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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE <br />• OF CHARTER SCHOOL LEASE REVENUE BONDS UNDER MINNESOTA <br />STATUTES, SECTIONS 469.152 THROUGH 469.1651 <br />(SPECTRUM HIGH SCHOOL PROJECT) <br />BE IT RESOLVED, by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City") as follows: <br />Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152 <br />through 469.1651 as amended, (the "Act"), is, among other things, to promote the welfare of the <br />State of Minnesota (the "State") by the active attraction and encouragement and development of <br />economically sound industry and commerce to prevent so far as possible the emergence of <br />blighted and marginal lands and areas of chronic unemployment. <br />Section 2. Description of the Project. <br />(a) Spectrum Building Company (the "Borrower"), a Minnesota nonprofit <br />corporation and organization described in Section 501(c)(3) of the Internal Revenue Code of <br />1986, as amended (the "Code") has proposed that the County of Anoka, Minnesota (the "Issuer") <br />issue revenue bonds under the Act, in one or more series, in an aggregate amount not to exceed <br />$11,400,000 (the "Bonds") to finance (i) the acquisition and equipping of an existing <br />approximately 60,000 square foot school facility (the "Schoolhouse") located at 17796 Industrial <br />Circle Northwest in the City, the acquisition of land, and the installation of certain infrastructure <br />improvements and an athletic field (the "Facility"); (ii) the funding of a debt service reserve <br />• fund; (iii) payment of a portion of the interest on the Bonds; and (iv) payment of the costs of <br />issuing the Bonds (collectively, the "Project"). The Facility will be owned by the Borrower and <br />leased to and operated by the Spectrum High School, a Minnesota nonprofit corporation (the <br />"School"). <br />(b) The City has been advised that the Bonds or other obligations, as and when <br />issued, will not constitute a charge, lien or encumbrance upon any property of the City or the <br />Issuer, except the Project and the revenues to be derived from the Project. Such Bonds or <br />obligations will not be a charge against the general credit or taxing powers of the City or the <br />Issuer, but is payable from sums to be paid by the Borrower pursuant to a revenue agreement. <br />Section 3. Recital of Representations Made by the Borrower. <br />(a) The Borrower has agreed to pay any and all costs incurred by the City in <br />connection with the issuance of the Bonds, whether or not such issuance is carried to completion. <br />(b) The Borrower has represented to the City that 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 />Section 4. Public Hearin. <br />• (a) As required by the Act and Section 147(f) of the Code a Notice of Public Hearing <br />was published in the City's official newspaper and newspaper of general circulation, for a public <br />2 <br />404390v2 JSB EL185-19 <br />