2025.05.05 CC Packet - Laserfiche WebLink

Home

RESOLUTION 2025- RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING (LEGACY CHRISTIAN ACADEMY PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, as amended, relating to municipal industrial development (the “Act”), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction, encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and WHEREAS, the City of Hugo, Minnesota (the “City”), has received from Legacy Christian Academy, a Minnesota nonprofit corporation (the “Borrower”), a proposal that the City assist in financing a project hereinafter described in the form of Notice of Public Hearing attached hereto as Exhibit A, through the issuance of revenue bonds or other obligations (the “Bonds”), in one or more series, pursuant to the Act; and WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to Section 147(f) of the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of Hugo, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing to be published as described below, the form of which is attached hereto as Exhibit A. 2. The general nature of the Project and an estimate of the aggregate principal amount of the revenue bonds or other obligations to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. The City Administrator is hereby authorized and directed to select the date and time for the hearing and to cause notice of the hearing to be given one publication in the official newspaper of the City and a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Council members voting AYE: Council members voting NAY: Whereupon said resolution was declared passed and adopted this 5th day of May 2025. ________________________ Tom Weidt, Mayor ATTEST: ___________________________________ Michele Lindau, City Clerk