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132755433v2 <br /> <br /> <br />Extract of Minutes of a Meeting of the <br />City Council of the City of Gem Lake <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Gem Lake was duly held in the City of Gem Lake, Minnesota, on Tuesday, May 21, 2024, at <br />7:00 o’clock P.M. <br />The following members were present: Mayor Artig-Swomley and Councilmembers <br />Lindner, Cacioppo, Johnson and Amlee. <br />and the following were absent: <br /> <br />During said meeting Councilmember Lindner introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 2024-0010 <br />RESOLUTION APPROVING THE ISSUANCE AND SALE OF <br />EDUCATIONAL FACILITIES REVENUE NOTES AND AUTHORIZING <br />THE EXECUTION OF DOCUMENTS RELATING THERETO <br />(WHITE BEAR MONTESSORI SCHOOL, INC. PROJECT) <br />WHEREAS, <br />(a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165, as <br />amended (the “Act”), as found and determined by the legislature, is to promote the welfare of the <br />state by the active attraction and encouragement and development of economically sound industry <br />and commerce to prevent so far as possible the emergence of obligated and marginal lands and <br />areas of chronic unemployment; <br />(b) The City of Gem Lake, Minnesota (the “City”) desires to facilitate the <br />selective development of the community, retain and improve the tax base and help to provide the <br />range of services and employment opportunities required by the population, including educational <br />services to its youth; and the Project, as defined below, will assist the City in achieving those <br />objectives and will enhance the image and reputation of the community; <br />(c) White Bear Montessori School, Inc., a Minnesota nonprofit corporation (the <br />“Borrower”), and an organization described in Section 501(c)(3) of the Internal Revenue Code of <br />1986, as amended (the “Code”), has proposed that the City undertake a program to finance the <br />Project through the issuance of revenue notes or other obligations, in one or more series (the <br />“Notes”), pursuant to the Act and in an aggregate principal amount not to exceed $3,500,000;