Resolution - #22-157 - 07/12/2022

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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 12'h of July, 2022 at 7:00 o'clock P.M. Councilmember Specht introduced the following resolution and moved for its adoption: RESOLUTION #22-157 RESOLUTION AUTHORIZING THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE REFUNDING BONDS TO FINANCE AND REFINANCE A PUBLIC (CHARTER) SCHOOL PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH (PACT CHARTER SCHOOL PROJECT) 1. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 to 469.165, as amended(the "Act"), authorized to issue and sell its revenue bonds for the purpose of financing industrial development within the boundaries of the City and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Project; Documents Presented. PCS Building Company (the "Company"), a Minnesota nonprofit corporation and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, has proposed that the City issue and sell its Charter School Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2022A (the "Series 2022A Bonds") and its Taxable Charter School Lease Revenue Refunding Bonds (PACT Charter School Project, Series 2022B (the "Series 2022B Bonds" and together with the Series 2022A Bonds, the "Bonds") in an aggregate amount not to exceed $43,000,000 in substantially the form set forth in the hereinafter mentioned Indenture of Trust, pursuant to the Act, and loan the proceeds thereof to the Company in order to (i) currently refund 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 "Charter School") as a public charter school for students in grades kindergarten through twelve; (ii) currently refund the Borrower's outstanding subordinate loan from Propel Nonprofits issued in the original principal amount of $526,870, the proceeds of which were used to finance and refinance certain capital improvements to the Original School Facility (the "Subordinate Loan"); (iii) finance certain renovations to the Original School Facility to equip the Original School Facility to serve grades Kindergarten through five (the Original School Facility as improved, the "Elementary School Campus"); (iv) finance the acquisition of 18 acres of vacant land and the construction and equipping of an approximately 115,000 square-foot school facility located at or about 7633 161st 73637928v4