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• <br />• <br />0 <br />Ok <br />CITY of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 54 6 1 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND <br />SALE OF UP TO $800,000 REVENUE NOTES, SERIES 2006 <br />(HILL SCHOOL OF MINNESOTA PROJECT) AND AUTHORIZING <br />EXECUTION AND DELIVERY OF VARIOUS DOCUMENTS <br />BE IT RESOLVED by the City Council of the City of Orono as follows: <br />1. Authoritv. This City is, by the Laws of the State of <br />Minnesota, including Sections 469.152 to 469.165, Minnesota Statutes, as <br />amended (the "Act"), authorized to issue and sell its revenue notes for the <br />purpose of financing the cost of acquisition and construction of authorized <br />projects and to enter into contracts necessary or convenient in the exercise of <br />the powers granted by the Act. <br />2. Authorization of the Notes. The City hereby determines <br />that it is necessary and expedient to authorize, and the City does hereby <br />authorize, the issuance and sale of the City's Revenue Notes, Series. 2006 (Hill <br />School of Minnesota Project) (the "Notes"), pursuant to the Act to provide <br />money to be loaned to Hill School of Minnesota, a Minnesota nonprofit <br />corporation (the "Borrower") in the aggregate principal amount of up to Eight <br />Hundred Thousand Dollars ($800,000) to finance costs of construction of <br />additions, improvements and renovations to the Borrower's pre -K through 9 <br />school and to refinance existing indebtedness incurred by the Borrower as an <br />educational facility (the "Project"). <br />3. Documents Presented. Forms of the following <br />documents relating to the Notes and the Project have been prepared or <br />reviewed by bond counsel, and submitted to the City and are now on file in the <br />office of the City Clerk: <br />(a) Loan Agreement (the "Loan Agreement") dated as of <br />May 1, 2006, between the City and the Borrower, whereby the City agrees to <br />make a loan of the proceeds of the Notes to the Borrower to finance the Project <br />and the Borrower agrees to pay amounts sufficient to provide for the full and <br />prompt payment of the principal of, premium, if any, and interest on the Notes; <br />1 <br />