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CITY �F ARDEN HILLS, MINNESOTA
<br />RESOLUTION NO. 2010-019
<br />follows:
<br />AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF EDiJCATIONAL
<br />FACILITIES REVENUE NOTES (NORTH�VESTERN COLLEGE PROJECT),
<br />SERIES 2010; APPROVING THE FO1�:M OF AND AUTHORIZING THE
<br />E�:ECUTION AND DELIVERY OF THE NOTES AND THE RELATED
<br />DOCUMENTS; AND PROVIDING FOR THE SECURITY, R�IGHTS, AND
<br />REMEDIES WITH RESPECT TO THE NOTES
<br />BE IT RESOLVED by the City Council of the City of Arden I�ills, Minnesota (the "City"), as
<br />Section l. Recitals.
<br />1.01. The City is a statutory city organized and existing under the Constitution and laws of the
<br />State of Minnesota.
<br />1.02. Pursuant to 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 />acquisitio�, construction, reconstruction, improvement, betterment or e�tension 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.
<br />1.03. Northwestern College, a Minnesota nonprofit corporation (the "Borrower"), has proposed
<br />that the City issue tax-exempt revenue obligations pursuant to the Act in one or more series in the
<br />approximate principal amount not to exceed $9,000,00� (the "Notes") and loan the proceeds of the Notes
<br />to the Borrower to finance the acquisition, construction and equipping of a portion of an approximately
<br />70,000 square foot student center facility, which wi11 provide new dining facilities, an expanded campus
<br />store, student lounges, study areas, of�ce space for student organizations, classroorns, and meeting
<br />spaces, to be located on the portion of the Northwestern Campus located within the City. The portion of
<br />the student center facility to be �nanced with the proceeds of the Notes will inclucle student lounges,
<br />study areas, student development offices and meeting space for student organizations, common areas,
<br />offices, the print shop, mail and shipping areas, receiving area, a conference room, the bookstore, the
<br />bookstore storage area, bookstore equipment, the telecommunications room, and a proportionate share of
<br />the mechanical room, electrical, elevators, stairs, bathrooms, j anitors' closets, hallways, furniture,
<br />signage, general equipment and furniture, site work, technology wiring, and technology equipment
<br />(collecti�ely, the "Project").
<br />1.04. The City has prepared an Application to the Minnesota Department of Employment and
<br />Economic Development ("DEED") for approval of the Project pursuant to the requirements of Section
<br />469.154 of the Act.
<br />1.05. Section 147(� of the Internal Revenue Code of 1986, as amended (the "Code"), and
<br />regulations promulgated thereunder, requires that prior to the issua�ce of the Notes, the City Council of
<br />the City (the "Council") approve the Notes after conducting a public hearing thereon preceded by
<br />publication of a notice of public hearing (in the form required by Sectian 147(� of the Code and
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