07-040
CITY OF SHOREWOOD
RESOLUTION NO. 07- 040
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF AN EDUCATIONAL FACILITIES REVENUE NOTE AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(EXCELSIOR COVENANT CHURCH PROJECT)
(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating
to municipal industrial development (the "Act"), gives municipalities the power to issue revenue
obligations for the purpose of providing necessary educational facilities so that adequate educational
services are available to residents of the State at reasonable cost; and
(b) WHEREAS, the City of Deephaven, Minnesota ("Deephaven"), has received
:from Excelsior Covenant Church, a Minnesota nonprofit corporation and 501(c)(3) organization (the
"Borrower"), a proposal that Deephaven undertake a program to assist in financing, among other
things, a Project described in Exhibit A which is located in the City of Shorewood, Minnesota (the
"City"), through the issuance of a revenue note or obligation (in one or more series) (the "Note")
pursuant to the Act; and
(c) WHEREAS, the City has been advised that a public hearing and City Council
approval of the financing of the Project is required under the Act and Section 147(f) of the Internal
Revenue Code because a portion of facilities to be financed by the Note are located in the City:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood, Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and
place set forth in the Notice of Public Hearing attached hereto as Exhibit A.
2. The City Administrator-Clerk is hereby authorized and directed to cause
notice of the hearing to be given one publication in the official newspaper of the City and a newspaper
of general circulation available in the City, not less than 14 days nor more than 30 days prior to the
date fixed for the hearing, substantially in the form ofthe attached Notice of Public Hearing.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD, MINNESOTA,
this 11th day of June, 2007.
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ATTEST:
Exhibit A
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF A
REVENUE NOTE FOR THE EXCELSIOR COVENANT CHURCH PROJECT
Notice is hereby given that the City Council of the City of Shorewood, Minnesota (the
"City") will meet at the City Hall, 5755 Country Club Road, in the City, at 7:00 p.m. on Monday,
July 9, 2007, to consider giving host approval to the issuance by the City of Deephaven,
Minnesota ("Deephaven") of a revenue obligation, in one or more series, under Minnesota
Statutes, Sections 469.152 through 469.1651 (the "Act"), in order to finance the cost of a project
located in the City.
The Project consists of the construction and equipping of an approximately 21,700 square
foot, two-story addition to, including 3 classrooms, an activity center, and renovation of the
existing school facility located at 199955 Excelsior Boulevard in the City. The Project will be
owned and operated by the Borrower.
The maximum estimated principal amount of the Note to be issued to finance the Project
is $3,000,000.
The note or other obligation, as and when issued, will not constitute a charge, lien or
encumbrance upon any property of the City and such obligation will not be a charge against the
general credit or taxing powers of the City but will be payable from sums to be paid by the
Borrower pursuant to a revenue agreement.
At the time and place fixed for the Public Hearing, the City Council will give all persons
who appear at the hearing an opportunity to express their views with respect to the proposal.
Written comments will be considered if submitted at the above City office on or before the date
of the hearing.
[Publish no later than June 25, 2007]