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D E C 1 2 2 0 0 1 1 1: 25 (�M F R BR I GGS � MORGAN s 5 � 223 6 4 5 0 TO 9651490229� P• 03 RESOLUTION N0. RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE $4,SOU,044 EDUCATIONAL FACILITIES REVENUE NOTE, SERIES 200 1 (CONCORDIA ACADEMY PROJECT) AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO BE TT RESOLVED by the City Council of City of Roseville, Minnesota (the "City"), as follows: SECTION 1. LEGAL UTHOXZTZATION AND FINDINGS. 11 Fir�d�n�s. 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 re�erred 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 $4,500,000 to provide funds to be loaned to Concordia Academy, a nonprofit corporation organized under the laws of the State of Minnesota (the `Borrower") for the purpose of refunding an e�sting mortgage note which financed improvements to the Mortgagor's high school facilities located at 2400 North Dale Street in the City and �tfl.az�cing the construction and equipping of an appro�mately 25,560 square foot three-level/two-story addition to the east-side of the Mortgagor's existing high school building consisting of an inforrnati0t�/technology center to house the existing distance learning lab, in�temet lab, language lab, and the special needs classroom, with lower level locker rooms and an elevator, for students in grades 9 through 12 (the "Project"). {c) As required by the Act and Section 147(� of the Internal Revenue Code of 1986, as amended (the "Code"), the City has, on December 17, 2001, held a public hearing on the issuance of the Note to finance the Project. (d) The issuance and sale of the $4,500,400 Educational Facilities Revenue Note, Series 2001 (Concordia Academy Project) (the "Note") by the City, pursuant to the Act, is in the best interest of the City, and the City hereby determines to issue the Note and to sell the Note to Premier Bank in Maplewood, Minnesota (the "Lender"), as provided herein The City will loan the proceeds of the Note (the "Loan") to the Borrower to finance the Project. (e) Pursuant to a Loan Agreement (the "Loan Agreement") to be entered into between the City and the Borrower, the Borrower has agreed to repay the Note in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Note. In addition, the Loan Agreement contains provisions relating to the completion, maintenance and operation of the Project, indemnification, insurance, and other agreements and covenants which are required or 13i2039v2