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RESOLUTION NO. <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />THE ISSUANCE OF ADJUSTABLE RATE DEMAND REVENUE BONDS AND <br />AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />(NORTHWESTERN COLLEGE PROJECT) <br />(a) WHEREAS, Article 15, Title 23 of Colorado Revised Statutes and the Supplemental <br />Public Securities Act, Part 2, Article 57, Title 11 of the Colorado Revised Statutes (the "Act"), gives the <br />Colorado Educational and Cultural Facilities Authority ( "CECFA ") the power to issue revenue obligations <br />for the purpose of financing projects which are permitted pursuant to the Act; and <br />(b) WHEREAS, CECFA has received from Northwestern College (the "Institution "), a <br />proposal that CECFA undertake a program to assist in financing, among other things, a loan to the <br />Institution to finance the proj ect described in Exhibit A (the "Prcj ect "), a portion of which is located in the <br />City of Roseville, Minnesota (the "City "), through the issuance of revenue bonds (in one or more series) <br />(the "Bonds ") pursuant to the Act; and <br />(c) WHEREAS, the City has been advised that a public hearing and City Council approval <br />of the financing of the Project is required under Section 1470 of the Internal Revenue Code because a <br />portion of facilities to be financed by the Bonds are located in the City: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, <br />Minnesota, as follows: <br />1. A public hearing on the proposal of the Institution will be held at the time and place <br />set forth in the Notice of Public Hearing attached hereto as Exhibit A. <br />2. The City Manager is hereby authorized and directed to cause notice of the hearing to <br />be given one publication in the official newspaper of the City and a newspaper of general circulation <br />available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, <br />substantially in the form of the attached Notice of Public Hearing. <br />Adopted by the City Council of the City of Roseville, Minnesota, this 9th day of June, 2008. <br />Mayor <br />ATTEST: <br />Page 4 of 6 <br />