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APPROVING THE ISSUANCE, SALE, AND DELIVERY OF ADJUSTABLE RATE
<br />REVENUE BONDS (NORTHWESTERN COLLEGE PROJECT), SERIES 2010, FOR
<br />THE BENEFIT OF NORTHWESTERN COLLEGE, PAYABLE SOLELY FROM
<br />REVENUES PLEDGED PURSUANT TO AN INDENTURE; APPROVING THE FORM
<br />OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS AND
<br />RELATED DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, AND
<br />REMEDIES WITH RESPECT TO THE BONDS
<br />BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City as follows:
<br />Section 1. Recitals.
<br />IW NHILLS
<br />CITY OF ARDEN HILLS,
<br />MINNESOTA
<br />RESOLUTION NO. 2010-061
<br />1.01. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the "Act the
<br />City is authorized to issue revenue bonds to finance, in whole or in part, the cost of the acquisition, construction,
<br />reconstruction, improvement, betterment or extension of a project, defined in the Act as including any properties,
<br />real or personal, used or useful in connection with a revenue producing enterprise.
<br />1.02. Northwestern College, a Minnesota nonprofit corporation (the "Borrower has proposed that the
<br />City issue tax exempt revenue obligations (the "Bonds pursuant to the Act in one or more series in the
<br />approximate principal amount not to exceed $9,000,000 and loan the proceeds thereof to the Borrower to finance
<br />the acquisition, construction and equipping of a portion of an approximately 70,000 square foot student center
<br />facility, which will provide new dining facilities, an expanded campus store, student lounges, study areas, office
<br />space for student organizations, classrooms, and meeting spaces, to be located on the portion of the Northwestern
<br />Campus located within the City. The portion of the student center facility to be financed with the proceeds of the
<br />Bonds will include student lounges, study areas, student development offices and meeting space for student
<br />organizations, common areas, offices, the print shop, mail and shipping areas, receiving area, a conference room,
<br />the bookstore, the bookstore storage area, bookstore equipment, the telecommunications room, and a
<br />proportionate share of the mechanical room, electrical, elevators, stairs, bathrooms, janitors' closets, hallways,
<br />furniture, signage, general equipment and furniture, site work, technology wiring, and technology equipment
<br />(collectively, the "Project
<br />1.03. On November 30, 2009, pursuant to Section 147(0 of the Internal Revenue Code of 1986, as
<br />amended (the "Code and regulations promulgated thereunder, the City Council of the City (the "Council
<br />conducted a duly noticed public hearing (the "Public Hearing at which a reasonable opportunity was provided
<br />for interested individuals to express their views, both orally and in writing, on the proposed issuance of the Bonds
<br />to finance the acquisition, construction, and equipping of the Project and to pay certain costs related to the
<br />issuance of the Bonds. The Public Hearing was preceded by publication of a notice of public hearing (in the form
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