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RESOLUTION NO. 10606A RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE $7,000,000 EDUCATIONAL FACILITIES REVENUE NOTE, SERIES 2008 (CONCORDIA ACADEMY ASSOCIATION OF SCHOOLS PROJECT) AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO WHEREAS, Federal and state laws permit counties to issue pass through conduit debt for nonprofit organizations and other entities in support of qualified ("non-sectarian") projects; and WHEREAS, the objective of conduit financing is to afford organizations the ability to realize a reduction in the interest rate for a project, and the community to gain through the achievement of an identified public purpose; and, WHEREAS, Concordia Academy Association of Schools (the "Borrower"), a Minnesota nonprofit corporation, located at 2400 North Dale Street in the City of Roseville, Minnesota (the "City") and at 8201 Park Avenue South in the City of Bloomington, Minnesota (Bloomington) has undertaken a prof ect to improve and expand its high school facilities; and WHEREAS, at its regular meeting on March 17, 2008, the City held a public hearing to receive and consider information from the public related to the project and the Council granted preliminary approval to the project and the financing. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, Minnesota (the "City"), as follows: SECTION 1. LEGAL AUTHORIZATION AND FINDINGS 1.1 Findings. The City hereby finds, determines and declares as follows: (a) The City is authorized under Minnesota Statutes, Section 469.152 to 469.1651, as amended (the "Act") to assist the revenue producing project herein referred to, and to issue and sell the Note, as hereinafter defined, for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution. (b) The City has received a proposal that it issue its revenue note in the aggregate principal amount of $7,000,000 to provide funds to be loaned to the Borrower to provide long- term financing for additional high school educational facilities of the Borrower located at 2400 North Dale Street in the City and for the acquisition of the high school facility located at 8201 Park Avenue South in Bloomington and certain renovations thereto (collectively, the "Project"). (c) As required by the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City has, on March 17, 2008, held a public hearing on the issuance of the Note to finance the Project. Page 3 of 9