HomeMy WebLinkAbout2014-029 CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2014-029
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA,
APPROVING THE ISSUANCE OF PUBLIC FINANCE AUTHORITY REVENUE BONDS IN A
MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $26,000,000 FOR THE PURPOSES OF
FINANCING AND REFINANCING THE COSTS OF ACQUISITION, CONSTRUCTION,
IMPROVEMENT, RENOVATION AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES
OF THE UNIVERSITY OF NORTHWESTERN-ST. PAUL AND OTHER MATTERS RELATING
THERETO
WHEREAS, it has been requested that the Public Finance Authority (the "Authority") participate
in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed
$26,000,000(the 'Bonds")to be used, in part, to(a)currently refund all of the outstanding City of Arden
Hills, Minnesota Adjustable Rate Revenue Bonds (Northwestern College Project), Series 2010(the "Prior
Bonds"), the proceeds of which were used to finance and reimburse the Borrower for the costs of
constructing and equipping the Billy Graham Community Life Commons, an approximately 70,000
square foot facility consisting of dining facilities,a campus store and storage areas, student lounges,study
areas, office and meeting spaces for student organizations, classrooms, common areas, offices, mail and
shipping areas, receiving areas, a conference room, information technology and telecommunications
rooms, located on the portion of the Main Campus located in Arden Hills, Minnesota (the "Project"); (b)
fund capitalized interest on a portion of the Bonds; (c) fund a debt service reserve fund for the Bonds, if
any; and (d)pay certain costs of issuance of the Bonds and of refunding the Prior Bonds. The Project and
all facilities financed or refinanced with the proceeds of the Bonds are or are to be owned and operated by
the Borrower.
WHEREAS, Section 66.0304(1 l) of the Wisconsin Statutes provides that the Authority may not
issue bonds to finance a capital improvement project in any state or territory of the United States unless a
political subdivision within whose boundaries the project is to be located has approved the financing of
the project; and
WHEREAS, the Borrower has represented to the City of Arden Hills, Minnesota(the "City")that
the facilities constituting the Project and to be financed or refinanced are located within the territorial
limits of the City; and
WHEREAS,the members of the City Council of the City are the governing body of the City;and
WHEREAS, it is intended that this resolution shall constitute the approval of the financing of the
Project as required by Section 66.0304(11);
NOW THEREFORE, BE IT RESOLVED AND ORDERED by the City Council of the City as
follows:
I. The City Council hereby approves the issuance of the Bonds by the Authority for the
facilities to be financed and refinanced thereby. It is the purpose and intent of the City Council that this
resolution constitute approval of the financing of the Project for the purposes of Section 66.0304(11) of
the Wisconsin Statutes. The City does not bear any responsibility for the tax-exempt status of the Bonds,
the debt service on the Bonds or any other matters related to the Bonds.
I/3583945.2
2. The Mayor and the staff of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which they deem
necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this
resolution and the financing transaction approved hereby.
3. This resolution shall take effect immediately upon its adoption.
ADOPTED BY THE CTTY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA,
THIS 12T`r DAY OF MAY,2014.
----------_ --
David Grant, Mayor
Attest:
Patrick Klaers, City Administrator
I
1/3583945.2
I
i
CERTIFICATE
I, the undersigned, being the duly qualified and acting City Administrator of the City of Arden
Hills, Minnesota, do hereby certify that the attached resolution is a full, true and complete resolution
adopted by the City Council of said City on the date therein indicated.
WI"I'NESS my hand this 1.2t"day of May, 2014.
h 6—
Patrick Klaers,City Administrator
I/3583945.2