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132435238v2 <br />Extract of Minutes of a Meeting of the <br />City Council of the City of Little Canada <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Little Canada was duly held in the City of Little Canada, Minnesota, on Wednesday, April 24, <br />2024, at 7:30 o’clock P.M. <br />The following members were present: Fischer, T. Miller, Gutierrez, D. Miller and <br />Kwapick, <br />and the following were absent: none. <br />During said meeting ____________ introduced the following resolution and moved its <br />adoption: <br />RESOLUTION NO. 2024-4-46 <br />RESOLUTION APPROVING THE ISSUANCE AND SALE OF <br />CAPITAL CAMPAIGN FINANCING NOTES AND AUTHORIZING <br />THE EXECUTION OF DOCUMENTS RELATING THERETO <br />(SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT) <br />WHEREAS, <br />(a)The purpose of Minnesota Statutes, Sections 469.152 to 469.165, as <br />amended (the “Act”), as found and determined by the legislature, is to promote the welfare of the <br />state by the active attraction and encouragement and development of economically sound industry <br />and commerce to prevent so far as possible the emergence of obligated and marginal lands and <br />areas of chronic unemployment; <br />(b)The City of Little Canada, Minnesota (the “City”) desires to facilitate the <br />selective development of the community, retain and improve the tax base and help to provide the <br />range of services and employment opportunities required by the population, including educational <br />services to its youth; and the Project, as defined below, will assist the City in achieving those <br />objectives and will enhance the image and reputation of the community; <br />(c)Saint Paul Academy and Summit School, a Minnesota nonprofit corporation <br />(the “Borrower”), and an organization described in Section 501(c)(3) of the Internal Revenue Code <br />of 1986, as amended (the “Code”), has proposed that the City undertake a program to finance the <br />Project through the issuance of revenue notes or other obligations, in one or more series (the <br />“Notes”), pursuant to the Act and in an aggregate principal amount not to exceed $10,000,000; <br />(d)The “Project” consists of: (i) financing the construction of renovations to <br />the Borrower’s lower kindergarten through fifth-grade school, including improvements to