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RES 1980-13 HILLBROOK NURSING HOME r ;r RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT FOR HILLBROOK NURSING HOME, INC. AND AUTHORIZING THE ISSUANCE OF REVENUE BONDS THEREFOR UNDER TITLE 90, CHAPTER 5,.PART 1 OF THE MONTANA CODE, AND AUTHORIZING THE PREPARA- TION OF NECESSARY DOCUMENTS WHEREAS, the Montana Legislature has enacted Title 90, Chapter 5, Part 1 of the Montana Statutes, relating to Indust - rial Development Projects (the "Act "); and WHEREAS, Hillbrook Nursing Home, Inc., a Montana corpora- tion (the "Home "), intends to renovate its existing nursing home facility and construct and equip an addition thereto and undertake related improvements (such renovation, construc- tion, equipping and related improvements being hereinafter referred to as the "Project "); and WHEREAS, the Home has proposed that Jefferson County, Montana (the "County ") undertake and finance the Project under the Act and that Industrial Development Revenue Bonds (the "Obligations ") in an amount now estimated not to exceed $1,500,000 be issued by the County on behalf of the Home for the purpose of financing the Project, and the proposal calls for the County and the Home to either enter into a Lease Agreement or Loan Agreement wherein the County will own the Project and lease the Project to the Home or will loan the proceeds of the Obligations to the Home and the Home will agree to acquire, equip, construct, operate and maintain the Project and pay all costs thereof and to make rental payments or repay the loan from the County by loan payments, such pay- ments to be fixed and revised from time to time as necessary so as to produce income and revenues sufficient to provide for the prompt payment of the principal of and interest on the Obligations and all costs and expenses of the County in connection with the Project and issuance and sale of the ob- ligations; the proposal further provides that a mortgage and /or security interest will be granted on the Project and the County's right and interest in the Lease Agreement or Loan Agreement assigned for the benefit and security of the holders from time to time of the Obligations; and WHEREAS, the County has been advised by the Home that conventional, commercial financing to pay the capital cost of the Project has not been obtained and is available only on a limited basis and at such high costs of borrowing that the economic feasibility of acquiring and operating the Project 2 would be significantly reduced, but the Home has also advised this County Commission that the use of municipal financing, and its resulting low borrowing cost, will constitute a signi- ficant inducement to the Home to undertake the Project; and WHEREAS, the proposed Project would encourage the expan- sion of a revenue producing enterprise; and WHEREAS, the full faith and credit of the County will not be pledged or responsible for the Project or the payment of the principal of and interest on the Obligations; and WHEREAS, the undertaking of the Project and the issuance of the obligations appear to satisfy the legislative objects, purposes and requirements of the Act; and WHEREAS, pursuant to the Act a public hearing on the pro- posal to undertake and finance the Project (the "Public Hearing ") has been conducted following notice of the Public Hearing complying with the provisions of the Act being pub- lished at least once a week for three consecutive weeks prior to the date fixed for the Public Hearing, in a newspaper of general circulation in the County; and WHEREAS, at the Public Hearing all parties who appeared were given an opportunity to express their views with respect to the proposed undertaking and financing of the Project; and WHEREAS, this County Commission finds that the Project warrants the support of the County, for the reasons that the County has an interest in the construction and operation of revenue producing enterprises, in the additional job oppor- tunities to be generated by the Project and the development of residential nursing care; and WHEREAS, on the basis of the foregoing, this County Commission finds that the acquisition and improvement of the Project is in the public interest of the County. NOW, THEREFORE, BE IT RESOLVED by the Jefferson County Commission of Jefferson County, Montana: 1. On the basis of information furnished by the Home to the County Commission, the effect of the Project, if undertaken by the Home, will be to encourage the development of residential nursing care and related treatment, and the providing of greater employment opportunities, all of benefit to residents and taxpayers of the County and other levels of government in the area. C) f I L c e t S t ry - .)t to c, 1)1) 1. OV e d !. to -d - 1 1 b(- 1 F_ feared County, and it is h detel-Mined t 1 ) c e f� w it h L - the -1 sub—ct to the ri(jreelll! - nt PI'Dject and t fir�anciny 'n i r purchasers of )f C( :: t 'nty, '�- teems 1 ( - on ditions on , I i ch 0 on tI e cv� -rit i'DI will be will t-he Obli- tq�p- Project issued, sold and secured. 0, Yutak Pock & Huie, as bond 3. Appoil of 7- - - so D (Dv'- 1.,,utak Rock & Hilie is " h cou�;��el, is I ion of S iate 4- - ' to init to :"roject and the zi s may be necessary C)r issuance of the obligations rind to meet any registration re- quirements of the securities laws of the State i j4ontaninal a so 'hat, when and if this Coun C gives ts f t Project r be carried forward ap t the The above and for('90 i - T ]: -(solution , offered at a i-H -,ission held on the 22nd day special meeting Of t C( � 11 - y Cc ' j o moved its of September, 1980, by Cc),�,-:ni-ssioner WY and was a6option and was seconded by Conu-nissioner adopted by the f vote: AYES: �7- NAYS: whereupon the above and foregoing resolution was duly declared and adopted. 4 Passed and adopted this 22nd day of September, 1980. Chairman Attest: 0 1n_ County Clerk [SEAL] a c r s > f STATE OF MONTANA ] ] SS. COUNTY OF JEFFERSON] I, the undersigned, being the duly qualified and acting Clerk of the County of Jefferson, Montana (the "County "), DO HEREBY CERTIFY that I have compared the attached and fore- going extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the County Commis- sioners of the County duly called and held on the date there- in indicated, insofar as such minutes relate to a resolution giving preliminary approval to an industrial development project with Hillbrook Nursing Home, Inc. and authorizing the .q. F. issuance of Industrial Development Revenue Bonds. , WITNESS my hand and the seal of the County this day of September, 1980. County Clerk [SEAL] •w =4 r � n