RES 05-018
.
.
.
RESOLUTION OS-18
CITY OF ELK RIVER
A RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR A PRIVATE SCHOOL FACILITY PROJECT
PURSUANT TO MINNESOTA LAW, AND AUTHORIZING
PREPARATION AND PUBLICATION OF A NOTICE OF THE HEARING
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), gives
municipalities the power to issue revenue bonds for the purpose of the 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 Council of the City of Elk River, Minnesota (the "City"), has received
from The Church of St. Andrew, a 501 (c) (3) non-profit Minnesota corporation (the "Borrower"), a
proposal that the City assist in financing the non-religious portion of a school project hereinafter
described, through the issuance of its private school facility revenue bonds (which may be in the
form of a single debt instrument) (the "Bonds") 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 469.154,
Subdivision 4, of the Act; and
WHEREAS, Briggs and Morgan, Professional Association, Minneapolis and St. Paul,
Minnesota, acting as bond counsel ("Briggs") prepared, at the direction of City staff, a notice of
public hearing describing the general nature of the proposal and an estimate of the principal amount
of Bonds to be issued to finance the proposal in the form hereto attached.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Elk River,
Minnesota, as follows:
1. A second public hearing on the proposal of the Borrower with an increased
estimated principal amount of bonds will be held at the time and place set forth in
the notice of public hearing hereto attached.
2. A draft copy of the proposed application to the Commissioner of the Department of
Employment and Economic Development, State of Minnesota, for approval of the
project, together with proposed forms of all attachments and exhibits thereto, shall
be placed on file in the office of the City Administrator upon publication of the
notice of public hearing.
3.
The City Administrator is hereby authorized and directed to cause the notice of the
public hearing to be published once in the official newspaper of the City, 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.
.
.
.
Adopted this 22nd day of February, 2005, by the City Council of the City of Elk River, Minnesota.
ATTEST:
j /1 / "Jt
//L.-. #-~t/~~