HomeMy WebLinkAboutResolution No. 444-08 �4
• RESOLUTION NO. _�
RESOLUTION APPROVING A PROJECT ON BEHALF OF CROSSROADS
COLLEGE; APPROVING THE ISSUANCE OF A REVENUE NOTE (CROSSROADS
COLLEGE PROJECT), SERIES 2008, BY THE ROCHESTER ECONOMIC
DEVELOPMENT AUTHORITY
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota
(the"City"), as follows:
Section 1. Recitals. A public hearing was held on the date hereof, pursuant to call and
notice as required by Section 147(f) of the Internal Revenue Code, as amended, on the proposal
that the Rochester Economic Development Authority (the"Authority") issue its revenue note
(the "Note")to finance a portion or all of the cost of a proposed project(the "Project") on behalf
of Crossroads College, a Minnesota nonprofit corporation(the "Corporation"), consisting of(i)
the refinancing of certain taxable loans in excess of$3,300,000 in principal amount outstanding,
undertaken in order to provide financing for the acquisition and construction of the Corporation's
existing facilities and(ii)the financing of certain costs of issuance of the Note. All parties who
appeared at the hearing were given an opportunity to express their views with respect to such
proposal and interested persons were given the opportunity to submit written comments to the
City Clerk before the date of the hearing.
• Section 2. Authorization and Approval. Solely for purposes of Section 147(f) of the
Internal Revenue Code of 1986, as amended,the Common Council hereby approves the issuance
of the Note by the Authority to finance the Project. Notwithstanding the foregoing,however,the
adoption of this resolution shall not be deemed to establish any obligation on the part of the
Authority or the City to cause the issuance of the Note. The Note, if issued, shall not constitute a
charge, lien or encumbrance, legal or equitable,upon any property of the City or the Authority.
This Resolution shall be effective immediately upon its adoption.
Adopted by the Common Council of the City of Rochester,Minnesota,this 3rd day of
September, 2008.
President of the Common Council
Attest•
Cit Clerk
Approved the-0 day of September, 2008.
Mayor
• The Mayor stated that this was the time and place fixed for a public hearing to be
held on the proposal that the Rochester Economic Development Authority(the "Authority")
undertake and finance a project(the "Project"), on behalf of Crossroads College, a Minnesota
nonprofit corporation(the "Corporation"),pursuant to Minnesota Statutes, Sections 469.152
through 469.165, as amended. The City Clerk presented an affidavit showing publication of the
notice of public hearing at least once not less than fourteen(14)nor more than thirty (30) days
prior to the date fixed for the public hearing, in the Rochester Post-Bulletin, being the official
newspaper of the City and a newspaper of general circulation in the City. The affidavit was
examined, found to be satisfactory and ordered placed on file with the City Clerk.
The Mayor then opened the meeting for the public hearing on the proposal to
approve the Project and issuance of obligations by the Authority on behalf of the Corporation.
The purpose of the hearing was explained,the nature of the Project and of the proposed revenue
bonds was discussed,the draft copy of the Application to the Minnesota Department of
Employment and Economic Development(the "Application"), with draft copies of all
attachments and exhibits, was available, and all persons present who desired to do so were
afforded an opportunity to express their views with respect to the proposal to undertake and
finance the Project, in response to which the following persons either appeared, were recognized
and made statements, or filed written comments with the City Clerk before the date set for the
hearing, summaries of which appear opposite their respective names:
Name of Speaker Summary of Views
•
The City Clerk [reported that no written comments had been] [read a summary of
the written comments]* filed in her office before the date of the hearing.
After all persons who wished to do so had stated or filed their views on the
proposal, the Mayor declared the public hearing to be closed.
*Strike inappropriate language