08-10094rRESOLUTION NO. 10094
CITY OF RICHFIELD, MINNESOTA
APPROVING THE ISSUANCE OF ONE OR MORE SERIES OF REVENUE
NOTES BY THE CITY OF MINNEAPOLIS, MINNESOTA UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1651, AS
AMENDED, TO FINANCE IMPROVEMENTS TO THE EXISTING
FACILITY OF ACADEMY OF HOLY ANGELS LOCATED IN THE CITY OF
RICHFIELD, MINNESOTA
WHEREAS, under the Minnesota Municipal Industrial Development Act,
Minnesota Statutes, Sections 469.152-469.165, as amended (the "Act"), each
municipality and redevelopment agency of the State of Minnesota (as defined in the
Act), including the City of Minneapolis, Minnesota ("Minneapolis"), is authorized to issue
revenue obligations to finance improvements to land and buildings for the benefit of a
revenue producing enterprise to be owned by a contracting party (as defined in the
Act);
WHEREAS, at the request of Academy of Holy Angels, a Minnesota nonprofit
corporation (the "Borrower"), Minneapolis proposes to issue one or more series of
revenue obligations under the terms of the Act and loan the proceeds derived from the
sale of the obligations to the Borrower to finance the following costs associated with a
multi-purpose athletic facility of the Borrower: (i) acquisition and installation of (a) a
forced-air inflation blower/heatin system; (b) approximately 80,000 square feet of
monofilament artificial turf; and (c~ air-supported seasonal fabric dome (collectively, the
"Project"); and (ii) the costs of issuing the obligations; and
WHEREAS, pursuant to Minnesota Statutes, Section 471.656, Subdivision 2(2),
a municipality may issue obligations to finance the acquisition or improvement of real
property located outside of its corporate boundaries for property constituting a single
project located in a city if the governing body of the city consents, by resolution, to
issuance of such obligations; and
WHEREAS, pursuant to Section 469.155, subdivision 9, of the Act, a municipality
may enter into an agreement to issue revenue bonds in behalf of one or more other
municipalities for a project (as defined in the Act); and
WHEREAS, on May 13, 2008, the City conducted a public hearing on the Project,
at which a reasonable opportunity was provided for interested individuals to ex ress
their views, both orally and in writing, on the Project and. the proposed issuance ofpsuch
revenue obligations by Minneapolis; and
WHEREAS, pursuant to Section 46X.04, subdivision 2, of the Act, and
Section 147(f) of the Internal Revenue Code of 1986, as amended, notice of such
hearing (the "Public Notice"), was published in the Sun Current, the official newspaper
of the City and a newspaper circulating generally in the City, on April 24, 2008, a date at
least fourteen (14) days before a meeting of the City Council of the City on May 13,
2008; and
WHEREAS, the Public Notice provided a general, functional description of the
Project, as well as the maximum aggregate face amount of the obligations to be issued
for the purposes referenced above, the identity of the owner of the Project, and the
location of the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF RICHFIELD, MINNESOTA THAT:
Section 1. Approval of Issuance of Note by Minneapolis.
1.01. The City hereby approves and authorizes the issuance by Minneapolis of
one or more series of Educational Facilities Revenue Notes (Academy of Holy Angels
Pro1ect), Series 2008 (the "Notes"), in an aggregate principal amount not to exceed
$1,500,000, to finance the Project.
1.02 The Notes are to be issued pursuant to authority granted by the Act. The
Notes will constitute revenue obligations secured solely by the Project, revenues
derived from the operation of the Project, and other security provided by the Borrower.
The Notes will not constitute a general or moral. obligation of Minneapolis or the City, or
be secured by any taxing power of Minneapolis or the City.
1.03. The City has determined that it is desirable, feasible, and consistent with
the objectives and purposes of the Act, and it is in the best interests of the City, to
approve the issuance of the Notes by Minneapolis to provide: (i) financing for the
acquisition and installation of the Project; and ii) financing for the payment of the costs
of issuance and other related costs with respect to the Notes.
Section 2. Coo eration A reement. A Cooperation Agreement, to be dated on or
after May 1, 2008, etween Minneapo is and the City (the "Cooperation Agreement") is
hereby approved, in substantially the form on file with the City. The Mayor and City
Manager of the City are authorized and directed to execute and deliver the Cooperation
Agreement, with such necessary and appropriate variations, omissions, and insertions
as do not materially change the substance thereof, or as the Mayor and City Manager,
in their discretion, shall determine, and the execution thereof by the Mayor and City
Manager shall be conclusive evidence of such determination.
Section 3. Documents Furnished. to Bond Counsel.. The Mayor, City Manager,
and other officers o t e ity are authorize and directed to furnish to Kennedy &
Graven, Chartered, as bond counsel ("Bond Counsel"), certified copies of all
proceedings and records of the City relating to such affidavits, certificates, and other
documents as may be required by Bond Counsel to show the facts relating to the
legality of the Cooperation Agreement and related documents, as such facts appear
from the books and records in the custody and control of such officers or as otherwise
known to them; and all such certified copies, certificates, affidavits, and other
documents, including any heretofore furnished, shall constitute representations of the
City as to the truth of all statements contained therein.
Section 4. Costs. The execution and delivery of the Cooperation Agreement by
the City is conditionec~on the reimbursement by the Borrower to the City of costs paid or
incurred by the City in connection with this resolution or an agreement by the Borrower
to pay the costs paid or incurred by the City in connection with this resolution.
Section 5. Effective Date. This Resolution shall be in full force and effect from
and after its passage this 3th day of May, 2008.
CITY OF RICHFIELD, MINNESOTA
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De ie oette , ayor
ATTEST:
Nancy ibbs, y erk