04-23-2018 Council Meeting Packet

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521250v1 JAE CL162-55 CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 18-45 RESOLUTION CALLING A PUBLIC HEARING FOR THE PURPOSE OF PROVIDING HOST APPROVAL FOR THE ISSUANCE OF A REVENUE NOTE BY THE CITY OF COLUMBIA HEIGHTS BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (the “City”) as follows: Section 1. Recitals. 1.01. Pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”), the City is authorized to issue revenue obligations to finance, in whole or in part, the cost of the acquisition, construction, reconstruction, improvement, betterment, or extension of a “project,” defined in the Act, in part, as any properties, real or personal, used or useful in connection with a revenue producing enterprise, whether or not operated for profit. 1.02. Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance 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. 1.03. Love To Grow On, a Minnesota nonprofit corporation (the “Borrower”), has proposed that the City approve the issuance by the City of Columbia Heights, Minnesota (the “City of Columbia Heights”) of one or more series of revenue obligations, as taxable or tax-exempt obligations (the “Note”), in the maximum aggregate principal amount of $3,800,000. The Borrower intends to apply the proceeds of the Note 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. 1.04. Prior to the issuance of the Note by the City of Columbia Heights, the City Council of the City (the “City Council”) is required to (i) conduct a public hearing in accordance with the requirements of the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to the proposal to issue the Note; and (ii) approve the issuance of the Note by the City of Columbia Heights to finance the Project. 1.05. The Borrower has requested that the City Council conduct a public hearing on Tuesday, May 29, 2018, to consider the proposed issuance of the Note by the City of Columbia Heights in accordance with the Code and Minnesota Statutes, Section 471.656, as amended, to, among other things, finance the Project. Section 2. Required Actions.