Res 2010- 50 Calling for Public Hrg Rev Refunding Note St ThomasEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Mendota Heights, Minnesota, was duly held in the City Hall in said City on
Tuesday, July 20, 2010, commencing at 7:00 P.M.
The following Councilmembers were present: Mayor Huber, Councilmembers Duggan,
Krebsbach, Schneeman and Vitelli
and the following were absent: None
Member Vitelli introduced the following resolution and moved its adoption:
RESOLUTION NO. 10 -50
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF AN EDUCATIONAL FACILITIES
REVENUE REFUNDING NOTE AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(ST. THOMAS ACADEMY PROJECT)
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to
municipal industrial development (the "Industrial Development Act "), gives municipalities the
power to issue revenue obligations for the purpose of promoting the welfare of the state; and
WHEREAS, the City of Mendota Heights, Minnesota (the "City ") has received from St.
Thomas Academy, a Minnesota nonprofit corporation (the "Academy "), a proposal that the City
undertake a program to assist in financing a Project hereinafter described, through the issuance
of approximately $7,000,000 of revenue refunding notes or other obligations (which may be
issued in one or more series) (the "Notes ") pursuant to the Industrial Development Act; and
WHEREAS, the "Project" to be financed by the Notes includes refunding the City's
outstanding Variable Rate Demand Purchase Revenue Bonds, Series 1999 (St. Thomas Academy
Project), which were issued to finance the construction of a middle school addition and certain
capital improvements to the Academy's existing educational facilities; and
WHEREAS, the City has been advised that a public hearing and the City Council's
approval of the financing of the Project is required under Section 147(f) of the Internal Revenue
Code and the Industrial Development Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of Mendota
Heights, Minnesota, as follows:
2582242v1
1. A public hearing on the proposal of the Academy will be held at the time
and place set forth in the form of Notice of Public Hearing attached as Exhibit A. The general
nature of the Project and an estimate of the aggregate principal amount of revenue notes or other
obligations to be issued to finance the proposal are described in the Notice of Public Hearing.
2. The City Administrator of the City is hereby authorized and directed to
cause notice of the hearing to be given one publication in the official newspaper of the City and a
newspaper of general circulation available in the City, not less than 14 days prior to the date
fixed for the hearing, substantially in the form of the attached Notice of Public Hearing.
The motion for the adoption of the foregoing resolution was duly seconded by member
Duggan , and after full discussion thereof and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted by the City Council of the City
of Mendota Heights this Twentieth day of July 2010.
ATTEST:
Nancy $guer, Acting City Clerk
2
2582242v1
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting City Administrator of the City of
Mendota Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and
foregoing extract of minutes with the original thereof on file in my office, and that the same is a
full, true and complete transcript of the minutes of a meeting of the City Council of said City
duly called and held on the date therein indicated, insofar as such minutes relate to calling for a
public hearing on the City's revenue obligations to finance a project with respect to St. Thomas
Academy.
WITNESS my hand this 46 ay of vacs, , 2010.
3
2582242v1
EXHIBIT A
NOTICE OF PUBLIC HEARING ON A PROPOSAL
FOR ISSUANCE OF REVENUE REFUNDING OBLIGATIONS
TO FINANCE A PROJECT FOR ST. THOMAS ACADEMY
Notice is hereby given that a public hearing shall be conducted by the City Council of the
City of Mendota Heights, Minnesota (the "City ") in the City Council Chambers at the Mendota
Heights City Hall, 1101 Victoria Curve, in the City, at 7:00 P.M. on Tuesday, August 17, 2010,
to consider the issuance of revenue refunding obligations by the City, in one or more series,
pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, as amended, in order to finance
the cost of a project located in the City.
The project consists of refunding the City's outstanding Variable Rate Demand Purchase
Revenue Bonds, Series 1999 (St. Thomas Academy Project), which were issued to finance the
construction of a middle school addition and certain capital improvements to the existing
educational facilities of St. Thomas Academy (the "Project ").
The maximum aggregate estimated principal amount of the obligations to be issued by
the City is $7,000,000. The Project is owned and operated by St. Thomas Academy (the
"Academy ").
Subsequent to approval, the City may issue revenue obligations to finance the Project.
The obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any
property of the City. Such obligations will not be a charge against the general credit or taxing
powers of the City, but are payable from sums to be paid by the Academy pursuant to a loan
agreement with the City.
At the time and place fixed for the public hearing, the City will give all persons who
appear at the hearing an opportunity ity to express their views with respect to the financing of the
Project. In addition, interested persons may file written comments respecting the proposal with
the City Administrator at or prior to the public hearing.
A -1
2582242v1