HomeMy WebLinkAbout2008-033
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~HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2008-033
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARDEN HILLS,
MINNESOT A~ APPROVING THE ISSUANCE OF COLORADO EDUCATIONAL AND
CULTURAL FACILITIES AUTHORITY REVENUE BONDS IN A MAXIMUM
AGGREGATE PRINCIPAL AMOUNT OF $9,000,000 FOR THE PURPOSES OF
FINANCING AND REFINANCING THE COSTS OF ACQUISITION,
CONSTRUCTION, IMPROVEMENT, RENOVATION AND EQUIPPING OF CERTAIN
FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, it has been requested that the Colorado Educational and Cultural Facilities
Authority (the '"'Authority"") participate in the issuance of one or more series of revenue bonds in
an aggregate principal amount not to exceed $9,000,000 (the "'Bonds") to be used to: (a) finance
the costs of, or reimburse the Northwestern College (the "'Institution") for the costs ot: certain
higher education facilities and related costs, including but not limited to (i) acquisition,
renovation and equipping of an office building located at 2803 Lincoln Drive, Roseville,
Minnesota 55113, (ii) planning and capital construction costs of campus roadways and a parking
facility on the Institution's main campus located at 3003 Snelling A venue North, Roseville,
Minnesota 55113 (the ~'Main Campus") and (iii) capital campus landscaping costs on the Main
Campus (collectively, the "'ProjecC'); (b) fund capitalized interest on the Bonds, if any; (c) fund
any required debt service reserve fund; and (d) pay certain costs of issuance of the Bonds,
including initial costs of any credit enhancement. The Institution will be the initial owner and
operator of the Project; and
WHEREAS, pursuant to Section 147(t) of the Code, prior to their issuance, the Bonds
are required to be approved by the "applicable elected representative" of the governmental unit
having jurisdiction over the entire area in which any facility financed or refinanced by the Bonds
is to be located, after a public hearing held following reasonable public notice; and
WHEREAS, the Institution has represented to the City of Arden Hills (the "'City'~) that a
portion of the facilities located at 3003 Snelling Avenue North, Roseville, Minnesota 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 applicable elected
representatives of the City; and
WHEREAS, Bond Counsel has advised that there has been published, at least 14 days
prior to the date hereof, in a newspaper of general circulation within the City, a notice that a
public hearing regarding the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on the this date by the City Council of
the City, at which time an opportunity was provided to interested parties to present arguments
both for and against the issuance of the Bonds; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds and the facilities required by Section 147(f) of the Code;
WHEREAS, the City has been informed that the Bonds will not constitute a debt or
liability of the City and the City shall have no payment obligations with respect to the Bonds;
NOW THEREFORE, BE IT RESOLVED AND ORDERED by the City Council of
the City as follows:
1. 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 constitutes approval of the Bonds for the purposes of Section 147(f)
of the Code for the facilities. The City does not bear any responsibility for the tax-exempt status
of the Bonds, the debt service on the Bonds or any other matter related to the Bonds.
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 CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS
14TH DAY OF JULY, 2008.
A~:,
Ronald J. M
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CERTIFICATE
I, the undersigned, being the duly qualified and Assistant 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.
WITNESS my hand this 15th day of July, 2008.
~~C. Ad ~..
oa Imon, SSIS ant Ity mlnlstrator
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