Proceeds of the tax-exempt Series 2012A Bonds will be used to (i) refund, on a current basis, the outstanding Series 1999 and Series 2001 Bonds, (ii) fund a debt service reserve fund; and (iii) pay a portion of the costs of issuance. Proceeds of the taxable Series 2012B Bonds will be used to (i) fund remaining costs of issuance; and (ii) fund a debt service reserve fund.
The $20,410,000 Series 2012 Bonds are nonrated with a final maturity of 18 years. The Series 2012 Bonds will be issued on a parity basis with the Series 2010 Bonds then outstanding in the amount of $12,305,000.
Country Manor Campus LLC (Country Manor) is a subsidiary of the Foundation for Health Care Continuums (the Foundation), a not-for-profit corporation. The Foundation purchased the 25-acre Country Manor campus in 1999 using the proceeds of Series 1999 Bonds and expanded the facilities with the proceeds of the Series 2001 Bonds. Effective July 1, 2008, the Foundation transferred all assets and all liabilities related to the community, including all outstanding bonds, to Country Manor.
Country Manor operates a rental-based continuing care retirement community that consists of 151-unit independent living housing complex known as Country Manor Senior Apartments, a 45-unit independent living housing complex known as Country Villa, and 165-bed skilled nursing facility, all located in Sartell, MN (adjacent to St. Cloud, MN, about 75 miles from Minneapolis). Pursuant to a 1999 Regulatory Agreement entered into concurrent with the acquisition, the then existing independent living units must be used as a residential rental facility and at least 20% of the units must be occupied by or held available for residents whose income does not exceed 50% of the median area income.
For more information about Country Manor Campus please visit http://www.countrymanorcampus.org.