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WHEREAS, the City has received a proposal from Autism Opportunities Foundation
<br /> d/b/a Minnesota Autism Center, a Minnesota nonprofit corporation (the `Borrower"), that the
<br /> City issue its revenue bonds, in one or more series, in the aggregate principal amount of up to
<br /> $8,800,000 to finance (i) the refunding of the Borrower's existing taxable debt related to the
<br /> acquisition of land and the purchase of an existing structure in 2014 acquired for the purpose of
<br /> establishing a private school to service students grades 4-12 diagnosed with autism spectrum
<br /> disorder ("ASD"), consisting of a one-story building of approximately 35,978 square feet with
<br /> 14 classrooms, a playground area, lunch room, small gym, arcade, library, and parking lot (the
<br /> "Existing Facility") currently located at 3800 Tesseract Place in the City of Eagan, Minnesota
<br /> ("Eagan") (the "Existing Project"), and (ii) the acquisition, construction, and equipping of an
<br /> approximately 48,332 square foot two-story new school building, to be joined with the Existing
<br /> Facility, which will serve primarily high school students with ASD, and will include a reception
<br /> area, approximately 14 classrooms, 11 therapy/breakout rooms, 5 office/conference rooms, a
<br /> library, an arcade, a lunch room, and a gymnasium, and will also include construction of a soccer
<br /> field and a new parking lot all to be located adjacent to the Existing Project in Eagan, all of
<br /> which is at the southwest corner of Silver Bell Road and Tesseract Place (the "Expansion
<br /> Project"and,together with the Existing Project,the"Project");
<br /> WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as
<br /> amended (the "Code"), the City held a public hearing on the date hereof on the issuance of
<br /> revenue bonds of the City to finance the Project; and
<br /> WHEREAS, in accordance with Section 147(f) of the Code,the City has been advised by
<br /> the Borrower that Eagan is scheduled to hold a public hearing on November 2, 2015 on the
<br /> Project and to give its approval to the issuance of the Bonds by the City; and
<br /> WHEREAS, based on representations of the Borrower, no public official of the City has
<br /> either a direct or indirect financial interest in the Project nor will any public official either
<br /> directly or indirectly benefit financially from the Project.
<br /> NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, as
<br /> follows:
<br /> 1. The Borrower has proposed that the City issue its Educational Facilities Revenue
<br /> Bonds (Minnesota Autism Center Project), Series 2015,which may be in one or more series and
<br /> either as notes or bonds (the "Bonds"), in an amount not to exceed $8,800,000 to finance the
<br /> costs of the Project, and to sell the Bonds to Wells Fargo Bank, National Association (the
<br /> "Purchaser"), as provided herein.
<br /> 2. The Bonds will be issued by the City pursuant to this Resolution and the
<br /> Financing Agreement(as described below).
<br /> 3. Pursuant to the terms of a Financing Agreement dated as of November 1, 2015,
<br /> between the City, the Borrower, and the Purchaser (the "Financing Agreement"), the City will
<br /> loan the proceeds of the Bonds to the Borrower to finance and refinance the Project.
<br /> 4. Forms of the following documents have been submitted to the City Council:
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