10-29-2018 Council Packet - Laserfiche WebLink

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A-1 540461v2 SEL VA265-10 CITY OF LITTLE CANADA, MINNESOTA NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF LITTLE CANADA WITH RESPECT TO THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS BY THE CITY OF VADNAIS HEIGHTS NOTICE IS HEREBY GIVEN that the City Council of the City of Little Canada, Minnesota (the “City”), will hold a public hearing on Wednesday, November 28, 2018, at or after 7:30 p.m. at City Hall, located at 515 Little Canada Road E in the City, to consider a proposal that the City grant host city approval to the issuance of one or more series of revenue bonds, as taxable or tax-exempt (the “Bonds”), in the maximum aggregate principal amount of $13,000,000 by the City of Vadnais Heights, Minnesota (the “City of Vadnais Heights”) under Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”), and Minnesota Statutes, Section 471.656, as amended, for the benefit of AFSA Building Company, a Minnesota nonprofit corporation (the “Company”), and AFSA High School, doing business as Academy for Sciences & Agriculture (formerly The Agricultural and Food Sciences Academy), a Minnesota nonprofit corporation (the “School”). The proceeds derived from the sale of the Bonds are proposed to be loaned to the Company and applied by the Company to: (i) redeem and prepay certain outstanding bonds issued by the City of Vadnais Heights in 2004 to finance the acquisition, construction, and equipping of an approximately 45,000 square foot grade nine through twelve education facility located in the City of Vadnais Heights (the “Series 2004 Project”); (ii) finance the acquisition, renovation, and equipping of an approximately 30,000 square foot existing building located at 2925 County Drive in the City for use as a public charter school for students in pre-kindergarten through eighth grade (the “Series 2018 Project”); (iii) fund a debt service reserve fund to secure the timely payment of the Bonds; (iv) pay a portion of the interest on the Bonds; and (v) pay a portion of the costs of issuing the Bonds. The Series 2004 Project and the Series 2018 Project will be owned by the Company and leased to and operated by the School. The Bonds will be special, limited obligations of the City of Vadnais Heights, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bonds will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City. The Bonds are to be payable solely from revenues and security provided by the Borrower to the City of Vadnais Heights and pledged to the payment of the Bonds. Before issuing the Bonds, the City of Vadnais Heights will enter into an agreement with the Borrower, whereby the Borrower will be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Bonds when due. 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. In addition, interested persons may direct any questions or file written comments respecting the proposal with the City Administrator, at or prior to said public hearing. Dated: [Date of Publication] BY ORDER OF THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA /s/ Chris Heineman City Administrator City of Little Canada, Minnesota