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<br />~ <br />~HILLS <br /> <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2008-033 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, <br />MINNESOT A~ APPROVING THE ISSUANCE OF COLORADO EDUCATIONAL AND <br />CULTURAL FACILITIES AUTHORITY REVENUE BONDS IN A MAXIMUM <br />AGGREGATE PRINCIPAL AMOUNT OF $9,000,000 FOR THE PURPOSES OF <br />FINANCING AND REFINANCING THE COSTS OF ACQUISITION, <br />CONSTRUCTION, IMPROVEMENT, RENOVATION AND EQUIPPING OF CERTAIN <br />FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO <br /> <br />WHEREAS, it has been requested that the Colorado Educational and Cultural Facilities <br />Authority (the '"'Authority"") participate in the issuance of one or more series of revenue bonds in <br />an aggregate principal amount not to exceed $9,000,000 (the "'Bonds") to be used to: (a) finance <br />the costs of, or reimburse the Northwestern College (the "'Institution") for the costs ot: certain <br />higher education facilities and related costs, including but not limited to (i) acquisition, <br />renovation and equipping of an office building located at 2803 Lincoln Drive, Roseville, <br />Minnesota 55113, (ii) planning and capital construction costs of campus roadways and a parking <br />facility on the Institution's main campus located at 3003 Snelling A venue North, Roseville, <br />Minnesota 55113 (the ~'Main Campus") and (iii) capital campus landscaping costs on the Main <br />Campus (collectively, the "'ProjecC'); (b) fund capitalized interest on the Bonds, if any; (c) fund <br />any required debt service reserve fund; and (d) pay certain costs of issuance of the Bonds, <br />including initial costs of any credit enhancement. The Institution will be the initial owner and <br />operator of the Project; and <br /> <br />WHEREAS, pursuant to Section 147(t) of the Code, prior to their issuance, the Bonds <br />are required to be approved by the "applicable elected representative" of the governmental unit <br />having jurisdiction over the entire area in which any facility financed or refinanced by the Bonds <br />is to be located, after a public hearing held following reasonable public notice; and <br /> <br />WHEREAS, the Institution has represented to the City of Arden Hills (the "'City'~) that a <br />portion of the facilities located at 3003 Snelling Avenue North, Roseville, Minnesota to be <br />financed or refinanced are located within the territorial limits of the City; and <br /> <br />WHEREAS, the members of the City. Council of the City are the applicable elected <br />representatives of the City; and <br />