2014.08.18 RESO 2014-28 - Laserfiche WebLink

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V Extract of Minutes of a Meeting of the City Council of the City of Hugo, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hugo, Minnesota (the "City"), was duly held at the City Hall in said City on Monday, the 18'b day of August, 2014, at 7:00 o'clock P.M. The following members were present: Bronk, Haas, Klein, Petryk, Weidt and the following were absent: None Member Bronk introduced the following resolution and moved its adoption: RESOLUTION NO -2014-28 RESOLUTION AFFIRMING THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS TO FINANCE A PUBLIC (CHARTER) SCHOOL PROJECT PURSUANT TO MINNESOTA LAW (NOBLE ACADEMY PROJECT) 1. Authori . The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 to 469.1655, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of financing industrial development within the boundaries of the City and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project. CS Property Noble, LLC (the "Borrower"), a Minnesota limited liability company, the sole member of which is Hmong American Partnership, a Minnesota nonprofit corporation and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, has proposed that the City issue and sell its Charter School Lease Revenue Bonds (Noble Academy Project), Series 2014A (the "Series 2014A Bonds") and its Taxable Charter School Lease Revenue Bonds (Noble Academy Project, Series 2014B (the "Series 2014B Bonds" and together with the Series 2014A Bonds, the "Bonds") in an aggregate amount not to exceed $22,500,000, pursuant to the Act, and loan the proceeds thereof to the Company in order to finance the acquisition, construction and equipping of an approximately 95,000 square foot school building for use as a public charter school for kindergarten through grade eight to be located at the intersection of Jefferson Highway North and Decatur Drive North in the City of Brooklyn Park, Minnesota ("Brooklyn Park") (the "Project"), to be leased to Noble Academy (the "School"), a Minnesota nonprofit corporation and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended; (ii) fund a debt service reserve fund; (iii) pay a portion of the interest on the Bonds; and (iv) pay the costs of issuing the Bonds. 6405403v2