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CITY OF ARDEN HILLS,MINNESOTA
<br /> RESOLUTION NO.2010-019
<br /> AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF EDUCATIONAL
<br /> FACILITIES REVENUE NOTES (NORTHWESTERN COLLEGE PROJECT), -
<br /> SERIES 2010; APPROVING THE FORM OF AND AUTHORIZING THE
<br /> EXECUTION AND DELIVERY OF THE NOTES AND THE RELATED
<br /> DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, AND
<br /> REMEDIES WITH RESPECT TO THE NOTES
<br /> BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as
<br /> follows:
<br /> Section 1. Recitals.
<br /> 1.01. The City is a statutory city organized and existing under the Constitution and laws of the
<br /> State of Minnesota.
<br /> 1.02. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1651, as amended (the
<br /> "Act"), the City is authorized to issue revenue bonds to finance, in whole or in part, the cost of the
<br /> acquisition, construction, reconstruction, improvement, betterment or extension of a project, defined in
<br /> the Act as including any properties, real or personal, used or useful in connection with a
<br /> revenue-producing enterprise.
<br /> 1.03. Northwestern College, a Minnesota nonprofit corporation(the"Borrower"), has proposed
<br /> that the City issue tax-exempt revenue obligations pursuant to the Act in one or more series in the
<br /> approximate principal amount not to exceed $9,000,000 (the "Notes") and loan the proceeds of the Notes
<br /> to the Borrower to finance the acquisition, construction and equipping of a portion of an approximately
<br /> 70,000 square foot student center facility, which will provide new dining facilities, an expanded campus
<br /> store, student lounges, study areas, office space for student organizations, classrooms, and meeting
<br /> spaces, to be located on the portion of the Northwestern Campus located within the City. The portion of
<br /> the student center facility to be financed with the proceeds of the Notes will include student lounges,
<br /> study areas, student development offices and meeting space for student organizations, common areas,
<br /> offices, the print shop, mail and shipping areas, receiving area, a conference room, the bookstore, the
<br /> bookstore storage area, bookstore equipment, the telecommunications room, and a proportionate share of
<br /> the mechanical room, electrical, elevators, stairs, bathrooms, janitors' closets, hallways, furniture,
<br /> signage, general equipment and furniture, site work, technology wiring, and technology equipment
<br /> (collectively,the"Project").
<br /> 1.04. The City has prepared an Application to the Minnesota Department of Employment and
<br /> Economic Development ("DEED") for approval of the Project pursuant to the requirements of Section
<br /> 469.154 of the Act.
<br /> 1.05. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and
<br /> regulations promulgated thereunder, requires that prior to the issuance of the Notes, the City Council of
<br /> the City (the "Council") approve the Notes after conducting a public hearing thereon preceded by
<br /> publication of a notice of public hearing (in the form required by Section 147(f) of the Code and
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