|
CITY OF ARDEN HILLS, MINNESOTA
<br />RESOLUTION NO. 2009-036
<br />GIVING PRELIMINARY APPR�VAL TO THE PROPOSED
<br />ISSUANCE OF REVENUE NOTES UNDER MINNESOTA
<br />STATUTES, SECTIONS 469.152 THROUGH 469.1651, AS
<br />AMENDED
<br />BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as
<br />follows:
<br />Section l. 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 of the State of Minnesota.
<br />1.02. Pursuant to the Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the
<br />"Act"), the City is authorized to issue revenue bonds to finance, in whole or in part, the cost of the
<br />acquisition, construction, reconstruction, improvement, betterment or extension of a proj ect, defined in
<br />the Act as including any properties, real or personal, used or useful in connection with a
<br />revenue-producing enterprise, whether or not operated for pro�t.
<br />1.03. Northwestern College, a Minnesota nonprofit corporation (the "Borrower"), has proposed
<br />that the City issue tax-exempt revenue notes or obligations pursuant to the Act in one or more series in the
<br />approximate principal amount not to exceed $9,000,000 (the "Notes") and loan the proceeds of the Notes
<br />to the Borrower to finance a portion of the construction and equipping of an approximately 70,000 square
<br />foot facility, which will provide new dining facilities, an expanded campus store, student lounges, study
<br />areas, office space for student organizations, classrooms, and meeting spaces, to be located at on the
<br />portion of the Northwestern Campus located within the City (the "Project").
<br />. 1.04. Pursuant to Section 469.154, subdivision 4, of the Act and Section 147(� of the Internal
<br />Revenue Code of 1986, as amended (the "Code"), and regulations promulgated thereunder, prior to the
<br />issuance of the Notes, the City Council must approve the Notes after conducting a public hearing thereon
<br />preceded by publication of a notice of public hearing (in the form required by Section 147(� of the Code
<br />and applicable regulations) in the official newspaper of the City and a newspaper of general circulation at
<br />least fourteen (14) days prior to the public hearing date.
<br />1.05. Pursuant to the Act and the Code, a notice of public hearing in the form required by the
<br />Act and Section 147(� of the Code was published in the Shoreview-Arden Hills Bulletin, the official
<br />newspaper of the City and a newspaper of general circulation in the City, on Wednesday,
<br />November 11, 2009.
<br />1.06. On the date hereof, the City held a public hearing on the Proj ect and the issuance of the
<br />Notes to finance the Proj ect.
<br />1.07. Pursuant to Section 469.154 of the Act, prior to the issuance of the Notes by the City, the
<br />Commissioner of the Minnesota Department of Employment and Economic Development ("DEED")
<br />
|