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NOTICE OF PUBLIC HEARING <br /> ON A PROPOSAL FOR THE ISSUANCE OF <br />REVENUE BONDS FOR THE PACT CHARTER SCHOOL <br /> <br /> Notice is hereby given that the City Council of the City of Ramsey, Minnesota (the <br />"City") will meet at the City Hall, 15153 Nowthen Boulevard NW, in the City, at 7:00 p.m. on <br />Tuesday, December 16, 2003 to consider the proposal of PCS Building Company, a Minnesota <br />nonprofit corporation having federal income tax-exempt 501(c)(3) status (the "Borrower"), that <br />the City assist in financing a project hereinafter described pursuant to Minnesota Statutes, <br />Sections 469.152 to 469.165 l, by the issuance of revenue bonds. <br /> <br /> The "Project" consists the acquisition, construction and equipping of an approximately <br />72,004 square foot pre-kindergarten through grade twelve education facility located on a 5.35 <br />acre parcel of land immediately southwest of the intersection of Ramsey Boulevard NW and the <br />planned East Ramsey Parkway in the City. The Project will be owned by the Borrower and <br />leased to and operated by PACT Charter School, a Minnesota non-profit corporation having <br />federal income tax-exempt 501(c)(3) status as a public (charter) school. <br /> <br /> The maximum estimated principal amount of the Bonds to be issued to finance the <br />Project is $11,500,000. <br /> <br /> The Bonds if and when issued will not constitute a charge, lien or encumbrance upon any <br />property of the City, except the Project, and such obligations will not be a charge against the <br />general credit or taxing powers of the City but will be payable from sums to be paid by the <br />Borrower pursuant to a revenue agreement. <br /> <br /> A draft copy of the proposed application to the Minnesota Department of Employment <br />and Economic Development for approval of the Project, together with all attachments and <br />exhibits thereto, is available for public inspection beginning Friday, November 28, 2003, during <br />normal busin, ess hours, Monday through Friday, in the office of the Administrator, in the City <br />Hall. <br /> <br /> At the time and place fixed for the Public Hearing, the City Council will give all persons <br />who appear at the hearing an opportunity to express their views with respect to the proposal. <br />Written comments will be considered if submitted at the above City office on or before the date <br />of the hearing. <br /> <br />[Publish November 28] <br /> <br />1528859v3 <br /> <br /> <br />