Resolution - #22-141 - 06/14/2022

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Extract of Minutes of a Meeting of the City Council of the City of Ramsey, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Ramsey, Minnesota (the "City"), was duly held at the Ramsey Municipal Center, 7550 Sunwood Drive NW in said City on Tuesday, the 14'h of June, 2022 at 7:00 o'clock P.M. Councilmember Heineman introduced the following resolution and moved for its adoption: RESOLUTION #22-141 RESOLUTION PRELIMINARILY APPROVING THE ISSUANCE AND SALE OF CHARTER SCHOOL LEASE REVENUE REFUNDING BONDS (PACT CHARTER SCHOOL PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 to 469.165, 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; WHEREAS, The City of Ramsey, Minnesota (the "City") has received from PCS Building Company, a Minnesota nonprofit corporation organized under the laws of the State of Minnesota (the "Borrower"), a proposal that the City assist in financing a 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; WHEREAS, The City desires to facilitate the selective development of the community, retain and improve the tax base, and help to provide the range of services and employment opportunities required by the population, including educational services; and the Project will assist the City in achieving those objectives and will enhance the image and reputation of the community; WHEREAS, The project to be financed by the Bonds consists of(i) current refunding of the City's outstanding Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2013A (the "Series 2013A Bonds"), the proceeds of which were used to advance refund the City's Lease Revenue Bonds (PACT Charter School Project), Series 2004A (the "Series 2004 Bonds"), the proceeds of which were used to finance the acquisition, construction, and equipping of an approximately 74,000 square-foot school facility located at 7250 East Ramsey Parkway (the "Original School Facility") in the City, which is currently leased to and operated by PACT Charter School, a Minnesota nonprofit corporation and 501(c)(3) organization (the "School") as a public charter school for students in grades kindergarten through twelve; (ii) currently refunding of the Borrower's outstanding subordinate loan from Propel Nonprofits issued in the 73789111d2