RES 17-46 - Laserfiche WebLink

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(d) The Series 2012 Project, the Series 2014 Project, and the Series 2017 Project (collectively, the "Project") will be owned by the Company and leased to and operated by Spectrum High School, a Minnesota nonprofit corporation (the "School"), as a public charter school. (e) The City has been advised that the Bonds or other obligations, as and when issued will not constitute a charge, lien, or encumbrance upon any property of the City or the City of Bethel, except the Project and the revenues derived from the Project. Such Bonds or obligations shall not be a charge against the general credit or taxing powers of the City or the City of Bethel, but are payable solely from revenues of the Company or security provided by the Company. Section 3. Representations Made by the Company (a) The Company has agreed to pay any and all costs incurred by the City in connection with the issuance of the Bonds, whether or not such issuance is carried to completion. (b) The Company has represented to the City that no public official of the City has either a direct or indirect financial interest in the Project or the Bonds, not will any public official of the City either directly or indirectly benefit financially from the Project or the issuance of the Bonds. Section 4. Public Hearing (a) As required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), a Notice of Public Hearing was published in the official newspaper of the City and a newspaper of general circulation in the City (the Star News) with respect to a public hearing on the proposed issuance of the Bonds and the financing and refinancing of the Project. (b) As required by Section 147(f) of the Code, the City Council of the City has on this date held a public hearing on the issuance of the Bonds by the City of Bethel and on the financing and refinancing of the Project with the proceeds of the Bonds. At the public hearing all persons appearing who desired to speak were heard and any written comments were accepted. Section 5. Host Approval. The City Council of the City hereby consents to the issuance of the Bonds by the City of Bethel and grants host approval with respect to the issuance of the Bonds by the City of Bethel and the financing and refinancing of the Project. Section 6. Approval of PILOF Payments. In connection with the approval granted herein to the issuance of the Bonds, and the anticipated exemption of the Project from property taxes due to the ownership of the Project by the Company and use of the Project by the School as a public charter school, the City Council hereby accepts, as a condition to the consent and approval granted by this Resolution, payment of a fee to the City upon a determination that the property on which the Series 2017 Project is to be located is exempt from real estate taxation. The terms and conditions for payment of such fee are set forth in an Agreement for Payment in Lieu of Fees to be executed by the Company and the City (the "PILOF Agreement") in the form now on file with the City. The PILOF Agreement is hereby approved in the form now on file with the City, together with such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom, and additions thereto as may be necessary and appropriate and approved by the City's bond counsel prior to the execution of the PILOF Agreement, and the Mayor and the City Clerk of the City are authorized to execute the PILOF Agreement in the name of and on behalf of c