Resolution - #03-12-334 - 12/16/2003

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RESOLUTION CALLING FOR A PUBLIC HEARING AND RATIFYING THE PUBLICATION OF A NOTICE OF THE HEARING (PACT CHARTER SCHOOL PROJECT) (a) WHEREAS, Minnesota Statutes, Sections 469.152 to 469.1651 (the "Act"), gives municipalities the power to issue revenue obligations 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 (b) WHEREAS, the City of Ramsey, Minnesota (the "City"), has received from PCS Building Company, a Minnesota nonprofit corporation, (the "Borrower"), a proposal that it undertake a program to finance the Project hereinafter described, through the issuance of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; and (c) WHEREAS, 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, to 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"). The Project will be owned by the Borrower and leased to and operated by PACT Charter School, a Minnesota non-profit corporation having federal income tax-exempt 501(c)(3) status as a public (charter) school; and (d) 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 147(f) of the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 2. The general nature of the proposal and an estimate of the principal amount of the Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. A draft copy of the proposed application of the Minnesota Department of Employment and Economic Development for the project, together with proposed forms of all attachments and exhibits thereto, is on file in the office of the Administrator. 4. All prior actions taken with respect to preparing the Notice of Public Hearing and causing notice of the hearing to be given one publication in the official newspaper of the City and 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 is hereby ratified, affirmed and approved. 1528859v3 2