Res 2009- 45 on Public Hearing on Revenue Note IssuanceEXTRACT 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 at the City Hall in said City on
Tuesday, June 16, 2009, commencing at 7:00 P.M.
The following Councilmembers were present: Huber, Krebsbach, Duggan, Schneeman
and Vitelli
and the following were absent: none
Member Duggan introduced the following resolution and moved its adoption:
RESOLUTION NO.-45—
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF A REVENUE REFUNDING NOTE AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING
(ACADEMY OF THE VISITATION PROJECT)
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to
municipal industrial development (the "Act "), gives municipalities the power to issue revenue
obligations for the purpose of promoting the welfare of the state by the active attraction and
encouragement and development of economically sound industry and commerce to prevent so far
as possible the emergence of blighted and marginal lands and areas of chronic unemployment;
and
WHEREAS, the City of Mendota Heights, Minnesota (the "City "), has received
from The Convent and Academy of the Visitation, a Minnesota nonprofit corporation and
501(c)(3) organization (the "Borrower "), a proposal that the City undertake a program to assist in
refinancing a Project hereinafter described, through the issuance of a revenue note or obligation
(in one or more series) (the "Note ") pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower
it is necessary for the City to hold a public hearing on the proposal pursuant to the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Mendota Heights, Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time
and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A. The
general nature of the Project and an estimate of the aggregate principal amount of revenue bonds
2365229v1
or other obligations to be issued to finance the proposal are described in the Notice of Public
Hearing.
2. The City Clerk 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 of Mendota Heights, not less than 14 days nor more than
30 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
_Schneeman_, and after full discussion thereof and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same: All
whereupon said resolution was declared duly passed and adopted.
Adopted by the City Council of the City of Mendota Heights this 16t1i day of June, 2009.
ATTEST:
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
BY �10� - /lam���r.� By
Kath en M. Swanson, City Clerk Jo er,
2365229v1 2
EXHIBIT A
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS
FOR THE ACADEMY OF THE VISITATION
Notice is hereby given that the City Council of the City of Mendota Heights, Minnesota
(the "City ") will meet at the City Hall, 81101 Victoria Curve, in the City, at 7:00 p.m. on
Tuesday, July 7, 2009, to consider the proposal of The Convent and Academy of the Visitation, a
Minnesota nonprofit corporation (the `Borrower "), that the City assist in refinancing the City's
School Facility Refunding Note, Series 2004 (Academy of the Visitation Project), the proceeds
of which were used to finance the acquisition, construction and equipping of an approximately
30,000 square foot middle school and high school addition to an existing education facility
located at 2455 Visitation Drive in the City (the "Project ") and certain other costs related to the
Project by the issuance of a revenue note or other obligation in an amount not to exceed
$1,100,000 pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, as amended. The
Project is owned and operated by the Borrower.
The note or other obligation if and when issued will not constitute a charge, lien or
encumbrance upon any property of the City except its interest in the Project and such obligations
will not be a charge against the general credit or taxing powers of the City but will be payable
from sums to be paid by the Borrower pursuant to a revenue agreement.
At the time and place fixed for the Public Hearing, the City Council will give all persons
who appear at the hearing an opportunity to express their views with respect to the proposal.
Written comments will be considered if submitted at the above City office on or before the date
of the hearing.
23652290 A-1