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RESOLUTION 2025-16 <br /> RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF <br /> REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF <br /> HEARING(LEGACY CHRISTIAN ACADEMY PROJECT) <br /> WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, as amended, <br /> relating to municipal industrial development (the "Act"), gives municipalities the power to issue <br /> revenue obligations for the purpose of promoting the welfare of the state by the active attraction, <br /> encouragement and development of economically sound industry and commerce to prevent so far <br /> as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and <br /> WHEREAS, the City of Hugo, Minnesota(the "City"), has received from Legacy <br /> Christian Academy, a Minnesota nonprofit corporation (the"Borrower"), a proposal that the City <br /> assist in financing a project hereinafter described in the form of Notice of Public Hearing attached <br /> hereto as Exhibit A, through the issuance of revenue bonds or other obligations (the"Bonds"), in <br /> one or more series,pursuant to the Act; and <br /> WHEREAS,before proceeding with consideration of the request of the Borrower <br /> it is necessary for the City to hold a public hearing on the proposal pursuant to Section 147(f) of <br /> the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act: <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of Hugo, <br /> Minnesota, as follows: <br /> 1. A public hearing on the proposal of the Borrower will be held at the time <br /> and place set forth in the Notice of Public Hearing to be published as described below,the form of <br /> which is attached hereto as Exhibit A. <br /> 2. The general nature of the Project and an estimate of the aggregate principal <br /> amount of the revenue bonds or other obligations to be issued to finance the proposal are described <br /> in the attached form of Notice of Public Hearing. <br /> 3. The City Administrator is hereby authorized and directed to select the date <br /> and time for the hearing and to cause notice of the hearing to be given one publication in the official <br /> newspaper of the City and a newspaper of general circulation available in the City, not less than <br /> 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of <br /> the attached Notice of Public Hearing. <br /> Council members voting AYE: Krull, Miron, Petryk, Strub, Weidt <br /> Council members voting NAY: None <br /> Whereupon said resolution was declared passed and adopted this 5th d 20 <br /> Tom Weidt, Mayor <br /> ATTEST: <br /> Michele Lindau, ity Clerk <br />