HomeMy WebLinkAboutCity Council Resolution 2005-109CERTIFICATION OF MINUTES RELATING TO
REVENUE BONDS, SERIES 2005 (PROVIDENCE ACADEMY PROJECT)
Issuer: City of Plymouth, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A regular meeting held on March 29, 2005, at 7:00 p.m.
at the Council Chambers of City Hall.
Members present: Mayor Johnson, Councilmembers Willis, Hewitt, Slavik, Stein, and Black.
Members absent: Councilmember Bildsoe
Documents attached:
Minutes of said meeting (pages):
RESOLUTION NO. 2005-109
RESOLUTION RELATING TO A PROJECT ON BEHALF OF
PROVIDENCE ACADEMY AND ITS FINANCING UNDER
MINNESOTA STATUTES, SECTIONS 469.152 TO 469.1651;
CALLING FOR A PUBLIC HEARING THEREON
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the obligations referred to in the title of this certificate, certify that the
documents attached hereto, as described above, have been carefiilly compared with the original
records of the corporation in my legal custody, from which they have been transcribed; that the
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of the corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at the meeting, insofar as they relate
to the obligations; and that the meeting was duly held by the governing body at the time and
place and was attended throughout by the members indicated above, pursuant to call and notice
of such meeting given as required by law.
WITNESS my hand officially as such recording officer on March 29, 2005.
City Clerk
RESOLUTION NO. 2005-109
RESOLUTION RELATING TO A PROJECT ON BEHALF OF
PROVIDENCE ACADEMY AND ITS FINANCING UNDER
MINNESOTA STATUTES, SECTIONS 469.152 TO 469.1651;
CALLING FOR A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"),
as follows:
SECTION 1
Recitals
I.I. Pursuant to the authority granted by Minnesota Statutes, Sections 469.152
through 469.165 1, the City is authorized to issue revenue bonds in anticipation of the collection
of revenues of a project to finance the cost of acquisition, constriction, reconstruction,
improvement, or extension thereof. The City proposes to issue its revenue bonds (the "Bonds")
in an amount not to exceed $12,500,000 for the purpose of financing a portion or all of the cost
of a proposed project (the "Project") on behalf of Providence Academy, a qualified 501(c)(3)
organization and nonprofit corporation of the state of Minnesota (the "Corporation"), consisting
of (i) the constriction and equipping of an approximately 80,000 square foot addition (including
approximately 16 high school classrooms, a new gym and locker rooms, shops and music / band
rooms) to the Corporation's facility located at 15100 Schmidt Lake Road, Plymouth, MN 55446
(the "Facility"). The Facility is owned and operated by the Corporation.
SECTION 2
Public Hearing
2.1. Pursuant to Minnesota Statutes, Section 469.154, Subdivision 4 and in
compliance with Section 147(f) of the Internal Revenue Code of 1986, as amended, this Council
is required to conduct a public hearing on the Project and the financing thereof. A public hearing
on the proposal to finance the Project and to issue the Bonds is hereby called and shall be held on
April 26, 2005, at 7:00 p.m., at the City offices, 3400 Plymouth Boulevard, Plymouth, MN,
55447.
2.2. The City Manager shall cause notice of the public hearing to be published in
the official newspaper of the City at least once not fewer than fourteen (14) nor more than thirty
(30) days prior to the date fixed for the public hearing. The notice to be published shall be in
substantially the form attached as Exhibit A hereto.
2.3. A draft copy of the proposed Application to the Minnesota Department of
Employment and Economic Development, together with draft copies of all attachments and
exhibits thereto, is to be on file with the City Manager and available for public inspection,
2
following publication of the notice of public hearing, during business hours on normal business
days.
SECTION 3
Preliminary Approval
3.1. The City hereby gives preliminary approval to the issuance of the Bonds and
the Project.
Upon vote being taken thereon, the following Councilmembers voted in favor:
and the following voted against the same:
whereupon the resolution was declared passed and adopted.
EXHIBIT A
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF
REVENUE BONDS UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH
469.1651, AS AMENDED, ON BEHALF OF PROVIDENCE ACADEMY
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of PIN -mouth, Minnesota (the Citv), Nvill
meet on April 26, 2005, at 7:00 o'clock P.M., at the City offices, 3400 PIN -mouth Blvd., for the purpose of
conducting a public hearing on a proposal that the City issue its revenue bonds (the Bonds), under
Minnesota Statutes, Sections 469.152 through 469.165 1, as amended, in order to finance, on behalf of
Providence Academv, a Minnesota nonprofit corporation (the Corporation) the cost of a project (the
Project) comprised of: (i) the construction and equipping of an approximately 80,000 square foot addition
(including approximately 16 high school classrooms, a new gym and locker rooms, shops and music /
band rooms) to the Corporation's facility located at 15100 Schmidt Lake Road, PIN -mouth, MN 55446 (the
Facility). The Facility is ovmed and operated by the Corporation.
The maximum aggregate principal amount of the proposed Bond issue is $12,500,000. The
Bonds shall be limited obligations of the City, and the Bonds and interest thereon shall be payable solely
from the revenue pledged to the payment thereof. No holder of the Bonds shall ever have the right to
compel any exercise of the taxing poNver of the City to pay the Bonds or the interest thereon, nor to
enforce payment against any property of the City except the property pledged to the payment thereof.
Before issuing the Bonds, the City Nvill enter into an agreement Nvith the Corporation, Nvhereby the
Corporation Nvill be obligated to make payments at least sufficient at all times to pay the principal of and
interest on the Bonds when due.
A draft copy of the proposed Application to the Minnesota Department of Employment
and Economic Development for approval of the Project, together N ith draft copies of all attachments and
exhibits thereto, is available for public inspection at the office of the City Manager, located in the City
offices, between the hours of 8:00 A.M. and 4:30 P.M., on normal City business days.
All persons interested may appear and be heard at the time and place set forth above, or
may file v ritten comments with the City Manager prior to the date of the hearing set forth above.
Dated: March 29, 2005
BY ORDER OF THE CITY COUNCIL
/s/ Sandv Paulson
Citv Clerk