HomeMy WebLinkAboutResolution 17-16 Public Hearing on Issuance of Educational Facilities RevenueExtract of Minutes of a Meeting of the
City Council of the City of
Falcon Heights, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Falcon Heights, Minnesota, was duly called and held at City Hall in said City on Wednesday,
the 10th day of May, 2017, at 7:00 o'clock P.M.
The following members were present:
Mayor Lindstrom, Councilor Harris, and Councilor Gustafson
and the following were absent:
Councilor Brown -Thunder and Councilor Fischer
Member Hams introduced the following resolution and moved its adoption:
RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF
EDUCATIONAL FACILITIES REVENUE REFUNDING NOTES AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT)
The motion for the adoption of the foregoing resolution and after full discussion thereof
and upon vote being taken thereon, the following voted in favor thereof:
Mayor Lindstrom, Councilor Harris and Councilor Gustafson
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
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CITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
May 10, 2017
No. 17-16
RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF
EDUCATIONAL FACILITIES REVENUE REFUNDING NOTES AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT)
(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165,
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
(b) WHEREAS, Falcon Heights, Minnesota (the "City"), has received from
Saint Paul Academy and Summit School, a Minnesota nonprofit corporation and 501(c)(3)
organization (the 'Borrower"), a proposal that it undertake a program to refinance the Project
hereinafter described, through the issuance of revenue notes, in one or more series, or obligations
(the "Notes") pursuant to the Act; and
(c) 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 Section
147(f) of the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon
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 notes
or other obligations to be issued to finance the proposal are described in the Notice of Public
Hearing.
2. The Administrator is hereby authorized and directed to cause notice of the
hearing to be given one publication in the official newspaper of the City and also in a newspaper
of general circulation available in the City, 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.
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Adopted by the City Council of Falcon Heights, Minnesota, this 10th day of May, 2017.
------------------------------------------- --------------------------
Moved by: „„�f Approved by: �r`�
Peter Lindstrom
Mayor
LINDSTROM 3 hi Favor
BROWN THUNDER
HARRIS 9- Against
GUSTAFSON
FISCHER
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Attested by: Rc.
Sack Thongvanh
City Administrator
STATE OF MINNESOTA
COUNTY OF RAMSEY
FALCON HEIGHTS
I, the undersigned, being the duly qualified and acting Administrator of the City
of Falcon Heights, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council of the City of Falcon
Heights, Minnesota, duly called and held on the date therein indicated, insofar as such minutes
relate to a resolution calling a public hearing on the issuance of educational facilities revenue
notes.
WITNESS my hand this/
D day of May, 2017.
-Administrator —�
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EXHIBIT A
CITY OF FALCON HEIGHTS, MINNESOTA
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF
EDUCATIONAL FACILITIES REVENUE REFUNDING NOTES FOR THE
SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT
Notice is hereby given that the City Council of the City of Falcon Heights, Minnesota
(the "City") will meet at the at the City Hall located at 2077 Larpenteur Avenue West, Falcon
Heights, Minnesota, at 7:00 p.m. on Wednesday, June 14, 2017, to consider the proposal of Saint
Paul Academy and Summit School, a Minnesota nonprofit corporation and having federal
income tax-exempt 501(c)(3) status (the "Borrower"), that the City assist in refinancing a project
hereinafter described pursuant to Minnesota Statutes, Sections 469.152 to 469.165, by the
issuance of revenue notes, in one or more series (the "Notes").
The "Project" consists of refinancing the acquisition, construction, and improvements of
certain of the Borrower's school facilities, including the Borrower's facilities located at Dunlap
and Goodrich Avenues and Randolph and Davern in the City of Saint Paul, Minnesota ("Saint
Paul"), by the refunding of the outstanding principal amount, in part, of the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota's (the "Authority") Educational
Facility Revenue Refunding Bonds (Saint Paul Academy and Summit School Project), Series
2007 (the "Prior Bonds"). The Project is and will be owned, operated, and managed by the
Borrower.
The maximum estimated principal amount of the Notes to be issued to refinance the
Project is $8,500,000.
The Notes, if and when issued, will not constitute a charge, lien, or encumbrance upon
any property of the City, except 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.
A-1
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