08-08 Resolution No. 11384 RESOLUTION NO. 11384
RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF
DEEPHAVEN, MINNESOTA OF ITS CHARTER SCHOOL LEASE
REVENUE BONDS, SERIES 2017A AND SERIES 2017B (SEVEN
HILLS PREPARATORY ACADEMY PROJECT) FOR A PROJECT
LOCATED IN THE CITY OF RICHFIELD
BE IT RESOLVED by the City Council (the "Council") of the City of Richfield, Minnesota
(the "City"), as follows:
Section 1. Recital. This Council has received notice that the City of Deephaven,
Minnesota (the "Issuer") intends to issue revenue bonds for the purpose of financing the
acquisition, construction and equipping of a public charter school located at 1401 West 76th
Street in the City (the "Project"), on behalf of SHPA ABC, a Minnesota nonprofit corporation (the
"Corporation"), and leased to and operated by Seven Hills Preparatory Academy (the
"Academy"), a Minnesota nonprofit corporation and a public charter school sponsored by the
Friends of Education.
Section 2. Findings. At a public hearing, duly noticed and held on the date hereof, in
accordance with Section 147(f) of the Internal Revenue Code of 1986, on the proposal to
approve the financing of the Project, all parties who appeared at the hearing were given an
opportunity to express their views with respect to the proposal to finance the Project and
interested persons were given the opportunity to submit written comments to the City Manager
before the time of the hearing. Based on the public hearing, such written comments (if any) and
such other facts and circumstances, as this Council deems relevant, this Council hereby finds,
determines and declares as follows:
(a) The Issuer intends to issue revenue bonds on behalf of the Corporation
for a public education facility. Based on the representations of the Corporation and the
Academy, the financing will consist of the issuance by the Issuer of its (i) Charter School
Lease Revenue Bonds (Seven Hills Preparatory Academy Project), Series 2017A (the
"Series 2017A Bonds") and (ii) Taxable Charter School Lease Revenue Bonds (Seven
Hills Preparatory Academy Project) Series 2017B (the "Series 2017B Bonds," and
collectively with the Series 2017A Bonds, the "Bonds") for the purpose of: (i) financing
the acquisition, construction and equipping of the Project; (ii) funding a debt service
reserve fund; (iii) paying a portion of the interest on the Bonds; and (iv) paying a portion
of the costs of issuing the Bonds.
(b) The estimated maximum aggregate face amount of the Bonds is
$15,500,000.
(c) The Project will be owned by the Corporation and leased to and operated
by the Academy.
Section 3. Approval. The City hereby approves the issuance of the Bonds by the City of
Deephaven, Minnesota, to finance the Project.
Adopted by the City Council of the City of Richfield, Minnesota, this 8th day of August,
2017.
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Pat Elliott, Mayor
Elizabeth anHoose, City Clerk