shall not be payable from nor charged against any funds of the City other than revenue pledged for the payment thereof, nor shall the City 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 City to pay the obligations or the interest thereon, nor to enforce payment against any property of the City.  Such obligations shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, nor shall the same constitute a debt of the City 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 in advance of the hearing.  

 

(Published in the Sherburne County Citizen: 11/15/14.)