Approval of this resolution sets a public hearing for May 5, 2020 for the issuance of up to $25 million in conduit bonds to finance the construction and equipping of an expansion of the Emergency Department, Cancer Treatment and other capital needs for St. Francis Regional Medical Center.  St. Francis owns and operates an 89-bed acute care hospital in Shakopee that was built in 1996.  A range of inpatient, outpatient and emergency care services are provided to patients principally in the Shakopee area.

The proposed conduit bonds will not constitute a general or moral obligation of the City and will not be secured by or payable from any property or assets of the City and will not be secured by any taxing power of the City.  The bonds will not be subject to any debt limitation imposed on the City, and the issuance of the bonds will not have any adverse impact on the credit rating of the City, even in the event the borrower defaults.