1995-058
o
RESOLUTION 95-58
RESOLUTION TO PROCEED WITH THE ISSUANCE AND
SALE OF EQUIPMENT LEASE REVENUE NOTES (THE
BLAKE SCHOOL PROJECT), IN THE AMOUNT OF
$220,000
WHEREAS, the City of Hopkins (hereinafter referred to as the "Issuer"), is a body
corporate and politic and municipal corporation organized and existing under the laws and the
Constitution of the State of Minnesota (the "State"), and is authorized and empowered by
Minnesota Statutes, Sections 469.152 to 469.165, as amended hereinafter referred to as the
"Act"), to issue its obligations and use the proceeds from the sale of said obligations to finance a
"project" (as defined in the Act), and to secure such obligations by the pledge of all or any part of
the revenues of the project; and
WHEREAS, the Issuer has been requested by The Blake School (the "Borrower") to issue
its obligations to finance the acquisition of school buses and a telephone system (the "Project")
by the Borrower; and
WHEREAS, notice of a public hearing on a proposal to issue Equipment Lease Revenue
Notes (The Blake School Project) (the "Notes") in an amount not to exceed $250,000, has been
duly given in compliance with Section 147 of the Internal Revenue Code of 1986 and Section
o 469.154, Subdivision 4 of the Act; and
WHEREAS, a public hearing has been held on the proposal to issue the Notes at the time
and place as specified in said notice and all objections or other comments relating to the issuance
of the Notes have been heard; and
WHEREAS, it is now been determined by the Borrower that the cost of the Project is
$220,000;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA, AS FOLLOWS:
Section 1. That it is hereby determined that it is necessary and advisable that the Issuer
proceed with the issuance of Equipment Lease Revenue Notes (The Blake School Project), of the
Issuer in the amount of $220,000 as authorized and permitted by the Act to finance the Project to
that amount.
Section 2. That the staff of the City is hereby authorized and directed to do any and all
things deemed necessary in order to effect the accomplishment of the Project and the issuance
and the sale of the Notes, including submission of an application for approval of the Project to
the Minnesota Department of Trade and Economic Development.
o
Section 3. That the publication of the notice of the public hearing on the issuance of the
Notes is hereby ratified, confirmed and approved.
D:\HPK 1 00\00 1 \RES\SGPRELlM .DOC
PREll MINAR Y RESOLUTION