Res 1999 - 50 Calling a Public Hearing on Proposed Educational Facilities Project & the Proposed Issuance Therefor of Revenue Bonds by the City of Mendota Heights, MNAfter some discussion, Council member introduced the following
resolution and moved its adoption:
RESOLUTION NO. 99-50 ,
RESOLUTION CALLING A PUBLIC HEARING ON PROPOSED
EDUCATIONAL FACILITIES PROJECT AND THE PRQPOSED
ISSUANCE THEREFOR OF REVENUE BONDS BY THE
CITY OF MENDOTA HEIGHTS, MINNESOTA
WHEREAS, the City Council of the City of Mendota Heights, Minnesota (the
"City"), has received a request from St. Thomas Academy a Minnesota nonprofit corporation
(referred to as the "Borrower"), for the City to issue its revenue bonds (the "Bonds") in an
aggregate principal amount not to exceed $9,500,000 pursuant to the Minnesota Municipal
Industrial Development Act, Minnesota Statutes, Section 569.152 to 469.1651, as amended
(the "Industrial Development Act" or the "Act"); and
WHEREAS, the proceeds of the Bonds would be loaned to the Borrower to
finance the acquisition, construction and equipping of a new middle school addition to,
together with renovation and remodeling of, the Borrower's existing educational facilities,
together with the acquisition of unimproved land, as well as to fund required reserves and to
partially defray costs of issuance of the Bonds, all as authorized by the Act (Such financing
and improvement of the facilities generally referred to as the "Project")' and
WHEREAS, pursuant to the Act and Section 14�(fl of the Internal Revenue
Code of 1986, as amended, it is necessary for the City to conduct a public hearing before the
City issues the Bonds; and
WHEREAS, the Borrower has agreed to reimburse the City far the cost of
publication of notice of the hearing in the official newspaper of the city;
NOW, THEREFORE, be it resolved by the City Council of the City of Mendota
Heights, Minnesota, that:
1. The City Council shall hold a public hearing on the Project an�d the
issuance of the Bonds on Tuesday, October 5, at 7:30 o'clock P.M., at the City Hall in
Mendota Heights, Minnesota. The City Clerk or any employee of the City shall publish or
cause to be published a legal notice in connection therewith, substantially in the form
attached hereto as Exhibit A.
2. The Borrower, Dorsey & Whitney LLP, as bond counsel, officers of the
City, and other City representatives and officials are authorized to initiate the preparation of a
loan agreement, trust indenture, official statement and related documents as may be
necessary or appropriate to the financing of the Project so that, when and if this Council
gives its final approval thereto, such financing may be carried out expeditiously.
3. In no event shall the Bonds ever be payable from or charged upon any
funds of the City other than amounts payable under the revenue agreements which are to be
pledged to the payment thereof; no holder of the Bonds shall ever have the right to compel
the exercise of the taxing power of the City to pay the bonds or the interest thereon, nor
enforce the facilities; the Bonds shall not constitute a general or moral obligation o� the City or
a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the
Bonds do not constitute an indebtedness of the City within the meaning of any constitutional,
statutory, or charter limitation.
Adopted this 7th day of September, 1999
�� � ���
Mayor
Attest:
�a..�.r /%1
Cit Clerk
Exhibit A
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT FOR ST. THOMAS
ACADEMY AND THE ISSUANCE OF REVENUE BONDS BY CITY OF MENDOTA
HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City
Council of the City of Mendota Heights (the "City") on a proposal by St. Thomas Academy, a
Minnesota nonprofit corporation (The "Borrower") that the City issue revenue bonds pursuant
to Minnesota Statutes, Sections 469.152 to 469.1651, as amended.
Under the proposal, the City will issue its revenue bonds in one or more series, in a
principal amount of up to approximately $9,500,000 (The "Bonds"), and the proceeds would
be loaned to St. Thomas Academy, a Minnesota nonprofit corporation (the "Borrower"), to
pay costs of the Project described below.
The Project consists of the acquisition, construction and equipping of a new 36,000
square foot middle school addition to, together with renovation and remodeling of, the
Borrower's existing educational facilities, with all of those facilities to consist of approximately
172,000 square feet of total space, including the addition, and all located at 949 Mendota
Heights Road in Mendota Heights, Minnesota, together with the acquisition of unimproved
land, located adjacent to the existing campus, as well as to fund required reserves and to
partially defray costs of issuance of the Bonds, all as authorized by the Act.
The hearing will be held in City Hall, located at 1101 Victoria Curve, Mendota Heights,
Minnesota on Tuesday, October 5, 1999 at 7:30 o'clock P.M. At such time and place the City
shall give all parties who appear or submit written comments an opportunity to express their
views with respect to the proposal. With respect to the Project, a draft copy of the proposed
Application to the Minnesota Department of Trade and Economic Development, together with
all attachments and exhibits will be available for public inspectian following publication of this
notice, at City Hall, Monday to Friday, except legal holidays, from 8:00 A.M. to 4:30 P.M., to
and including the date of the hearing.
September 7, 1999
/s/ - �c �u.-e.�_._—
City lerk