HomeMy WebLinkAbout18-200 - ADMIN Resolution - City Council - 2018/12/17Resolution no. 18-200
Resolution consenting to and providing host approval to the
issuance by the city of Medina of its revenue obligations
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'), the City is authorized to carry out the public purposes described in the
Act by providing for the issuance of revenue bonds to provide funds to finance or refinance
revenue-producing enterprises located within the City, 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 revenue obligations, in one or more series, as taxable or tax-exempt obligations (the
"Notes"), in an aggregate principal amount not to exceed $10,000,000, for the purpose of
financing the Project.
1.05. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"),
and regulations promulgated thereunder require that, prior to the issuance of the Notes, the
City Council must consent to the issuance of the Notes by the Issuer after conducting a public
hearing thereon preceded by publication of a notice of public hearing (in the form required by
Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation
within the City at least fourteen (14) days prior to the public hearing date.
1.05. A notice of public hearing (the "Public Notice") was published at least fourteen
(14) days before the regularly scheduled meeting of the City Council on the date hereof in the
Sun Sailor, the official newspaper of and a newspaper of general circulation in the City, with
respect to the required public hearing under Section 147(f) of the Code.
1.06. On the date hereof, the City Council conducted a public hearing at which a
reasonable opportunity was provided for interested individuals to express their views, both
orally and in writing, on providing consent to the issuance of the Notes by the Issuer pursuant
to the requirements of Section 147(f) of the Code and the regulations promulgated thereunder.
Resolution No. 18-200 2
Section 2. Approvals.
2.01. The City Council finds that it is in the best interest of the City to approve the
issuance of the Notes by the Issuer to finance the Project and hereby consents to the issuance
of the Notes by the Issuer in a principal amount not to exceed $10,000,000.
2.02. The Mayor and City Manager and other officers, employees, and agents of the
City are hereby authorized and directed to prepare and furnish to bond counsel and the original
purchaser of the Notes certified copies of all proceedings and records of the City relating to the
approval of the issuance of the Notes, including a certification of this resolution.
2.03. The Mayor and the City Manager are hereby authorized and directed to execute
and deliver any documents deemed necessary to fulfill the intentions of this resolution.
2.04. The Borrower will, upon demand, reimburse the City for costs paid or incurred
by the City in connection with this resolution.
2.05. This resolution shall be in full force and effect from and after its passage.
Administration:
Thom' K. Harkfting, C)Cy Manager
Attest:
Melis a Kenn Eldy, Ci Clerk
Adopted by the City Council Dec. 17, 2018
Q, . &I I A
J,ak S a , Mayor