Agenda - Council - 09/25/1984 - Laserfiche WebLink

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I I I I I ! I I I I I I I I I I I The Merc~ Medical Center is the major area medical facility. The hospital was built in 1965, with a $12 million addition and renovation program in 1976. Currently the hospital is a 300 bed facility with a medical staff of 250 and a total staff of 1',123. The hospital is planning a $30 million construction program for the years 1980-1990. Anoka State Hospital is a facility treating mentally ill and chemical- ly dependent persons. The hospital currently has an authorized staff of 355 full time personnel. Included on staff are five physicians and two psychiatrists. Various consultants from the medical profession also service the hospital on a part time basis. The hospital operates from 16 buildings on 250 acres of land. FINANCIAL CONSULTANT Evensen Dodge, Inc., Minneapolis, Minnesota, has acted as Financial Consultant to the City in connection with the issuance of the Bonds. Requests for information concerning the City should be addressed to Evensen Dodge, Inq., 3608 IDS Tower, 80 South. Eighth Street, Minneapolis, Minnesota 55402 (612/338-3535). TAX EXEMPTION In the opinion of Bond Counsel, the interest to be paid on the Bonds is not includable in the gross lincome of the recipient for United States or Minnesota income tax purposes but is subject- in Minnesota taxes on banks and corporations measured by income. 'RATING A rating review for the Bonds has been requested from Moody's Inves- tors Service, Inc. The City's outstanding bonds are currently rated "Baal". A rating may be revised or withdrawn at any time. A change in the rating could affect the market price of the City's bonds. A rating only reflects the view of the rating agency. For a detailed explanation of the rating structure, please contact the rating agency directly. LITIGATION There is no litigation now pending or, to the knowledge of City officials, threatened which questions the validity of the Bonds or of any proceedings of the City taken with respect to the issuance or sale thereof. It is the opinion of the City's Attorney, based upon the past experi- ence of the payment of claims and judgment amounts, that there are presently no outstanding claims, litigation, impending litigation or contingent liabilities which would exceed the funds accumulated for this purpose and funds currently appropriated by the City Council for these purposes, and that outstanding claims and suits would not materially affect the financial position of the City as of the date of this Official Statement. 15