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RESOLUTION CALLING PUBLIC HEARING ON <br /> REVENUE BOND PROJECT ON BEHALF OF <br /> HILL SCHOOL OF MINNESOTA, INC. <br /> BE IT RESOLVED by the City Council of the City of Orono as follows: <br /> 1. This Council has authority under the provisions of Minnesota Statutes, <br /> Sections 469.152 to 469.1651, as amended (the "Act"), to issue its revenue note (the "1�Tote") <br /> of up to $800,000 in principal amount to finance improvements to Hill School of Minnesota, <br /> Inc. (the "Borrower") after a public hearing in accordance with the Act. <br /> 2. The proceeds of the Note will be used to finance additions and <br /> improvements to the Borrower's existing pre-K through 9 educational facility located at 2180 <br /> North Shore Drive, Wayzata, Minnesota and to refinance existing indebtedness incurred by <br /> the Borrower. <br /> 3. The Note will be a limited obligation of the City of Orono and will be <br /> payable solely from loan repayments to be made by the Borrower and any other security <br /> pledged by the Borrower therefor. <br /> 4. A public hearing on the issuance of the Note is hereby called and shall <br /> be held on at o'clock P.M. on Monday, March 27, 2006, at City Hall. The City Clerk <br /> is hereby authorized and directed to cause notice of the hearing to be published once in the <br /> official newspaper and in a newspaper of general circulation in the City at least 14 days prior <br /> to the hearing. <br /> M I:1294173.01 <br />