Notice of Hearing
Notice of Intention to Issue Revenue Bonds or Notes
(Fall River Health Services Project)
The City Council of Hot Springs, South Dakota, (the “City”) will meet on the 5th day of October, 2020, at 7:15 p.m., at the Mueller Civic Center, 801 South 6th Street, Hot Springs, South Dakota, for the purpose of conducting a public hearing on the proposal to issue revenue refunding bonds or notes, in one or more series, of the City, in an aggregate principal amount not to exceed $10,000,000 in one or more series (the “Bonds”), and to loan said amount to Fall River Health Services, a South Dakota nonprofit corporation (the “Borrower”), for the purpose of providing funds to the Borrower to (a) refinance certain outstanding indebtedness of the Borrower, the proceeds of which were used to acquire, construction, furnish and equip a new 25- bed hospital facility and ancillary services, a 48-bed new nursing facility attached to the hospital, a physician’s outpatient clinic, and site and other improvements, all located at 1201 Highway 71 South, Hot Springs, South Dakota 57747 (the “Project”) (b) to fund any necessary reserve funds, and (c) to pay certain costs of issuance and certain other costs associated with the issuance of the Bonds. The Project and the facilities refinanced by the Bonds will be owned and operated by the Borrower.
The Bonds, when issued, will not constitute general obligations of the City nor will they be payable in any manner by taxation, but the Bonds will be payable solely and only from amounts received by the City under a Loan Agreement between the City and the Borrower, the obligations of which will be sufficient to pay the principal of and interest and redemption premium, if any, on the Bonds as and when the same shall become due.
At the time and place stated above, oral or written objections from any resident or property owner of the City may be presented. At such meeting or any adjournment thereof, the City shall adopt an ordinance determining whether or not to proceed with the issuance of the Bonds. Written comments may also be submitted to the City at the Hot Springs City Hall, 303 N. River Street, Hot Springs, South Dakota 57747. Written comments must be received by the above hearing date.
By order of the City Council of Hot Springs, South Dakota.
Published once at the total approximate cost of $30.36
Published: Sept. 24, 2020