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original principal amount of$526,870, the proceeds of which were used to finance and refinance <br /> certain capital improvements to the Original School Facility (the "Subordinate Loan"); (iii) <br /> financing certain interior renovations to the Original School Facility to equip the Original School <br /> Facility to serve grades kindergarten through five; (iv) financing the acquisition of 18 acres of <br /> vacant land and the construction and equipping of an approximately 115,000 square-foot school <br /> facility located at or about 7633 161st Avenue NW (the "New School Facility" and, with the <br /> Original School Facility, the "Facility") in the City, which will be leased to and operated by the <br /> Charter School as a public charter school for students in grades six through twelve; (v) providing <br /> for capitalized interest, if any, (vi) funding any required reserve funds; and (vii)paying of certain <br /> costs of issuance related to the issuance of the Bonds (collectively, the "Project"). The Project <br /> will be owned by the Borrower and leased to and operated by PACT Charter School, a <br /> Minnesota non-profit corporation having federal income tax-exempt 501(c)(3) status as a public <br /> (charter) school; and <br /> WHEREAS, The City has been advised by representatives of the Borrower and the <br /> representatives of Robert W. Baird & Co. Incorporated, as underwriter for the Bonds, that with <br /> the aid of municipal financing, and its resulting low borrowing cost, the Project is economically <br /> feasible; <br /> WHEREAS, Based on representations of the Borrower, no public official of the City has <br /> either a direct or indirect financial interest in the Project nor will any public official either <br /> directly or indirectly benefit financially from the Project; and <br /> WHEREAS, A public hearing on the Project was held on this date, after notice was <br /> published and materials made available for public inspection at the office of the Interim City <br /> Administrator, all as required by the Act and Section 147(f) of the Internal Revenue Code of <br /> 1986, as amended, at which public hearing all those appearing who desired to speak were heard <br /> and written comments were accepted. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> 1. Findings. The City hereby finds, determines, and declares as follows: <br /> (a) The City is authorized under the Act to assist the revenue producing <br /> project referred to herein, and to issue and sell the Bonds, as hereinafter defined, for the <br /> purpose, in the manner, and upon the terms and conditions set forth in the Act and in this <br /> Resolution. <br /> (b) On the basis of information available to the City it appears, and the City <br /> hereby finds, that the Project constitutes properties, real and personal, used or useful in <br /> connection with one or more revenue producing enterprises within the meaning of <br /> Subdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes <br /> stated in Section 469.152; that the availability of the financing under the Act and the <br /> willingness of the City to furnish such financing will be a substantial inducement to the <br /> 2 <br /> 73789111d2 <br />