12-14 Resolution No. 11909RESOLUTION NO. 11909
RESOLUTION CONSENTING TO AND APPROVING THE
ISSUANCE BY THE CITY OF BETHEL OF ITS CHARTER
SCHOOL LEASE REVENUE OBLIGATIONS AND TAKING
OTHER ACTIONS WITH RESPECT THERETO
WHEREAS, the City of Richfield, Minnesota (the "City") is a home rule charter city and
political subdivision duly organized and existing under its Charter and the laws of the State of
Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as
amended (the "Act"), the City is authorized to carry out the public purposes described in the Act
by providing for the issuance of revenue bonds to provide funds to finance revenue producing
enterprises, whether or not operated for profit; and
WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a
municipality to issue obligations to finance the acquisition or improvement of property located
outside of the corporate boundaries of such municipality if the governing body of the city in
which the property is located consents by resolution to the issuance of such obligations; and
WHEREAS, Partnership Academy Association, a Minnesota nonprofit corporation and
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended (the "Company"), has requested that the City of Bethel, Minnesota (the "City of
Bethel") issue its revenue bonds, in one or more series, as taxable or tax-exempt obligations
(the "Bonds"), in a principal amount not to exceed $5,000,000, and loan the proceeds thereof to
the Company for the purpose of (i) financing the acquisition, construction, improvement and
equipping of a 7,540 square foot expansion to its existing approximately 40,022 square foot
public charter school facility (the "Original Facility") located at 6500 South Nicollet Avenue in the
City (the "Project") for use as a public charter school for students in pre -kindergarten through
eighth grade; (ii) financing capitalized interest during the construction of the Project, if
necessary; (iii) funding any required reserves; and (iv) paying costs of issuance of the Bonds;
and
WHEREAS, the Project will be owned by the Company and leased to and operated by
Partnership Academy, Inc., a Minnesota nonprofit corporation and public charter school (the
"School"), pursuant to a lease agreement; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), and regulations promulgated thereunder require that prior to the issuance of the Bonds,
the City Council of the City (the "City Council") consent to the issuance of the Bonds by the City
of Bethel after conducting a public hearing thereon preceded by publication of a notice of public
hearing (in the form required by Section 147(f) of the Code and applicable regulations) in a
newspaper of general circulation within the City at least seven (7) days prior to the public
hearing date; and
WHEREAS, a notice of public hearing was published at least seven (7) days before the
regularly scheduled meeting of the City Council on the date hereof in the Sun Current, the
official newspaper of and a newspaper of general circulation in the City, and a supplemental
notice of public hearing was posted on the public notice section of the City's website at least
Resolution No. 11909
seven (7) days before the regularly scheduled meeting of the City Council on the date hereof,
with respect to the required public hearing under Section 147(f) of the Code; and
WHEREAS, on the date hereof, the City Council conducted a public hearing at which a
reasonable opportunity was provided for interested individuals to express their views, both orally
and in writing, on the following: (i) consent to the issuance of the Bonds by the City of Bethel
pursuant to the requirements of Section 147(f) of the Code and the regulations promulgated
thereunder; and (ii) approval of the issuance of the Bonds by the City of Bethel to finance the
Project; and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Richfield,
Minnesota as follows:
1. The City Council finds that it is in the best interest of the City to approve the issuance
of the Bonds by the City of Bethel to finance the Project and hereby consents to the
issuance of the Bonds by the City of Bethel for the purposes set forth above in an
amount not to exceed $5,000,000.
2. The Bonds are to be issued by the City of Bethel pursuant to the Act. The Bonds will
constitute special, limited obligations of the City of Bethel secured solely by revenues
derived from the operation of the Project and other security provided by the
Company and the School, including but not limited to a mortgage on the land and
buildings comprising the Project. The Bonds will not constitute a general or moral
obligation of the City or the City of Bethel and will not be secured by any taxing
powers of the City or the City of Bethel.
3. The Mayor and the City Manager are hereby authorized and directed to execute and
deliver any documents deemed necessary to fulfill the intentions of this resolution.
4. The Mayor and City Manager and other officers, employees, and agents of the City
are hereby authorized and directed to prepare and furnish to bond counsel and the
original purchaser of the Bonds certified copies of all proceedings and records of the
City relating to the approval of the issuance of the Bonds, including a certification of
this resolution.
5. The Company will, upon demand, reimburse the City for costs paid or incurred by the
City in connection with this resolution.
6. This resolution shall be in full force and effect from and after its passage.
Approved by the City Council of the City of Richfield, Minnesota this 14th day of
December, 2021.
A" joy
F1
Maria Regan Gonzalez, Mayor
ATTEST:
Kari Sinning, City Clerk
Resolution No. 11909