2017.06.05 RESO 2017-17 Autisim Bond-Void due to public hearing not noticed

Home

WHEREAS, the City has received a proposal from Autism Opportunities Foundation d/b/a Minnesota Autism Center, a Minnesota nonprofit corporation (the 'Borrower"), that the City issue its revenue bonds, in one or more series, in the aggregate principal amount of up to $5,100,000 to finance the acquisition, construction, and equipping of an intensive therapy center for children and adults ages 10 to 21 diagnosed with autism spectrum disorder ("ASD"), consisting of a one-story building of approximately 19,378 square feet with classrooms, a playground area, lunch room, gym, therapy room, art room, computer lab, conference rooms, administrative space, and parking lot to be located at 2100 Silver Bell Road in the City of Eagan, Minnesota (the "Project"). The Project will be owned, operated, and managed by the Borrower; and WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City held a public hearing on the date hereof on the issuance of revenue bonds of the City to finance the Project; and WHEREAS, in accordance with Section 147(f) of the Code, the City has been advised by the Borrower that the City of Eagan is scheduled to hold a public hearing on June 6, 2017 on the Project and to give its approval to the issuance of the Bonds by the City; and WHEREAS, 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. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, as. follows: 1. The Borrower has proposed that the City issue its Therapy Facilities Revenue Bonds (Minnesota Autism Center Project), Series 2017, which may be in one or more series and either as notes or bonds (the "Bonds"), in an amount not to exceed $5,100,000 to finance the costs of the Project, and to sell the Bonds to Wells Fargo Bank, National Association (the "Purchaser"), as provided herein. 2. The Bonds will be issued by the City pursuant to this Resolution and the Financing Agreement (as described below). 3. Pursuant to the terms of a Financing Agreement expected to be dated as of June 1, 2017, between the City, the Borrower, and the Purchaser (the "Financing Agreement"), the City will loan the proceeds of the Bonds to the Borrower to finance the Project. 4. Forms of the following documents have been submitted to the City Council: (a) Financing Agreement; (b) Financing Agreement Assignment; and (c) Form of Bonds. The foregoing documents are hereafter referred to as the "Bond Documents." N 82788490