07-047
CITY OF SHOREWOOD
RESOLUTION NO. 07 - 047
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF AN EDUCATIONAL FACILITIES REVENUE NOTE UNDER MINNESOTA
STATUTES, SECTIONS 469.152 THROUGH 469.1651 AND
(EXCELSIOR COVENANT SCHOOL PROJECT)
WHEREAS, the City of Deephaven ("Issuer") is considering a proposal from Excelsior
Covenant Church (the "Borrower") to issue an Educational Facilities Revenue Note; and
WHEREAS, as Excelsior Covenant Church is located within the City of Shorewood ("City"),
a "host approval" resolution by the City is required in order that the Note may be issued; and
WHEREAS, as part of this financing process, the City Council is required to hold a public
hearing prior to action on a host approval resolution; and
WHEREAS, said public hearing was held on July 9, 2007, and the Council has taken full
consideration Of public comment,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Shorewood,
Minnesota, finds and acts as follows:
Section 1. General Recitals. The purpose of Minnesota Statutes, Sections 469.152
through 469.1651 as amended, (the "Act"), is, among other things, to promote the welfare of the State
of Minnesota (the "State") by the active attraction and encouragement and development of
economically sound industry and commerce to prevent so far as possible the emergence of blighted
and marginal lands and areas of chronic unemployment and by providing necessary educational
facilities so that adequate educational services are available to residents of the State at reasonable
cost.
Section 2. Description of the Project. Excelsior Covenant Church (the "Borrower"), a
Minnesota religious corporation and organization described in Section 501 (c )(3) of the Internal
Revenue Code of 1986, as amended (the "Code") has proposed the issuance of a revenue note under
the Act, in one or more series, in an amount not to exceed $3,000,000 (the "Note") by the City of
Deephaven, Minnesota (the "Issuer") to finance the acquisition, construction and equipping of an
approximately 21,700 square-foot two-story addition (including an activity center) to and the
renovation of the existing pre-school facility located at 199955 Excelsior Boulevard in the City (the
"Project"). The Project will be owned and operated by the Borrower.
Section 3.
Recital of Representations Made by the Borrower.
(a) The Borrower has agreed to pay any and all costs incurred by the City in connection
with the issuance of the Note, whether or not such issuance is canied to completion.
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(b) The Borrower has represented to the City that no public official of the City has either a
direct or indirect financial interest in the Project nor will any public official either directly or
indirectly benefit financially from the Project.
Section 4.
Public Hearing.
(a) As required by the Act Section 147(f) of the Code a Notice of Public Hearing was
published in the City's official newspaper and newspaper of general circulation, for a public hearing
on the proposed issuance of the Note and the proposal to undertake and finance the Project.
(b) As required by the Act Section 147(f) of the Code and Minnesota Statutes, Section
471.656, the City Council has on this same date held a public hearing on the issuance of the Note and
the proposal to undertake and finance the portion of the Project which is located within the
jurisdictional limits of the City, at which all those appearing who desired to speak were heard and
written comments were accepted.
Section 5. Host Approval. The City hereby gives the host approval required under the
Internal Revenue Code, the Act and Minnesota Statutes, Section 471.656 to the issuance of the Note.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD, MINNESOTA,
this 9th day of July, 2007.
C~~G~
Christine Lizee, Mayor
ATTEST:
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