02-28-2013 Council Agenda - Laserfiche WebLink

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Extract of Minutes of a Meeting of the City Council of the City of Little Canada, Minnesota Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Little Canada, Minnesota, was duly called and held at the City Hall in said City on Thursday, the 28th day of February, 2013, at 7:30 o'clock p.m. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION NO- RESOLUTION APPROVING THE FIRST AMENDMENT TO AN EDUCATIONAL FACILITIES REVENUE NOTE AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATED THERETO (ST. JOHN THE EVANGELIST SCHOOL PROJECT) 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: (1) The City is a political subdivision of the State of Minnesota and is authorized under Minnesota Statutes, Section 469.152 to 469.1651, as amended (the "Act ") to assist the revenue producing project herein referred to, and to issue and sell the Note (as hereinafter defined), in the manner and upon the terms and conditions set forth in the Act and in this Resolution for the purpose of encouraging the development of economically sound industry and commerce, preventing so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment, providing an adequate tax base to finance the increasing cost of governmental services, providing access to employment opportunities for its population. (2) The City, pursuant to a Resolution adopted on December 19, 2007 (the "Note Resolution "), has previously issued its revenue note in an original aggregate principal amount of $1,800,000 to provide funds that were loaned to St. John's Church of Little Canada, Minnesota, a Minnesota religious corporation (the "Borrower "), to refinance a portion of the costs of the acquisition, construction, and equipping of an addition to the existing St. John the Evangelist School facility, located at 2621 McMenemy Street in the City (the "Project "), which facilities are owned and operated by the Borrower. 5216515v1 3