HomeMy WebLinkAboutResolution 5453CITY of ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 5453
RESOLUTION CALLING PUBLIC HEARING ON
REVENUE BOND PROJECT ON BEHALF OF
HILL SCHOOL OF MINNESOTA, INC.
BE IT RESOLVED, by the City Council of the City of Orono as follows:
1. This Council has authority under the provisions of Minnesota
Statutes, Sections 469.152 to 469.165 1, as amended (the "Act"), to issue its revenue note (the
"Note") of up to $800,000 in principal amount to finance improvements to Hill School of
Minnesota, Inc. (the "Borrower") after a public hearing in accordance with the Act.
2. The proceeds of the Note will be used to finance additions and
• improvements to the Borrower's existing pre -K through 9 educational facility located at 2180
North Shore Drive, Orono, Minnesota and to refinance existing indebtedness incurred by the
Borrower.
3. The Note will be a limited obligation of the City of Orono and will
be payable solely from loan repayments to be made by the Borrower and any other security
pledged by the Borrower therefore.
4. A public hearing on the issuance of the Note is hereby called and
shall be held at 7:00 o'clock P.M. on Monday, May 8, 2006 at the Orono City Council Chambers,
2780 Kelley Parkway, Orono, MN 55356. The City Clerk is hereby authorized and directed to
cause notice of the hearing to be published once in the official newspaper and in a newspaper of
general circulation in the City at least 14 days prior to the hearing.
Adopted by the City Council of the City of Orono, Minnesota at a regular -meeting held on
April 10, 2006.
• •-• ATTEST:
Linda S. Vee, City Clerk
•
Barbara A. Peterson, Mayor
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