|
55 RESOLUTION NO.
<br />57 RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE
<br />58 $7,000,000 EDUCATIONAL FACILITIES REVENUE NOTE, SERIES 2008
<br />5 (CONCORDIA ACADEMY ASSOCIATION OF SCHOOLS PROJECT)
<br />f10 AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO
<br />I WHEREAS, Federal and state laws permit counties to issue pass through conduit debt for
<br />61, 2 nonprofit organizations and other entities in support of qualifi ed ("non -s tarian ") projects; and
<br />WHEREAS, the objective of conduit financing is to afford organizations the ability to
<br />realize a reduction in the interest rate for a project, and the community to gain through the achievement of
<br />6,j 5 an identified public purpose; and,
<br />WHEREAS, Concordia Academy Association of Schools (the "Borrower") , a Minnesota
<br />6,, 7 nonprofit corporation, located at 2400 North Dale Street in the City of Roseville, Minnesota (the "city")
<br />E,,,,8 and at 8201 Park Avenue South in the City of Bloomington, Minnesota (Bloomington) has undertaken a
<br />project to improve and expand its high school facilities; and
<br />70 WHEREAS, at its regular meeting on March 17, 2008, the City held a public hearing to
<br />7 receive and consider information from the public related to the project and the Council granted preliminary
<br />72 approval to the project and the financing.
<br />7`31' NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville,
<br />T1 Minnesota (the "City") , as follows:
<br />75 SECTION 1. LEGAL AUTHORIZATION AND FINDINGS.
<br />7 Ci, 1.1 Find . The City hereby finds, determines and declares as follows:
<br />77 (a) The City is authorized under Minnesota Statutes, Section 469.152 to 469.1 1, as
<br />78 amended (the "Act") to assist the revenue producing project herein referred to, and to issue and sell
<br />7 the Note, as hereinafter defined, for the purpose, in the manner and upon the terms and conditions
<br />set forth in the Act and in this Resolution.
<br />(b) The City has received a proposal that it issue its revenue note in the aggregate
<br />principal amount of $7,000,000 to provide funds to be loaned to the Borrower to provide long-term
<br />financing for additional high school educational facilities of the Borrower located at 2400 North
<br />Dale Street in the City and for the acquisition of the high school facility located at 8201 Park
<br />Avenue South in Bloomington and certain renovations thereto (collectively, the Project
<br />(c) As required by the Act and Section 147 (f) of the Internal Revenue Code of 1986, as
<br />amended (the Code"), the City has, on March 17, 2008, held a public hearing on the issuance of the
<br />Note to finance the Project.
<br />(d) The issuance and sale of the $7,000,000 Educational Facilities Revenue Note, Series
<br />2008 (Concordia Academy 'Association of Schools Project) (the "Note ") by the City, pursuant to the
<br />Act, is in the best interest of the City, and the City hereby determines to issue the Note and to sell
<br />Page 4 of 10
<br />
|