HomeMy WebLinkAbout14-151 - ADMIN Resolution - City Council - 2014/11/03•
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RESOLUTION NO. 14-151
RESOLUTION GIVING HOST APPROVAL TO
THE ISSUANCE OF EDUCATIONAL FACILITY REVENUE BONDS
UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.1655
(GROVES ACADEMY PROJECT)
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 commerce to prevent so far as possible the emergence of
blighted and marginal lands and areas of chronic unemployment.
2. Description of the Project.
(a) Groves Academy, a Minnesota nonprofit corporation and 501(c)(3) organization
(the `Borrower"), proposes to (i) finance new classroom renovations and the construction and
equipping of a new learning center at the Borrower's independent co-educational day school
facilities located at 3200 Highway 100 South in the City (the "Renovation and Expansion
Project"), (ii) refund the City's outstanding Educational Facility Revenue Bonds (Groves
Academy Project), Series 2010, the proceeds of which were used to finance and refinance a
renovation, expansion, and improvement of the Borrower's campus (the "Original Project" and,
together with the Renovation and Expansion Project, the "Project"), and (iii) finance the costs of
issuing the Bonds. ' The Project is owned, operated, and managed by the Borrower.
(b) The Borrower has proposed that the City of Mayer, Minnesota (the "Issuer"),
issue revenue obligations, in one or more series (the "Bonds"), under the Act, in order to finance
the Project, in the approximate aggregate principal amount not to exceed $5,600,000; and
(c) The City has been advised that the Bonds 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 from the Project. Such Bonds 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.
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 Bonds, whether or not such issuance is carried to completion.
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 Bonds and the proposal to undertake and finance the
Project.
(b) As required by the Act and Section 147(0 of the Code, the City Council has on
this same date held' a public hearing on the issuance of the Bonds 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.
Resolution No. 14-151 -2-
5. Host Approval. The City Council hereby gives the host approval required under
Sec . ' 147(f) of the Code and, pursuant to Minnesota Statutes Sections 469.155, Subd. 12 and
47 .656, ubd. 2(2), the City Council hereby consents to the issuance of the Bonds.
Review
City M
Attest:
Ad . • ted by the *ty Council November 3, 2014
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