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CITY OF ARDEN HILLS,MINNESOTA
<br /> RESOLUTION NO.2009-036
<br /> GIVING PRELIMINARY APPROVAL 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 1. 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 project, 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 profit.
<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(f) 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(f) 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(f) 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 Project and the issuance of the
<br /> Notes to finance the Project.
<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")
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