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CITY O� ARDEN HILLS, MII�TNES(�TA
<br />RESO�.�TTION 1�T0. 2009-036
<br />GIVI�TG PRELIIVIINARY APPROVAL TO TH� PROPOSED
<br />ISSUANCE OF REVENU� �TOTES IJ�iDER MII��TESUTA
<br />S'�'ATITTES, SECTiONS 469.152 T�-IRCJUGH 469.1651, AS
<br />AME�TDED
<br />�E IT �ZESOLVED by tl�e City Cou�cii of the City of Arden Hills, 1Vlinnesota (the `tCity"�, as
<br />fo�lows:
<br />Sectio� 1. Reciials.
<br />�.0 l. �'he �ity of Arden Hill�, Minnesota (the "City"), is a statu�ory city organized and ex�stir��
<br />under ��e Con�tituiion and laws of the State of I�Iinnesota.
<br />1.02. Pursuant to the Minnesota Sta�tutes, Sections 469.15 2�hro�gh 469.165 �, as �.rnended �the
<br />"Act"�, �he City is auihorized to issue rev�nue bonds �o f�nar�ce, in v�hole or �n part, the cos� �� th�
<br />acquisition, constructi�n, reconstruction, improvement, beiterment or extension of a project, defined in
<br />t�e Act as including any proper�ies, real or personal, used or useful in cor�nection vvit� a
<br />reven�e-producing enterprise, whether or not operated for profit.
<br />1.03. Northwestern College, a�iinnesota nonprofit co�-poration (the "Borrower"�, has proposed
<br />that the City �ssue iax-exem�t re�enu� notes or obligations pursuant to the Act in one or more �eries ir� the
<br />ap�roximate principal amouni not to exceed $�,000,000 (the "Notes") and loan the proceeds of ihe N�t�s
<br />to the Borrower to �nance a portion of the consiruction and equipping of an approximately 70,�00 squa�e
<br />foot facility, which wi�� provide new dining fac��ities, an ex�anded campus store, student lounges, study
<br />areas, office space for student organizations, classrooms, and rneeting spaces, to be located at on the
<br />portio� of the I�orthvvestern Can�pus located within t�e �ity (the "Pro�ect"j.
<br />1.04. P�.rsuant to Section 469,154, SLl%C�1V1S10�1 4, of the A�� and Sectian 14�(#� o� �he Inter-r�al
<br />Reven�e Code of 1986, as arnended (the "Code"), ar�d regulations promulgated the�eunder, p�-ior to the
<br />issuance of the �lotes, the City Counci� must approve the Noies after conduciing a publ�c hearin� thereor�
<br />preceded by publication o� a notice o� public hear�ng ��n the forn� required by Section 147�� of the Cod�
<br />and applicabie regulatio�s) in the of�cial new�paper af t�e City and a nevvspaper of ge�eral circulation a�
<br />least fourt�en { 14j days prior to the public hearing date.
<br />1.05. Pursuant to the Act and the Code, a notic� of public �earing in the �orm required by �he
<br />Act ar�d Section 14�(� of the C�de was published i� tl�e Shoreview-Arden Hills �3ulletin, the c�fficial
<br />newspaper o� the City and a newspaper of generai circulation in t�e City, on �]V�ednesday,
<br />November 1 l, 2009.
<br />1.06. On the date �ereof, the �ity �eid a public hearing on the Project and �he iss�.anc� of t�e
<br />Notes �o finance the Project.
<br />1:07. Pursuant to Section 469.154 of the Act, prior to the issuance of t�e Notes by i�e City9 �hc�
<br />Con�missioner of the Mir�nesota Depari�nent o� Employment �.nd Econo�ic Development {"I�E�1�79�
<br />
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