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CITY OF ARDEN H�LLS, MINNESOTA
<br />RESOLUTION NO. 2009-Q3b
<br />GiVING PRELIM[NARY APPROVAL TO THE PR�POSED
<br />ISSUANCE OF REVEN[JE NOT�S UND�R MINNESOTA
<br />STATUTES, SECT�ONS 469.152 THROUGH 469.1651, AS
<br />AMENDED
<br />BE iT RESOLVED by the City Council of the City af Arden Hilis, Minnesota (the "City"), as
<br />fotlows:
<br />Seciion I_ Recitals.
<br />1.01. The City of Arden Hiils, Minnesota (the "City"}, is a statutory city organized a�d existing
<br />under ihe Constitution and laws of the Siate of Minnesota.
<br />1.02. Pursuant to the Minnesota Statutes, Sections 469.152 through 469.t651, as amended (the
<br />"Act"}, ihe City is authorized to issue revenue bands to iinance, in whofe or in part, the cast of the
<br />acquisition, construction, recons#ruction, improvement, betterrnent or extension of a project, de�ned in
<br />the Act as including any properties, real or personal, used or useful ir� cannection with a
<br />revenue-producing enterprise, whether or not operated for �eo�t.
<br />1.03. Northwestern Colfege, a Minnesota nonprof[ corporation (the "Borrowec"}, t�as pro�osed
<br />that the City issue tax-exempt revenue notes or obiigations pursuant to the Act in one or more series in the
<br />approxirnate principat amount not to exceed $9,0OO,OdO (the "Notes") a�d �oan the proceeds of the Notes
<br />to the Barrower to finance a portion of the cons�ction and equipping of an approximate�y 74,OOd square
<br />foot faciiity, which wilt provide new dining facilities, an ex�anded campus store, student lour�ges, stuc�y
<br />areas, office space for student organizations, classrooms, and meeting spaces, to be located at on the
<br />portion of t�e Northwesterr� Campus �ocaied within the City (#he "Project"}_
<br />I.04. Purs�ant to Section 469.154, subdivision 4, af tE�e Act and Section i47{fl of the Iniemai
<br />Revenue Code of 198b, as amended (the "Code"), and regulations promulgated thereur�der, prior to ihe
<br />issuance of the Notes, the City Council anust approve the Notes aEter conductir�g a public �earing thereon
<br />precede� t�y pub(icatio� of a r�otice of public hearing (in the form reauired by Section 147{� of the Code
<br />at�d app�icable regulations} in the offcial newspaper of the City and a newspaper of general circulation at
<br />�east foUrteen (l�l) days prior to the pubiic hearing date_
<br />i_O5. Pursuant to the Act and �he Code, a notice of public hearing in the form required by the
<br />Act and Section I47(f} of �he Code was pubIished in the Shareview-Arden Hiils Bulletin, the offtcial
<br />newspaper of the City and a newspaper of general circulation in the Ciry, on Wednesday,
<br />November 11, 2009.
<br />1.fl6_ On the date hereof, the City held a public hearing on the Projeci and fhe issuance af the
<br />Notes to fiaance the Project.
<br />1.07. Pursuartt to Section 469.154 of ihe Act, prior to the issuance of the Notes by the City, the
<br />Commissioner af tt�e Minnesota Department of Err�ployment and Economic Developinent {"D�ED")
<br />
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