Resolution - #03-12-318 - 12/09/2003

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RESOLUTION RECITING A PROPOSAL FOR A PUBLIC (CHARTER) SCHOOL PROJECT; GIVING PRELIMINARY APPROVAL THERETO AND TO THE ISSUANCE OF REVENUE BONDS PURSUANT TO MINNESOTA LAW (PACT CHARTER SCHOOL PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act) authorizes cities to issue revenue bonds to finance industrial development projects to promote the welfare of the state by the active development of economically sound industry and commerce to meet the needs of an increasing population and the need for development of land use which will provide an adequate tax base to finance the increasing cost of governmental services and access to employment opportunities for such population; and WHEREAS, the City of Ramsey, Minnesota (the "City") has received from PCS Building Company, a 501(c)(3) organization (the "Borrower"), a proposal that the City undertake a program to assist in financing a project, as herein described, through the issuance of revenue bonds or other obligations (in one or more series) (the "Bonds") pursuant to the Act. The Borrower is currently engaged in the business of purchasing, constructing and equipping a public schoolhouse to be leased to PACT Charter School, a Minnesota nonprofit corporation, formed as a public (charter) school pursuant to Minnesota Statutes, Section 124D.10. The project to be financed by the Bonds is the acquisition, construction and equipping of an approximately 72,004 square foot pre-kindergarten through grade twelve education facility (collectively, the "Project"). The Project will be located on a 5.35 acre parcel of land immediately southwest of the intersection of Ramsey Boulevard NW and the planned East Ramsey Parkway in the City. The Project will be owned by the Borrower and leased to and operated by the PACT Charter School; and WHEREAS, the City desires to facilitate the development of the community and help to provide the range of services and employment opportunities required by the population within the boundaries of the City and the Project will assist the City in achieving these objectives; and WHEREAS, a public hearing on the Project was held on the date hereof, after notice was published and materials made available for public inspection at the City Hall, all as required by the Act and Section 147(0 of the Internal Revenue Code of 1986, as amended, at which public hearing all those appearing who desired to speak were heard and written comments were accepted; and WHEREAS, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. The City hereby gives preliminary approval to the proposal of the Borrower that the City undertake the Project, and the program of financing therefor, pursuant to the Act and a loan agreement to be entered into between the City and the Borrower, so as to produce income 1598059v2 2