09/27/2022 Resolutions 2022-274RSELUTION 2022-274
CITY OF GRAND ISLAND, IN THE STATE OF NEBRASKA
A RESOLUTION DELEGATING AND DESIGNATING THE ISSUER'S
REVENUE BONDS (TABITHA GRAND ISLAND PROJECT), SERIES
2021B, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$3,950,000 AS ITS QUALIFIED TAX-EXEMPT OBLIGATIONS UNDER
SECTION 265 OF THE INTERNAL REVENUE CODE AND RELATED
MATTERS.
WHEREAS, the City of Grand Island, Nebraska (the "Issuer") is a city and political
subdivision of the State of Nebraska (the "State"); and
WHEREAS, Tabitha Grand Island, Inc., a nonprofit corporation duly organized and
validly existing under the laws of the State (the "Borrower"), requested the Issuer to, and the
Issuer issued, its Revenue Bonds (Tabitha Grand Island Project), in an aggregate principal
amount not to exceed $13,950,000, (the "Bonds") pursuant to Sections 13-1101 to 13-1110,
inclusive, Reissue Revised Statutes of Nebraska, as amended, and a Resolution of the Issuer
adopted May 11, 2021 (the "Authorizing Resolution"), the proceeds of which, when advanced,
will be loaned to the Borrower pursuant to a Loan Agreement (the "Loan Agreement") among
the Issuer, Pinnacle Bank, as lender, (the "Lender") and the Borrower, for the purpose of
financing or reimbursing a portion of the costs of constructing and equipping a new senior living
campus (expected to consist of 157 units providing a 200,000 square foot, full-continuum of
senior housing and services) and associated site improvements in the City of Grand Island,
Nebraska; and
WHEREAS, the Bonds were issued as taxable bonds and may be converted to tax-
exempt, bank-qualified bonds pursuant to the provisions of the Loan Agreement; and
WHEREAS, on November 23, 2021, the City designated $10,000,000 of the Bonds as its
tax-exempt, bank qualified obligations, which were designated as its Series 2021A Bonds, and
the City contemporaneously delivered a replacement certificate representing the balance of the
Bonds as its $3,950,000 Series 2021B Bonds (the "2021 Bonds") and as of September 1, 2022,
no amount has been drawn on the 2021 Bonds; and
WHEREAS, certain conversion documents will be prepared or updated in connection
with the conversion of the 2021 Bonds from Taxable Bonds to Tax-Exempt Bonds (as such
terms are defined in the Loan Agreement).
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF GRAND ISLAND, NEBRASKA AS FOLLOWS:
Section 1. Bank Qualification. The Issuer hereby designates $3,950,000 of the Bonds
constituting the 2021 Bonds as its qualified tax-exempt obligations" under Section
265(b)(3)(B)(i)(III) of the Internal Revenue Code of 1986, as amended (the "Code"). The Issuer
further covenants and warrants that it does not reasonably anticipate issuance of tax-exempt
obligations by it during calendar year 2022 in an amount in excess of $10,000,000, including the
2021 Bonds and all other bonds issued by the Issuer, but excluding current refunding issues as
provided in Section 265(b)(3) of the Code.
Approved as to Form II
Conversion Resolution S-1 September 26, zozz tt City Attorney
Section 2. Approval of Conversion Documents. The preparation of the proposed
conversion documents is, in all respects, hereby approved, authorized, ratified, and confirmed,
and the Mayor, City Administrator, City Clerk, or Finance Director of the Issuer (each, an
"Authorized Officer") are each separately and individually hereby authorized and directed to
finalize, execute, acknowledge, and deliver the such documents, including counterparts thereof,
in the name and on behalf of the Issuer. From and after the execution and delivery of the
conversion documents by the Issuer, the officers, agents and employees of the Issuer are hereby
authorized, empowered and directed to do all such acts and things and to execute all such
documents, certificates, and instruments as may be necessaxy to carry out and comply with the
provisions of the conversion documents, including but not limited to any documentation related
to the conversion of the tax status of interest on Bonds from t�able to tax-exempt. To avoid
confusion, the Bonds converted pursuant to this Resolution shall be designated as the Series
2022A series of the Bonds upon conversion.
Section 3. Prior Resolutions. To the extent that the provisions of this Resolution
conflict with provisions of prior resolutions, or parts thereof, the provisions of this Resolution
shall control, to the extent of such conflicts.
Section 4. Captions. The captions or headings in this Resolution are for convenience
only and in no way define, limit or describe the scope or intent of any provisions or sections of
this Resolution.
Section 5. VaGdity of Bonds. Each Bond shall contain a recital that such Bond is issued
pursuant to and under the Act, and such recital shall be conclusive evidence of its validity and of
the regularity of its issuance.
Section 6. Electronic Transactions. The transactions described herein may be
conducted and this Resolution and related documents may be sent, received and stored by
electronic means. All closing documents, certificates, and related instruments may be executed
by electronic transmission. Copies, telecopies, facsimiles, electronic files and other reproductions
of original executed documents (or documents executed by electronic transmission) shall be
deemed to be authentic and valid counterparts of such documents for all purposes, including the
filing of any claim, action or suit in the appropriate court of law.
Section 7. Effective Date. This Resolution shall be in full force and effect immediately
upon its passage and approval by the Mayor and City Council of the Issuer.
Adopted by the City Council of the City of Grand Island, Nebraska, September 27, 2022.
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Roger G eele, Mayor
Attest:
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RaNae Edwards, City Clerk