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CITY OF GEM LAKE RESOLUTIONNO. 98-05 15. June 1999 A RESOLUTION GIVING PRELIMINARY APPROVAL TOAPROJECT AND ITS FINANCING UNDERTHE MUNICIP.AL.INDUSTRIA.L DEVELOPMENT ACT ON BEHALF OF WHITE BEAR LAKE MONTESSORI SCHOOL WHEREAS, this Council has:received-a, proposal that the City issue. revenue bonds to finance capital improvements; (the "Project" ).pursuant to Minnesota Statutes, Sections.469.152.to 4G9.165, as amended '(the "Act"), on behalf of Whit4.Bear Lake Montessori School (the "Borrower" 1, a.Minnesotanonprofit corporation, consisting.ofthe.issuance of up to $:1.,000,000 rev me, bonds on behalf of the Borrower, and WHEKREAS,,the Project consists of the acquisition and remodeling of,.:and an approximately 0,900 square footaddition to, an existing e.hurch-buildinb for use as a private school located at 1201 Couitty:ltoad ".E" East, Gem Lake; Minnesota-: d WHEREAS, under thee proposal, the Borrower will enter into oneor more revenue agreements with the City upon such. terms and conditions as are necessary to provide income and revenues.suffcientto pay when due the principal of and the interest on tip to approximately $1,000,000 revenue bonds of. the City (the."Secies.I998 Notes"), fhee.proceeds.ol`which will. be loaned:Lo the Borrower to provide moneys for the capital improvements; and the*City will .pledge their interest-iit the revenue agreement to.secure the Series 1998 Notes, and kEkEAS; this. Council conducted a public.hearingon..23 February 1998.Vhich was continued on 15 dine 1998 of .the.prgposal following a: notice stating an estimate of the principal.amount:of bonds of other obligations to be issued to fund.the.capital improvements; and stating. that..all. parties who appear at tlte. pul lio:hearing.shall.have ad opportunity to express their views, orally or in writing, with respect to the proposal; and WHEREAS, the Borrower has;agreed to pay any and all costs incurred by the City in connection with .the proposed: financing whether or not such financing is carried -to completion: NOW -THEREFORE BE IT RESOLVED BY THE'CITY'COUNCIL OFT -HE CITY OF GEM LAKE: That the proposal to finance..capital improverncnts (the." Transaction") is hereby given Oreliminaryapproval, subject to final approval by this Council and by the purchasers ofthe:Series.1998 Notes aa.to .the terms*of the: Series 1998 Notes. Be it further resolved that the issuance of one or more series of revenue bonds pursuant to..the Act in. an aggregate principal amount not to exceed approximately $1,000,000'to coihoete•the Transaction is hereby .approved, :subjectto.final approval by this Council of the terms oftliebonds.and.tlte:documents'fo b6chtered into in connection with the issuance thereof. Be it -further resolved that the Borrower, Faegre.& Benson LLP as bond counsel,. Kennedy & Graven as:Special Counsel to the City, the :Mayor, the City Clerk, the Treasurer; the City -Attorney, $nd.other city officers and representatives are also authorized to - initiate the preparation of a proposed loan agreement and such other documents as may be necessary or appropriate to the Transaction so that, when. and if this Council gives it'.s: final approval, .the. Transaction :may be carried forward ekpeditiously. r�