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�����.� � . <br />�r��.V�'� <br />s <br />OF�iccs in `i7U U.S_ Ba��k i'lara <br />�ll[15rsvrh Sixiii Scrccc <br />�itineapolE� A�tinnw�olis, MIv j.j��Z <br />Sainc Paui {�'� �� 3��-�3Q[1 telephnne <br />{GS 3 ) 337-93 i [I F�x <br />Sr. Cloud liac�:il�sstnv.k�nardy-gr.�vcii:cacu <br />rl�rma[ivr Acuon. Lqual Q}i�orE��nicu GmFlaycr <br />dULIE A, EDDINCiON <br />Anomey ttt E,a�v <br />Direct Dial {612) 337-9? 13 <br />EmaiJ: jeddingtnnQkr.rmcdy-�vcn.com <br />November ?0, 20Q� <br />Sue Iverson <br />Finance DirectorlTrea�urer <br />City of Aa-den HilIs <br />I?45 West Hi�l���ay 96 <br />Arden Hil]s, IVII�I �5112 <br />Re: �9,OOO,Q00 Educafiional Facilities Reve���e N�tes �IVo�#hwesterr� College Project}, Series <br />?�09 <br />Dear S�e, <br />Enclosed please find tl�e pzeliminat-y resalution (the "R�sa�utioFi") praposad to be considered <br />by Ehe: City Cou�3ciE (the "CQunci3") of �e City afArden Hills, �fi��nesota (the "Ci#y") at its reguiarly <br />scheduted. m�ehing on Manday, November 3f}; 2004; in cQn�ecfian with the above refereneed note <br />issue (ilie "1Votes"}. TEie Resolutioi� prnvides preii3t�inary approva] to the issuance, deIivery, and sa2e <br />oi t]ie Notes in an aggregaie principai amoui�t not to Exceed �9,.000;000 and prpvic�es authority to <br />s€�6r��i.t ai-� application to the Conunissioner af tlie Miruiesota Department of LmpIoynr��n# and <br />Econamic I}eveloprttent ("DEED") for appra�a! of f��e i'rojeet tas. described be]ow) and the NoCes. <br />A brief explana�ion of the financing fQliows. <br />1�fortf�western College, a MinEieSata nanprQfit corparation (t��e "Borrower"} has requested <br />that tite City issue the Nates in a�rincipal amount not ta exceed �9,000,04Q, under MinnesoEa. <br />Statutes, �ect�ans 469.15Z through 469.165:1, as anieni�ed (the "AcC' ). Tt�e procee.cts derived from <br />the sale of tl�e NoEes are praposed to be loaned to the Borrower pursuant to ti3e ter�ras nf a Loan <br />Agrzement, dated on or after December i, 2�€)9 (t�e "I:oan ,4gree��nent"j, b�h.veen fhe City and. the <br />Borro�ver. Tlle proceeds of the loan tir�ifl be applied to finance tlie canstruction and equippin�; of an <br />�pprahiinate[y 70,O�D square foat faciIily, ��l�icl� �viil provide new dining faci]iries, an expaaded <br />camnus s#ore, siudent lounges, study areas, offce space far student Qrganizatiorts, classrooms, and <br />meetir�g �paces, to be Iocated at on tiie portian af il�e TVor�hwestern Cam�us located �vithin t�le City <br />(tfie "Pre ject"}_ A pg�tion of t�re proceeds o�'th� Laan will also be applied ta payment of the costs of <br />issuance of the Np�es. <br />Ti�e Notes are proposed to he purchased by frien.ds and alumni of the Borrower (fl�e <br />"P�chasers"), Tl3e Nofes will be issued in denominations of $1fl0,40Q or mnre and will be sold oniy <br />�o sophisticaf�d investars, <br />The Nates are proposed to be issued as tax-exempt oi�ligations, t�e interest on which is not <br />inc]udable in gross incorne fpr federal iricoat-fe, tax purposes. Under applicable provisions of the Act, <br />�ie Internal Revenue Code of i9Sfi, as amended and t1�E Treas�ry Regula�ions promutgated <br />thereunder, as a conditiort to the issuance oft�e Notes, t}3e Councif must conduct a pubiic hearing at <br />which Ehe Council must permit any person to conunent on the pra�ose� finaneing [rar�saction and d�e <br />faeilities to 6e financed cvith ti�e prc►ceeds of fhe IVotes. 1fi� City has been asked ta iiald the p�b2ic <br />I�earing ivifh respect to. ti-�e issuance af tIie NoTes and the 1°rajea� ar� Nove�t�er 30, 2009. <br />36U6G3v1 JA� AR20D-9 <br />