2022-007 Resolution Consenting to and Approving the Issuance by the City of Columbus of its Revenue Obligations for the Benefit of the Blake School and Taking Other Actions with Respect thereto CITY OF HOPKINS,MINNESOTA
RESOLUTION NO.2022-007
RESOLUTION CONSENTING TO AND APPROVING THE
ISSUANCE BY THE CITY OF COLUMBUS OF ITS REVENUE
OBLIGATIONS FOR THE BENEFIT OF THE BLAKE SCHOOL
AND TAKING OTHER ACTIONS WITH RESPECT THERETO
WHEREAS, the City of Hopkins, Minnesota (the "City") is a home rule city and political
subdivision duly organized and existing under its Charter and the laws of the State of Minnesota; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended
(the "Act"), the City is authorized to carry out the public purposes described in the Act by providing for
the issuance of revenue bonds to provide funds to finance revenue-producing enterprises located within
the City, whether or not operated for profit, or to refund, in whole or in part, bonds previously issued
under the authority of the Act; and
WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue
obligations to finance or refinance the acquisition or improvement of property located outside of the
corporate boundaries of such municipality if the governing body of the city in which the property is
located consents by resolution to the issuance of such obligations; and
WHEREAS, The Blake School, a Minnesota nonprofit corporation (the "Borrower"), has
proposed that the City of Columbus, Minnesota (the "City of Columbus") issue one or more series of
taxable or tax-exempt revenue obligations (the "Notes") in an estimated principal amount not to exceed
$35,000,000, under the provisions of the Act and Minnesota Statutes, Section 471.656, as amended, and
loan the proceeds thereof to the Borrower to (i) refinance the Educational Facilities Revenue Refunding
Note (The Blake School Project), Series 2017 (the "Series 2017 Note"), issued by the City on
December 14, 2017, in the original aggregate principal amount of $13,833,000; and (ii) finance the
construction of an early learning center (the "Construction Project") to be located at the Borrower's
educational facilities located at 110 Blake Road South in the City(the"Hopkins Campus"); and
WHEREAS,proceeds of the Series 2017 Note were loaned to the Borrower and used to refinance
improvements to the Hopkins Campus and the Borrower's educational facilities located at 301 Peavey
Lane,Wayzata,Minnesota(the"Wayzata Campus");and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and
regulations promulgated thereunder require that prior to the issuance of the Bonds,the City Council of the
City (the "City Council") consent to the issuance of the Bonds by the City of Columbus after conducting
a public hearing thereon preceded by publication of a notice of public hearing (in the form required by
Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation within the
City at least seven(7)days prior to the public hearing date; and
WHEREAS, a notice of public hearing (the "Public Notice") was published at least seven (7)
days before the regularly scheduled meeting of the City Council on the date hereof in the Sun Sailor, the
official newspaper of and a newspaper of general circulation in the City, with respect to the required
public hearing under Section 147(f)of the Code; and
WHEREAS, on the date hereof, the City Council conducted a public hearing at which a
reasonable opportunity was provided for interested individuals to express their views, both orally and in
writing, on the following: (i) consent to the issuance of the Bonds by the City of Columbus pursuant to
the requirements of Section 147(f) of the Code and the regulations promulgated thereunder; and
(ii)approval of the issuance of the Bonds by the City of Columbus to finance the Construction Project and
refinance the prior improvements to the Hopkins Campus(collectively,the"Note-Financed Projects"); and
WHEREAS, the Borrower has represented to the City that it will use equity to prepay the portion
of the Series 2017 Note used to refinance the improvements to the Wayzata Campus;and
WHEREAS, in accordance with Section 469.155, subdivision 12 of the Act, the City Council is
required to consent to the issuance of the Notes by the City of Columbus to refinance the Series 2017
Note; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS,MINNESOTA,AS FOLLOWS:
1. In accordance with Section 469.155, subdivision 12 of the Act and Minnesota Statutes,
Section 471.656, as amended, the City Council finds that it is in the best interest of the City to approve
the issuance of the Notes by the City of Columbus to refinance the Series 2017 Note and to finance and
refinance the Note-Financed Projects and hereby consents to the issuance of the Notes by the City of
Columbus for such purposes in an amount estimated not to exceed $35,000,000, subject to final approval
by the governing body of the City of Columbus, following the preparation of bond documents and a
determination by the City of Columbus to issue the Notes.
2. The Mayor and the City Manager are hereby authorized and directed to execute and deliver
any documents or certificates deemed necessary to fulfill the intentions of this resolution.
3. The Mayor and City Manager and other officers, employees, and agents of the City are
hereby authorized and directed to prepare and furnish to bond counsel and the original purchaser of the
Bonds certified copies of all proceedings and records of the City relating to the approval of the issuance
of the Bonds, including a certification of this resolution.
4. The Borrower will, upon demand, reimburse the City for costs paid or incurred by the
City in connection with this resolution.
5. This resolution shall be in full force and effect from and after its passage.
Approved by the City Council of the City of Hopkins, Minnesota this 31"day of January, 2022.
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ATTEST:
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Amy Domeier, City Clerk
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