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132045833v2 <br /> <br /> 2 <br /> <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF <br />A CAPITAL CAMPAIGN FINANCING NOTE AND <br />AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />(SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT) <br />(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, <br />relating to municipal industrial development (the “Act”), gives municipalities the power to issue <br />revenue obligations for the purpose of promoting the welfare of the state by the active attraction <br />and encouragement and development of economically sound industry and commerce to prevent <br />so far as possible the emergence of blighted and marginal lands and areas of chronic <br />unemployment; and <br />(b) WHEREAS, Little Canada, Minnesota (the “City”), has received from <br />Saint Paul Academy and Summit School, a Minnesota nonprofit corporation and 501(c)(3) <br />organization (the “Borrower”), a proposal that it undertake a program to finance the Project <br />hereinafter described, through the issuance of revenue notes, in one or more series, or obligations <br />pursuant to the Act; and <br />(c) WHEREAS, before proceeding with consideration of the request of the <br />Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to Section <br />147(f) of the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little <br />Canada, Minnesota, as follows: <br />1. A public hearing on the proposal of the Borrower will be held at the time <br />and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A. The <br />general nature of the Project and an estimate of the aggregate principal amount of revenue notes <br />or other obligations to be issued to finance the proposal are described in the Notice of Public <br />Hearing. <br />2. The Administrator is hereby authorized and directed to cause notice of the <br />hearing to be given one publication in the official newspaper of the City and also in a newspaper <br />of general circulation available in the City, not less than 14 days nor more than 30 days prior to <br />the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing.