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<br />CITY OF LITTLE CANADA, MINNESOTA
<br />
<br />RESOLUTION NO. ________
<br />
<br />RESOLUTION GIVING HOST APPROVAL AND CONSENTING
<br />TO THE ISSUANCE BY THE CITY OF VADNAIS HEIGHTS OF
<br />CHARTER SCHOOL LEASE REVENUE BONDS (ACADEMY
<br />FOR SCIENCES & AGRICULTURE) UNDER MINNESOTA
<br />STATUTES, SECTIONS 469.152-469.1655, AS AMENDED, AND
<br />MINNESOTA STATUTES, SECTION 471.656, AS AMENDED
<br />
<br /> BE IT RESOLVED, by the City Council (the “Council”) of the City of Little Canada, Minnesota
<br />(the “City”) as follows:
<br />
<br /> Section 1. General Recitals. The City is a municipality, statutory city, and political subdivision
<br />duly organized and existing under the laws of the State of Minnesota. Under the Constitution and laws of
<br />the State of Minnesota, particularly Minnesota Statutes, Sections 469.152-469.1655, as amended (the
<br />“Act”), a municipality is authorized to issue revenue bonds to finance or refinance any properties, real or
<br />personal, used or useful in connection with a revenue producing enterprise engaged in any business.
<br />Under Minnesota Statutes, Section 471.656, as amended, a municipality may issue obligations to finance
<br />or refinance the acquisition or improvement of real property located outside of the corporate boundaries
<br />of such municipality if the governing body of the municipality in which the real property is located
<br />consents by resolution to the issuance of such obligations by the other municipality.
<br />
<br /> Section 2. Description of the Project.
<br />
<br /> (a) Under the terms of Resolution No. 04-10-212 adopted on October 19, 2004 by the City
<br />Council of the City of Vadnais Heights, Minnesota, a municipality, statutory city, and political
<br />subdivision duly organized and existing under the laws of the State of Minnesota (the “Issuer” or the
<br />“City of Vadnais Heights), on December 10, 2004, and under the provisions of an Indenture of Trust,
<br />dated as of December 1, 2004, between the Issuer and Wells Fargo Bank, National Association (now
<br />UMB Bank, n.a., as successor trustee), the Issuer issued its: (i) Lease Revenue Bonds (Agricultural and
<br />Food Sciences Academy Project), Series 2004A (the “Series 2004A Bonds”), in the original aggregate
<br />principal amount of $8,390,000; and (ii) Taxable Lease Revenue Bonds (Agricultural and Food Sciences
<br />Academy Project), Series 2004B (the “Series 2004B Bonds”), in the original aggregate principal amount
<br />of $510,000 (the Series 2004A Bonds and the Series 2004B Bonds are hereinafter referred to collectively
<br />as the “Series 2004 Bonds”). The proceeds of the Series 2004 Bonds were loaned to AFSA Building
<br />Company, a Minnesota nonprofit corporation (the “Company”), and were applied by the Company to
<br />finance the acquisition, construction, and equipping of an approximately 45,000 square foot grade nine
<br />through twelve education facility located at 100 East Vadnais Boulevard in the City of Vadnais Heights
<br />(the “Series 2004 Project”).
<br />
<br /> (b) The Company has requested that the City of Vadnais Heights issue one or more series of
<br />revenue obligations, as taxable or tax-exempt (the “Bonds”), in an aggregate principal amount not to
<br />exceed $13,000,000, for the purpose of: (i) redeeming and prepaying the outstanding Series 2004 Bonds;
<br />(ii) financing the acquisition, renovation, and equipping of an approximately 30,000 square foot existing
<br />building located at 2925 County Drive in the City for use as a public charter school for students in pre-
<br />kindergarten through eighth grade (the “Series 2018 Project”); (iii) funding a debt service reserve fund to
<br />secure the timely payment of the Bonds; (iv) paying a portion of the interest on the Bonds; and (v) paying
<br />a portion of the costs of issuing the Bonds.
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