Resolution 11-03 DRCC Bonding
RESOLUTION APPROVING THE ISSUANCE AND SALE OF HEALTH CARE FACILITIES REVENUE NOTES, SERIES 2003 (THE DULUTH REGIONAL CARE CENTER PROJECT) IN THE AGGREGATE AMOUNT OF $1,529,400, AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO
BE IT RESOLVED, by the governing body (the “Council”) of the City of Mountain Iron, St. Louis County, Minnesota (the “Issuer”), as follows:
Definitions. The terms used herein, unless the context hereof requires otherwise, have the following meanings, and any other terms defined in the Loan Agreement (hereinafter defined) have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or differing meaning or intent:
Act: Minnesota Statutes, Sections 469.152 through 469.165, as amended.
Bond Account: the account established pursuant to Section 11 of this Resolution.
Borrower: The Duluth Regional Care Center, Inc. being (as represented to the Issuer), a Minnesota nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the corporate offices of which are located at 728 Garfield Avenue in Duluth, Minnesota.
Bond Counsel: the law firm of Fryberger, Buchanan, Smith & Frederick, P.A. or any other firm of nationally-recognized bond counsel.
Code: the Internal Revenue Code of 1986, as amended.
Council: the governing body of the Issuer.
County: St. Louis County, Minnesota.
Documents: the Joint Powers Agreement, the Loan Agreement, the Mortgages, the Pledge Agreement and other documents required for the issuance of the Notes.
DTED: the Minnesota Department of Trade and Economic Development.
Host Municipalities: the Issuer and the City of Hermantown, Minnesota and the Duluth Economic Development Authority, all municipal corporations and political subdivisions of the State.
Issuer: City of Mountain Iron, St. Louis County, a municipal corporation and political subdivision of the State.
Issuer Documents: collectively, the Loan Agreement and the Pledge Agreement.
Joint Powers Agreement: the Joint Powers Agreement among the Host Municipalities regarding issuance of the Notes.
Lender: Western National Bank, a national banking corporation with an office located in Duluth, Minnesota.
Loan Agreement: the Loan Agreement to be entered into between the Issuer and the Borrower, pursuant to which the Borrower agrees to repay the loan made thereunder in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Notes.
Mortgages: collectively, the two combination Mortgage, Security Agreement and Fixture Financing Statements from the Borrower to the Lender, pursuant to which the Borrower will secure its obligations with respect to the Notes under the Loan Agreement, including the payment of amounts due under the Loan Agreement, by granting to the Lender a first mortgage interest in the property described therein.
Notes: collectively, the Series 2003A Note, the Series 2003B Note and the Series 2003C Note.
Pledge Agreement: the Pledge Agreement to be entered into among the Issuer, the Borrower and the Lender, pursuant to which the Issuer pledges and grants a security interest in all of its rights, title, and interest in the Loan Agreement (except for the Unassigned Issuer’s Rights) to the Lender.
Project: the project described in Exhibit A hereto.
Registrar: bond registrar and transfer agent for the Notes.
Series 2003A Note: the Issuer’s $648,800 Health Care Facilities Revenue Note, Series 2003A (The Duluth Regional Care Center Project).
Series 2003B Note: the Issuer’s $244,900 Health Care Facilities Revenue Note, Series 2003B (The Duluth Regional Care Center Project).
Series 2003C Note: the Issuer’s $635,700 Health Care Facilities Revenue Note, Series 2003C (The Duluth Regional Care Center Project).
State: the State of Minnesota.
Legal Authorization. The Issuer is a municipal corporation and political subdivision duly organized under the laws of the State and is authorized under the Act to initiate the revenue producing project herein referred to, and to issue and sell the Notes for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution; provided, however, that the Issuer has relied without independent investigation on written representations and opinions of the Borrower, its consultants and Bond Counsel that the Project qualifies as a “project” within the meaning of the Act.
Recitals.
Under the Act, the Issuer is authorized and empowered to issue revenue obligations to finance or refinance all or any part of the costs of a project consisting of the refinancing of debt incurred with respect to, or acquisition and betterment of, health care facilities or facilities of organizations described in Section 501(c)(3) of the Code and to refund bonds previously issued under the Act.
The Issuer has, after due notice and publication thereof, on March 3, 2003, held a public hearing on the Project and the financing thereof, and persons in attendance wishing to speak on the Project and financing thereof were given an opportunity to do so at the hearing.
As more fully described in Exhibit A hereto, portions of the Project are located in the Host Municipalities. Each of the Host Municipalities has approved the Joint Powers Agreement.
A resolution was adopted by the Council on March 3, 2003 which gave preliminary approval to the issuance of revenue obligations and the proposal to undertake and finance the Project, approved the Joint Powers Agreement and referred the proposal regarding the issuance of revenue obligations in order to finance the cost of the Project on behalf of the Borrower to DTED. The findings of the Council contained in said resolution are hereby ratified and confirmed as though stated in full herein.
The Issuer has received approval of the Project from the Commissioner of DTED as required by Section 469.154 of the Act.
Drafts of the following documents have been submitted to this Council and are on file in the office of the Administrator:
the Loan Agreement;
the Pledge Agreement;
the Mortgages;
the form of Series 2003A Note;
the form of Series 2003B Note; and
the form of Series 2003C Note.
Findings. The Council has heretofore determined, and does hereby determine, as follows:
the Issuer is authorized by the Act to enter into a Loan Agreement for the public purposes expressed in the Act;
the Issuer has made the necessary arrangements with the Borrower for the establishment within the Issuer of the Project consisting of certain property which will be of the character and accomplish the purposes provided by the Act, and the Issuer has by this Resolution authorized the Project and execution and delivery of the Notes and the Issuer Documents, which documents specify the terms and conditions for financing the Project;
the financing provided under the Notes are intended to, and will in the judgment of the Council, promote the public welfare by (i) assisting in providing adequate residential and related services to persons with developmental disabilities, (ii) preventing, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment;
the amount estimated to be necessary to finance the Project Costs will require the issuance of the Notes in the principal amount of $1,529,400 as hereinafter provided;
it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Notes, for the purpose of financing the Project; and
the Notes and the interest accruing thereon do not constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory limitation of indebtedness and do not constitute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the Issuer and neither the full faith and credit nor the taxing powers of the Issuer, are pledged for the payment of the Notes or interest thereon.
Authorization and Ratification of the Project. The Issuer has heretofore and does hereby authorize the Borrower, in accordance with the provisions of the Act and subject to the terms and conditions set forth in the Loan Agreement to provide for the acquisition, construction and equipping of the Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisition of municipal facilities; and the Issuer hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority.
The Notes.
In order to provide for the financing of the Project, the Issuer hereby determines, based on representations of the Borrower, that the offer of the Lender to purchase the Notes in an original principal amount of not to exceed $1,529,400, at an initial interest rate of not to exceed 4.50% per annum, subject to adjustment as provided in the Notes, and upon the terms and conditions hereafter specified and specified in the Notes are reasonable and are hereby accepted. The Issuer will loan the proceeds of the Notes to the Borrower in order to finance the Project.
The Loan Repayments to be made by the Borrower under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Notes when due, and the Loan Agreement also provides that the Borrower is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all lawfully imposed taxes and special assessments levied upon or with respect to the Project and payable during the term of the Loan Agreement.
The Notes shall be in substantially the forms submitted to the Council, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution, and in accordance with the further provisions hereof as may be necessary and appropriate and approved by Bond Counsel and the Borrower prior to the execution thereof; and shall mature in the years and amounts, be subject to redemption, and bear interest at the rate as therein specified, subject to adjustment as therein specified.
The Notes shall be executed on behalf of the Issuer by the signatures of its Mayor and Administrator. The seal of the Issuer may be omitted as allowed by law. In case any officer whose signature shall appear on the Notes shall cease to be such officer before the delivery of the Notes, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. In the event of the absence or disability of the Mayor or the Administrator such officers of the Issuer as may act in their behalf, shall without further act or authorization of the City Council execute and deliver the Notes.
After the adoption of this Resolution, but prior to the issuance and delivery of the Notes to the Lender, the original aggregate principal amount of the Notes, the maturity date of the Notes the principal amount of Notes maturing on each maturity date, the principal amount of the Notes due on each payment date, the interest rate of the Notes prior the first Adjustment Date (as defined in the Notes), the date of the documents referenced in this Resolution and the Notes, and the terms of redemption of the Notes may be established or modified with the approval of the Mayor and the Administrator; provided that the aggregate principal amount of the Notes and the interest rate of the Notes may not be increased from the amounts set forth in this Resolution.
Disposition of Note Proceeds. Upon delivery of the Notes, the Lender shall advance funds for payment of Project Costs upon compliance with the provisions of the Loan Agreement.
Approval and Execution of Documents.
The Issuer Documents and the Notes are hereby made a part of this Resolution as though fully set forth herein and are hereby approved in substantially the forms on file with the Council. The Mayor and the Administrator are authorized and directed to execute, acknowledge, and deliver the Issuer Documents and the Notes on behalf of the Issuer with such changes, insertions, and omissions therein as the Issuer’s attorney may hereafter deem appropriate, such execution by the Mayor and Administrator to be conclusive evidence of approval of such documents in accordance with the terms hereof.
The Mayor and the Administrator are authorized and directed to execute and deliver all other documents which may be required under the terms of the Issuer Documents or the Notes or by Bond Counsel, and to take such other action as may be required or deemed appropriate for the performance of the duties imposed thereby to carry out the purposes thereof.
The Mayor and the Administrator, and other officers of the Issuer are authorized to furnish certified copies of this Resolution and all proceedings and records of the Issuer relating to the Notes, and such other affidavits and certificates as may be required to show the facts relating to the Issuer respecting the Notes, as such facts appear from the books and records in the officers’ custody and control or as otherwise known to them; and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall constitute representations of the Issuer as to the truth of all statements contained therein.
If for any reason the Mayor, the Administrator, or any other officers, employees, or agents of the Issuer authorized to execute certificates, instruments, or other written documents on behalf of the Issuer shall for any reason cease to be an officer, employee, or agent of the Issuer after the execution by such person of any certificate, instrument, or other written document, such fact shall not affect the validity or enforceability of such certificate, instrument, or other written document.
If for any reason the Mayor, the Administrator, or any other officers, employees, or agents of the Issuer authorized to execute certificates, instruments, or other written documents on behalf of the Issuer shall be unavailable to execute such certificates, instruments, or other written documents for any reason, such certificates, instruments, or other written documents may be executed by a deputy or assistant to such officer, or by such other officer of the Issuer as in the opinion of the Issuer’s attorney is authorized to sign such document and do all things and execute all instruments and documents required to be done or executed by such officers, with full force and effect, which executions or acts shall be valid and binding on the Issuer.
Copies of all of the documents necessary to the transactions herein described shall be delivered, filed, and recorded as provided herein and in the Loan Agreement.
The Issuer hereby authorizes Bond Counsel to prepare, execute, and deliver its approving legal opinion with respect to the Notes.
Future Amendments.
The authority to approve, execute and deliver, on behalf of the Issuer, future amendments to financing documents entered into by the Issuer in connection with the issuance of the Notes are hereby delegated to the Mayor and the Administrator, subject to the following conditions: (a) such amendments do not materially adversely affect the interests of the Issuer as the issuer of the Notes; (b) such amendments do not contravene or violate any policy of the Issuer; (c) such amendments are acceptable in form and substance to the attorney for the Issuer or other counsel retained by the Issuer to review such amendments; (d) such amendments are approved by the Borrower; and (e) the Issuer has received an opinion of Bond Counsel to the effect that the amendments will not adversely affect the tax-exempt character of interest on the Notes.
The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonstrate compliance with the agreements being amended and the terms of this Resolution. The execution of any instrument by the Mayor or Administrator, shall be conclusive evidence of the approval of such instruments in accordance with the terms hereof. In the absence of the Mayor or Administrator, any instrument authorized by this paragraph to be executed and delivered may be executed by the officer of the Issuer authorized to act in their place and stead.
Registration.
Registered Form. The Notes shall be issued only in fully registered form. Each of the Notes shall be numbered R-1 in a denomination equal to the principal amount thereof.
Registration, Transfer and Exchange. The Issuer appoints the Administrator as Registrar. The effect of registration and the rights and duties of the Issuer with respect thereto are as follows:
Register. The Registrar must keep a bond register for the Notes in which the Registrar provides for the registration of ownership of the Notes and the registration of transfers and exchanges of the Notes.
Transfer of Notes. Subject to the provisions of clause x of this subsection, upon surrender for transfer of the Notes duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the designated transferee, one new note in an aggregate principal amount equal to the then outstanding principal amount of the Note and of like maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date.
Issuance of New Notes. Subject to the provisions of clause x of this subsection, the Issuer shall, at the request and expense of the Lender, issue new notes in aggregate outstanding principal amount equal to that of the Note surrendered, and of like tenor except as to number, principal amount, and the amount of the monthly installments payable thereunder, and registered in the name of the Lender or such transferee as may be designated by the Lender.
Exchange of Notes. When the Note is surrendered by the registered owner for exchange the Registrar will authenticate and deliver one new note in an aggregate principal amount equal to the then outstanding principal amount of the Note and of like maturity, as requested in writing by the registered owner or the owner’s attorney.
Cancellation. A Note surrendered upon any transfer or exchange will be promptly canceled by the Registrar and thereafter disposed of as directed by the Issuer.
Improper or Unauthorized Transfer. When a Note is presented to the Registrar for transfer, the Registrar may refuse to transfer the Note until the Registrar is satisfied that the endorsement on the Note or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized.
Persons Deemed Owners. The Issuer and the Registrar may treat the person in whose name the Note is registered in the bond register as the absolute owner of the Note, whether the Note is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Notes and for all other purposes, and payment so made to a registered owner or upon the owner’s order will be valid and effectual to satisfy and discharge the liability upon the Notes to the extent of the sum or sums so paid.
Taxes, Fees and Charges. For a transfer or exchange of the Notes, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange.
Mutilated, Lost, Stolen or Destroyed Notes. If a Note becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Note of like amount, number, maturity date, redemption privilege and tenor in exchange and in substitution for and upon cancellation of the mutilated Note or in lieu of or in substitution for any Note destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar and Issuer in connection therewith; and, in the case of a Note destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to the Registrar that the Note was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar and Issuer of an appropriate bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the Issuer and the Registrar must be named as obligees. A Note so surrendered to the Registrar will be canceled by the Registrar. If the mutilated, destroyed, stolen or lost Note has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Note prior to payment.
Limitation on Transfers. The Notes have been issued without registration under state or other securities laws, pursuant to an exemption for such issuance; and accordingly the Notes may not be assigned or transferred in whole or part, nor may a participation interest in the Notes be given pursuant to any participation agreement, except in accordance with an applicable exemption from such registration requirements. In no event may any participation interest in the Notes be in an initial principal amount of less than $100,000.
Accounts. There is hereby established at the Lender a bond account into which all payments of the principal of and interest on the Notes shall be deposited and immediately credited against the unpaid principal balance of the Notes and interest accrued thereon.
General Covenants.
Payment of Principal and Interest. The principal of and interest on the Notes are payable solely from and secured by revenues and proceeds derived from the Notes and the Documents, or credited to the Bond Account under Section 11, which revenues and proceeds are hereby specifically pledged to the payment thereof in the manner and to the extent specified herein and in the Notes and the Documents; and nothing in the Notes or in this Resolution shall be considered as assigning, pledging or otherwise encumbering any other funds or assets of the Issuer.
Agreements Binding. All agreements, covenants, and obligations of the Issuer contained in this Resolution and in the above-referenced documents shall be deemed to be the agreements, covenants, and obligations of the Issuer to the full extent authorized or permitted by law, and all such agreements, covenants, and obligations shall be binding on the Issuer and enforceable in accordance with their terms. No agreement, covenant, or obligation contained in this Resolution or in the above-referenced documents shall be deemed to be an agreement, covenant, or obligation of any member of the Council, or of any officer, employee, or agent of the Issuer in that person’s individual capacity. Neither the members of the Council, nor any officer executing the Notes, shall be liable personally on the Notes or be subject to any personal liability or accountability by reason of the issuance of the Notes.
Rights Conferred. Nothing in this Resolution or in the above-referenced documents is intended or shall be construed to confer upon any person (other than as provided in the Notes, the Loan Agreement, the Pledge Agreement, and the other agreements, instruments, and documents hereby approved) any right, remedy, or claim, legal or equitable, under and by reason of this Resolution or any provision of this Resolution.
Nature of Security.
The Notes will be special limited obligations of the Issuer.
Notwithstanding anything contained in the Notes or the Documents or any other document referred to herein to the contrary, under the provisions of the Act the Notes may not be payable from or be a charge upon any funds of the Issuer other than the Bond Account and the revenues and proceeds pledged to the payment thereof, nor shall the Issuer be subject to any liability thereon, nor shall the Notes otherwise contribute or give rise to a pecuniary liability of the Issuer or any of the Issuer’s officers, employees and agents. Accordingly, the Notes shall not be payable from or charged upon any funds other than the revenues pledged to the payment thereof, nor shall the Issuer be subject to any liability thereon.
No holder of the Notes shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the Notes or the interest thereon, or to enforce payment thereof against any property of the Issuer other than the revenues pledged under the Pledge Agreement; and the Notes shall not constitute a charge, lien or encumbrance, legal or equitable, upon any funds, assets or property of the Issuer, other than revenues under the Loan Agreement and sums held in the Bond Account; and the Notes shall not constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation of indebtedness. The Notes will not constitute an indebtedness, a pecuniary liability, a moral or general obligation or a loan of the credit of the Issuer or a charge, lien or encumbrance, legal or equitable, against the Issuer�s property, general credit or taxing powers.
Offering and Disclosure Materials. The Issuer has not participated in the preparation of or reviewed any offering or disclosure materials with respect to the offer and sale of the Notes and the Issuer makes no representations or warranties regarding the necessity, sufficiency, accuracy, fairness, completeness or adequacy of any disclosure with respect to such offer and sale.
Bank Qualified. In order to qualify the Notes as “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code, the Issuer hereby makes the following factual statements and representations:
based entirely upon representations of the Borrower and Bond Counsel, the Notes, when issued, will be a qualified 501(c)(3) bond under Section 145 of the Code;
the Issuer hereby designates the Notes as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code;
the reasonably anticipated amount of tax-exempt obligations (other than obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which have been or will be issued by the Issuer (and all entities whose obligations will be aggregated with those of the Issuer) during the calendar year in which the Notes are issued are not expected to exceed $10,000,000; and
not more than $10,000,000 of obligations issued by the Issuer during the calendar year in which the Notes are issued have been designated for purposes of Section 265(b)(3) of the Code.
Severability. If any provision of this Resolution shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions of any constitution or statute or rule or public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent whatever. The invalidity of any one or more phrases, sentences, clauses or paragraphs in this Resolution contained shall not affect the remaining portions of this Resolution or any part thereof.
Effective Date. This Resolution shall take effect and be in force from and after its approval.
Adopted: March 3, 2003.
EXHIBIT A
PROJECT DESCRIPTION
SERIES 2003A NOTE
LOCATION
TYPE OF FACILITY
ACTIVITIES TO BE FINANCED
1530 East 2nd Street
Duluth, Minnesota
6-bed residential facility serving developmentally disabled persons
refinancing
320 West Winona
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
refinancing
4 North 59th Avenue West
Duluth, Minnesota
7-bed residential facility serving developmentally disabled persons
refinancing
4861 Glendale Street
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
refinancing
Total for Series 2003A Note
$648,800
SERIES 2003B NOTE
LOCATION
TYPE OF FACILITY
ACTIVITIES TO BE FINANCED
3715 West Fifth Street
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
refinancing
5495 Marion Lane
Mountain Iron, Minnesota
4-bed residential facility serving developmentally disabled persons
refinancing
Total for Series 2003B Note
$244,900
SERIES 2003C NOTE
LOCATION
TYPE OF FACILITY
ACTIVITIES TO BE FINANCED
Oak Ridge Drive, two blocks east of Stebner Road
Hermantown, Minnesota
4-bed residential facility serving developmentally disabled persons
New Construction
323 90th Avenue West
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
1530 East 2nd Street
Duluth, Minnesota
6-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
1514 East 5th Street
Duluth, Minnesota
6-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
204-206 South 21st Avenue East
Duluth, Minnesota
7-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
5495 Marion Lane
Mountain Iron, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
101 West Mankato Street
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
1410 Brainerd Avenue
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
430 West Faribault Street
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
552 Anderson Road
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
2920 Piedmont Avenue
Duluth, Minnesota
2-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
4861 Glendale Street
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
4824 Daniels Road
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
420 East McCuen Street
Duluth, Minnesota
9-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
8790 Arbor Lane
Mountain Iron, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
4 North 59th Avenue West
Duluth, Minnesota
7-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
5729 West 8th Street
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
320 West Winona Street
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
3715 West 5th Street
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
1819 Melrose Avenue
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
4357 Martin Road
Duluth, Minnesota
4-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
2812 Triggs Avenue
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
4130 West 8th Street
Duluth, Minnesota
3-bed residential facility serving developmentally disabled persons
Capital Improvements and Remodeling
Total for Series 2003C Note
$635,700
NOTE
AMOUNT
Series 2003A Note
$648,800
Series 2003B Note
$244,900
Series 2003C Note
$635,700
TOTAL, all Series 2003 Notes
$1,529,400
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