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2 <br /> (c) The Series 2004 Project and the Series 2018 Project (collectively, the “Project”) will be <br />owned by the Company and leased to and operated by AFSA High School, doing business as Academy <br />for Sciences & Agriculture (formerly known as The Agricultural and Food Sciences Academy), a <br />Minnesota nonprofit corporation (the “School”), as a public charter school. <br /> <br /> (e) The City has been advised by bond counsel for the City of Vadnais Heights that the Bonds or <br />other obligations, as and when issued will not constitute a charge, lien, or encumbrance upon any property <br />of the City or the City of Vadnais Heights, except the Project and the revenues derived from the Project. <br />Such Bonds or obligations shall not be a charge against the general credit or taxing powers of the City or <br />the City of Vadnais Heights, but are payable solely from revenues of the Company or security provided <br />by the Company. <br /> <br /> Section 3. Representations Made by the Company <br /> <br /> (a) The Company has agreed to pay any and all costs incurred by the City in connection with the <br />issuance of the Bonds, including the fees of the City’s bond counsel, Briggs and Morgan, Professional <br />Association, whether or not such issuance is carried to completion. <br /> <br /> (b) The Company has represented to the City that no public official of the City has either a direct <br />or indirect financial interest in the Project or the Bonds, nor will any public official of the City either <br />directly or indirectly benefit financially from the Project or the issuance of the Bonds. <br /> <br /> Section 4. Public Hearing <br /> <br /> (a) As required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the <br />“Code”), a notice of public hearing was published in the official newspaper of the City and a newspaper <br />of general circulation in the City (the Roseville – Little Canada Review) with respect to a public hearing <br />on the proposed issuance of the Bonds and the financing and refinancing of the Project. <br /> <br /> (b) As required by Section 147(f) of the Code, the City Council of the City has on this date held a <br />public hearing on the issuance of the Bonds by the City of Vadnais Heights and on the financing and <br />refinancing of the Project with the proceeds of the Bonds. At the public hearing all persons appearing <br />who desired to speak were heard and any written comments were accepted. <br /> <br /> Section 5. Host Approval. The City Council of the City hereby consents to the issuance of the <br />Bonds by the City of Vadnais Heights and grants host approval with respect to the issuance of the Bonds <br />by the City of Vadnais Heights and the financing and refinancing of the Project. <br /> <br /> Section 6. Certified Proceedings. The Council members, officers, employees, and agents of the <br />City are hereby authorized and directed to prepare and furnish to bond counsel and the original purchaser <br />of the Bonds certified copies of all proceedings and records of the City relating to the approval of the <br />issuance of the Bonds, including a certification of this resolution. <br /> <br /> Approved by the City Council of the City of Little Canada, Minnesota this 28th day of <br />November, 2018 <br /> <br /> <br />John T. Keis, Mayor <br />ATTEST: <br /> <br /> <br />Christopher Heineman, City Administrator