Agenda - Council - 02/26/1985 - Laserfiche WebLink

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The Mercy Medical Center is the major area medical facility. The hospital was buil~'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 chemically 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. RATING A rating review for the Bonds has been requested from Moody's Investors Service, Inc. The City's outstanding bonds are currently rated "Baal." A rating may be revised or withdraw~ at any time. A change in the rat- ing 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 Attorney, based upon the past experience of the payment of claims and judgment amounts, that there are presentls~ no outstanding claims, litigation, pending litigation or contingent liabilities which would exceed the funds accumulated for this purpose and funds currently appropriated by the City Council for these pur- poses, and that outstanding claims and suits would not materially affect the financial position of the City as of the date of this Official Statement. CLOSING DOCUMENTS Simultaneously with the delivery of and payment for the Bonds by the original purchasers thereof, the City will furnish to the original purchasers the customary closing documents in form satisfactory to bond counsel. MN220.85a/39 17