2018-068 Council Resolution - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 18-68 RESOLUTION CONSENTING TO AND APPROVING THE ISSUANCE BY THE CITY OF COLUMBIA HEIGHTS OF A REVENUE OBLIGATION FOR THE BENEFIT OF LOVE TO GROW ON AND APPROVING OTHER ACTIONS WITH RESPECT THERETO WHEREAS, the City of Lino Lakes, Minnesota (the "City") is a home rule charter city and political subdivision duly organized and existing under its Charter and the laws of the State of Minnesota; and WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), the City is authorized to carry out the public purposes described in the Act by providing for the issuance of revenue obligations to provide funds to finance revenue-producing enterprises, whether or not operated for profit; and WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance or refinance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations; and WHEREAS, Love To Grow On, a Minnesota nonprofit corporation (the "Borrower"), has proposed that the City of Columbia Heights, Minnesota (the "City of Columbia Heights") issue its revenue obligation (the "Note"), in one or more series, as a taxable or tax-exempt obligation, in an aggregate principal amount not to exceed $3,800,000, under the provisions of the Act and Minnesota Statutes, Section 471.656, as amended, and loan the proceeds thereof to the Borrower to (i) finance the acquisition, construction, and equipping of an approximately 13,000 square foot early childhood educational facility located at 6499 Lakota Trail in the City (the "Project"); (ii) finance capitalized interest on the Note during construction of the Project, if necessary; (iii) fund required reserves for the Note, if any; and (iv) pay the costs of issuing the Note; and WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations promulgated thereunder require that prior to the issuance of the Note, the City Council of the City (the "City Council") consent to the issuance of the Note by the City of Columbia Heights after conducting a public hearing thereon preceded by publication of a notice of public hearing (in the form required by Section 147(0 of the Code and applicable regulations) in a newspaper of general circulation within the City at least fourteen (14) days prior to the public hearing date; and WHEREAS, a notice of public hearing (the "Public Notice") was published at least fourteen (14) days before the regularly scheduled meeting of the City Council on the date hereof in the Quad Community Press, the official newspaper of and a newspaper of general circulation in the City, with respect to the required public hearing under Section 147(0 of the Code; and WHEREAS, on the date hereof, the City Council conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views, both orally and in writing, on the following: (i) consent to the issuance of the Note by the City of Columbia Heights 524239v1 GAF CL162-55