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HomeMy WebLinkAbout18-186 - ADMIN Resolution - City Council - 2018/11/19Resolution No. 18-186 Resolution calling a public hearing for the purpose of providing host approval for the issuance of revenue obligations by the City of Medina Be it resolved by the City Council (the "City Council") of the City of St. Louis Park, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. Pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act'), a municipality is authorized to issue revenues bonds to finance, in whole or in part, the cost of the acquisition, construction, reconstruction, improvement, betterment, or extension of any properties, real or personal, used or useful in connection with a revenue- producing enterprise, whether or not operated for profit. 1.02. Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations. 1.03. Yeshiva of Minneapolis, a Minnesota nonprofit corporation (the "Borrower"), has proposed to refinance the acquisition of a building located at 4411 Minnetonka Boulevard in the City and renovate the building to provide faculty housing and to expand its school facilities located at 3115 Ottawa Avenue South in the City by constructing a new gymnasium and constructing new student dormitories (the "Project'). 1.04. The Borrower has requested that the City of Medina, Minnesota (the "Issuer") issue its revenue bonds, in one or more series, as taxable or tax-exempt obligations (the "Bonds"), in an estimated maximum principal amount of $10,000,000 and loan the proceeds thereof to the Borrower in order to finance the Project. 1.05. Prior to the issuance of the Bonds by the Issuer, the City Council of the City is required to (i) conduct at public hearing in accordance with the requirements of the Act, and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") with respect to the proposed issuance of the Bonds; and (ii) approve the issuance of the Bonds by the Issuer to finance the Project. Section 2. Required Actions. 2.01. The City Council will meet at 7:30 p.m. on Monday, December 17, 2018, to conduct a public hearing and consider the proposed issuance of the Bonds by the Issuer in accordance with the Act and Minnesota Statutes, Section 471.656, as amended, to finance the Project. 2.02. Kennedy & Graven, Chartered, as bond counsel to the Issuer, is hereby authorized and directed to publish on behalf of the City a notice of the public hearing, in Resolution No. 18-186 substantially the form attached hereto as EXHIBIT A, in the Sun Sailor, the official newspaper of and a newspaper of general circulation in the City. The notice shall be published once at least fourteen (14) days prior to the date of the public hearing. 2.03. The Borrower shall pay to the City any and all costs paid or incurred by the City in connection with the Bonds or the financing contemplated herein, whether or not the financing is carried to completion and whether or not the Bonds or operative instruments are executed and delivered. Reviewe for /Arninistration: #dppted by, the City Council November 19, 2018 Thomas`<. gatrAening, City Manager Attest: