Res 2013- 57 Host Approval of Rev Notes Visitation ProjectCITY OF ME, NDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2013-57
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF A SERIES 2013 TAX - EXEMPT EDUCATIONAL FACILITY REVENUE NOTE UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1655
(THE ACADEMY OF THE VISITATION PROJECT)
BE IT RESOLVED, by the City Council of the City of Mendota Heights, Minnesota as
follows:
Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152
through 469.1655, as amended, (the "Act"), is, among other things, to promote the welfare of the
State of Minnesota (the "State") by the active attraction and encouragement and development of
economically sound industry and corrimerce to prevent so far as possible the emergence of
blighted and marginal. lands and areas of chronic unemployment.
Section 2. Description of the Project.
(a) The Convent and the Academy of the Visitation (the "Borrower"), a Minnesota
nonprofit corporation and organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended (the "Code"), has proposed that the City of Lilydale, Minnesota
(the "Issuer") issue a revenue note under the Act, in one or more series, in an aggregate amount
not to exceed $6,000,000 (the "Note") to finance the construction and equipping of an
approximately 15,000 square foot area comprised of the entrance and commons to the general
school spaces and new classrooms, offices, locker bay, and other space reftu-bishment at the
"Upper School" located at 2455 Visitation Drive located in the City (the "Project"). The Project
is owned and operated by the Borrower.
(b) The City has been advised that the Note or other obligations, as and when issued
will not constitute a charge, lien or encumbrance upon any property of the City or the Issuer,
except the Project and the revenues to be derived fi-orn. the Project. Such Note or obligations will
not be a charge against the general credit or taxing powers of the City or the Issuer, but is
payable from sums to be paid by the Borrower pursuant to a revenue agreement.
Section 3. Recital of Representations Made by the Borrower.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Note, whether or not such issuance is carried to completion.
(b) The Borrower has re presented to the City that no public official of the City has
either a direct or indirect financial interest in the Project nor will any public official either
directly or indirectly benefit financially from the Project.
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Section 4. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code, a Notice of Public Hearing
was published in the City's official newspaper and newspaper of general circulation, for a public
hearing on the proposed issuance of the Note and the proposal to undertake and finance the
Project.
(b) As required by the Act and Section 147(f) of the Code, the City Council has on
this same date held a public hearing on the issuance of the Note and the proposal to undertake
and finance the portion of the Project located within the jurisdictional limits of the City, at which
all those appearing who desired to speak were heard and written comments were accepted.
Section 5. Host Approval. The City Council hereby gives the host approval required
under Section 147(f) of the Code and, pursuant to Mimiesota Statutes §471.656, Subd. 2(2), the
City Council hereby consents to the issuance of the Note.
Adopted by the City Council of the City of Mendota Heights, Minnesota, this 6th day of August,
2013.
CITY COUNCIL
eTFY OF MIENDOTA HEIGHTS
Krebsbach,
ATTES
Lorri Smith, City Clerk
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