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CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 2014-029 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA, APPROVING THE ISSUANCE OF PUBLIC FINANCE AUTHORITY REVENUE BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $26,000,000 FOR THE PURPOSES OF FINANCING AND REFINANCING THE COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES OF THE UNIVERSITY OF NORTHWESTERN-ST. PAUL AND OTHER MATTERS RELATING THERETO WHEREAS, it has been requested that the Public Finance Authority (the "Authority") participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $26,000,000(the 'Bonds")to be used, in part, to(a)currently refund all of the outstanding City of Arden Hills, Minnesota Adjustable Rate Revenue Bonds (Northwestern College Project), Series 2010(the "Prior Bonds"), the proceeds of which were used to finance and reimburse the Borrower for the costs of constructing and equipping the Billy Graham Community Life Commons, an approximately 70,000 square foot facility consisting of dining facilities,a campus store and storage areas, student lounges,study areas, office and meeting spaces for student organizations, classrooms, common areas, offices, mail and shipping areas, receiving areas, a conference room, information technology and telecommunications rooms, located on the portion of the Main Campus located in Arden Hills, Minnesota (the "Project"); (b) fund capitalized interest on a portion of the Bonds; (c) fund a debt service reserve fund for the Bonds, if any; and (d)pay certain costs of issuance of the Bonds and of refunding the Prior Bonds. The Project and all facilities financed or refinanced with the proceeds of the Bonds are or are to be owned and operated by the Borrower. WHEREAS, Section 66.0304(1 l) of the Wisconsin Statutes provides that the Authority may not issue bonds to finance a capital improvement project in any state or territory of the United States unless a political subdivision within whose boundaries the project is to be located has approved the financing of the project; and WHEREAS, the Borrower has represented to the City of Arden Hills, Minnesota(the "City")that the facilities constituting the Project and to be financed or refinanced are located within the territorial limits of the City; and WHEREAS,the members of the City Council of the City are the governing body of the City;and WHEREAS, it is intended that this resolution shall constitute the approval of the financing of the Project as required by Section 66.0304(11); NOW THEREFORE, BE IT RESOLVED AND ORDERED by the City Council of the City as follows: I. The City Council hereby approves the issuance of the Bonds by the Authority for the facilities to be financed and refinanced thereby. It is the purpose and intent of the City Council that this resolution constitute approval of the financing of the Project for the purposes of Section 66.0304(11) of the Wisconsin Statutes. The City does not bear any responsibility for the tax-exempt status of the Bonds, the debt service on the Bonds or any other matters related to the Bonds. I/3583945.2