13-10818r RESOLUTION NO. 10818
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF AN EDUCATONAL FACILITIES REVENUE REFUNDING NOTE UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1655
(ACADEMY OF HOLY ANGELS PROJECT)
BE IT RESOLVED, by the City Council (the "Council") of the City of Richfield,
Minnesota (the "City") as follows:
1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152
through 469.1655 as amended, (the "Act"), is, among other things, to promote the welfare
of the State of Minnesota (the "State") by the active attraction and encouragement and
development of economically sound industry and commerce to prevent so far as possible
the emergence of blighted and marginal lands and areas of chronic unemployment.
2. Description of the Project.
(a) The Academy of Holy Angels (the "Borrower"), a Minnesota nonprofit
corporation and organization described in Section 501(c)(3) of the Internal Revenue Code
of 1986, as amended (the "Code") has proposed that the City of Lilydale, Minnesota (the
"Issuer") issue a revenue note under the Act, in one or more series, in an aggregate
amount not to exceed $3,000,000 (the "Note") to (i) refund the City of Minneapolis,
Minnesota Educational Facilities Revenue Note, Series 2008A and Series 2008B
(Academy of Holy Angels Project) (the "Series 2008 Notes"), the proceeds of which were
used to finance a multi-purpose athletic facility including the acquisition and installation of
a forced-air inflation blower/heating system, approximately 80,000 square feet of
monofilament artificial turf and air-supported seasonal fabric dome located on the campus
of the education facility owned by the Borrower at 6600 Nicollet Avenue South in the City
(the "School"); (ii) refund the City of Richfield Educational Facilities Revenue Bond, Series
2010A (Academy of Holy Angles Project) (the "Series 2010 Note" and, together with the
Series 2008 Notes, the "Prior Notes"), the proceeds of which were used to finance costs
related to the installation and repair of a roof on the School; and (iii) finance the acquisition
of computers and other equipment to be located at the School (collectively, the "Project").
The School is owned and operated by the Borrower.
(b) The City has been advised that the Note or other obligations, as and when
issued, will not constitute a charge, lien or encumbrance upon any property of the City or
the Issuer, except the Project and the revenues to be derived from the Project. Such Note
or obligations will not be a charge against the general credit or taxing powers of the City or
the Issuer, but is payable from sums to be paid by the Borrower pursuant to a revenue
agreement.
3. Recital of Representations Made by the Borrower.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Note, whether or not such issuance is carried to
completion.
(b) The Borrower has represented to the City that no public official of the City
has either a direct or indirect financial interest in the Project nor will any public official
either directly or indirectly benefit financially from the Project.
4. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code a Notice of Public
Hearing was published in the City's official newspaper and newspaper of general
circulation, for a public hearing on the proposed issuance of the Note and the proposal to
undertake and finance the Project.
(b) As required by the Act and Section 147(f) of the Code the Council has on this
same date held a public hearing on the issuance of the Note and the proposal to undertake
and refinance the School, which is located within the jurisdictional limits of the City, at
which all those appearing who desired to speak were heard and written comments were
accepted.
5. Host Approval; Consent to Refunding. The Council hereby gives the host
approval required under Section 147(f) of the Code and, pursuant to Minnesota Statutes,
Sections 471.656, Subd. 2(2) and 469.155 Subd. 12, the Council hereby consents to the
issuance of the Note by the Issuer to refinance the Project and refund the Prior Notes.
The City hereby consents to the Borrower calling the Prior Notes for redemption.
TIFY THAT the above resolution was adopted by the Richfield City Council on
J c, 2013.
WITNESSED:
SIG■∎ D \..4A,
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:tev_ . . De is , ity '('- "ager Nancy Gibbs,�ity Clerk
-7/ I13 7/<;3/i3
Date Date
1 " -e A r d"A.e":" \--A.6t-' '1,,c,.L, ,--434:/k)
ebbie Goettel, Ma/a or Nancy Gibb sity Clerk
-7/ 5 -7p3ii3
Date Date