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CITY OF ARDEN HYLLS, M�NNESOTA
<br />RESOLUTION t�f0. 2009-036
<br />GYVING PREL�NI�NARY APPROVAL TO THE PROPO�ED
<br />ISSUANCE OF REVENUE NOTES UNDER MINNESOTA
<br />STATUTES, SECTIONS 469.I52 THROUGH 469.1651, AS
<br />AMENDED
<br />BE IT RESOLVED by the City CounciI of the City of Arder� Hilis, Minnesota (the "City"}, as
<br />fo�lows:
<br />Seciion i. Recitals.
<br />1.01. The City of Arden Hills, Minnesota (the "City"), is a statutory city organized and existing
<br />under the Constitution and laws af the State of Minr�esota.
<br />1.02. Pursuant to the Minnesota Stalutes, Sectians 4G9.152 thraugh 469.1651, as amended (the
<br />"Act"), the City is authorized �o issue revenue bonds to finance, in whoie or in part, the cost of the
<br />acquisition, constr�ction, recanstxuction, im�rovement, beiterment or exter�sion of a proj�ct, defined in
<br />the Act as including any properties, real or personal, used or usefui in conneciion with a
<br />revenue-producing enterprise, vvheiher or not operated for profit.
<br />1.U3. Northwestern College, a Minnesota nonpro�t corporation (the "Borrower"), has proposed
<br />ihat the City issue tax-exempt revenue notes or obiigations pursuant to the Act in one or more series in the
<br />approximate principal amount not to exceed $9,000,000 {t�e "Notes") and loan the proceeds of the Notes
<br />to tk�e Borrower to financ� a portion of the construction and equipping of an approximately 70,000 square
<br />foot facility, which will provide new dining faciiities, an expanded campus store, student lounges, study
<br />areas, office space for student arganizations, classrooms, and meeting spaces, to be Iocated at on the
<br />poriio� of the Northwestern Campus Iocated withi�l the City (the "Project").
<br />i.04. Pursuant to Section 469.15�i, subdivision 4, of the Act and Section 147(f} af t�e Internal
<br />Revenue Code of 1486, as amended (the "Code"j, and regulations promulgated thereunder, prior to the
<br />issuance of the Notes, the City Council must approve the Notes after conducting a pubEic hearing thereon
<br />preceded by publication of a notice of public hearing (in the form required }�y Section 147(� of the Code
<br />and appiieabie regulations) in the official newspaper of the City and a newspaper of generaf circulatian at
<br />least fourteen (14) days prior to the pubIic hearing date.
<br />1.05. Pursuant to the Act and the Cade, a notice of �tiblic hearing in the form required by the
<br />Act and Section 147(fl of the Code was published in the Shoreview-Ardera Hills Bulletin, the officia�
<br />newspaper of t�ie City and a newspaper of general circulataon in the City, on Wednesday,
<br />November 11, 2009.
<br />1_06. On the date hereof, the City �eld a public hearing an the Project and the issuance of t�e
<br />Notes to finance the Project.
<br />1.07. Pursuant to Sectian 469, i54 of the Act, p�-ior to the issuance of the Notes by the City, the
<br />Commissioner of the Minnesota Departrrtent of Emgloyment and Economic De�e(o��nent ("DEED")
<br />
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