04-24-2024 Council Packet - Laserfiche WebLink

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132435238v2 2 classroom space and community space, and improvements to safety, accessibility, and infrastructure at 1150 Goodrich Avenue in the City of Saint Paul, Minnesota (“Saint Paul”), and (ii) financing the costs of issuing the Notes. The Project is and will be owned, operated, and managed by the Borrower; (e)The City has been advised by representatives of the Borrower that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; (f)Based on representations of the Borrower, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project; (g)The Notes, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City or Saint Paul and will not be a charge against the general credit or taxing powers of the City or Saint Paul; (h)As required by the Act and Section 147(f) of the Code, a notice of public hearing was published in the City’s official newspaper and newspaper of general circulation, for a public hearing on the proposed issuance of the Notes by the City and the proposal of the Borrower to undertake and finance the Project; (i)As required by the Act and Section 147(f) of the Code, the City Council has on this same date held a public hearing on the issuance of the Notes by the City and the proposal by the Borrower to undertake and refinance the Project, at which hearing all those appearing who desired to speak were heard and written comments were accepted; and (j)The City has been advised by representatives of the Borrower that, in accordance with Section 147(f) of the Code, Saint Paul held a public hearing on February 28, 2024 on the Project and gave its approval to the issuance of the Notes by the City. BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota (the “City”), as follows: SECTION 1. LEGAL AUTHORIZATION AND FINDINGS. 1.1 Findings. The City hereby finds, determines and declares as follows: (a)The City is a municipal corporation and a political subdivision of the State of Minnesota and is authorized under the Act to assist the project referred to herein, and to issue and sell the Notes, as hereinafter defined, for the purpose, in the manner, and upon the terms and conditions set forth in the Act and in this Resolution. (b)The issuance and sale of the Notes by the City, pursuant to the Act, is in the best interest of the City, and the City hereby determines to issue the Notes and to sell the Notes to Bremer Bank, National Association, Saint Paul, Minnesota, or another bank in