1997-084
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 97-84
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF REVENUE REFUNDING BONDS FOR
THE BLAKE SCHOOL PROJECT
WHEREAS, pursuant to the Minnesota Municipal Industrial Development Act, Minnesota
Statutes, Sections 469.152 to 469.165 (the "Act"), the City of Hopkins (the "City") is
authorized to issue its revenue bonds, in anticipation of the collection of revenues of a
project, to finance, in whole or in part, the cost of acquisition, construction,
reconstruction, improvement, betterment, or extension of such project, and to refund its
bonds previously issued for such purpose; and
WHEREAS, the City has previously issued its $5,750,000 Revenue Bonds, Series 1994 (The
Blake School Project) (the "Series 1994 Bonds") for the purpose of financing a project
consisting of remodeling approximately 45,000 square feet of space and constructing
approximately 35,000 square feet of additional space at the middle school facility located
in the City and owned and operated by The Blake School, a Minnesota nonprofit
corporation (the "Borrower"); and
WHEREAS, the City has been requested by the Borrower to issue its revenue refunding bonds in
order to reduce debt service costs of the Borrower through the refunding of the Series
1994 Bonds; and
WHEREAS, Section 147(1) of the Internal Revenue Code of 1986, as amended, requires that a
public hearing be held on the proposed bond issue after publication of notice in a
newspaper of general circulation within the City at least fourteen (14) days in advance of
the hearing as a condition to the tax exemption of interest on the bonds; and
WHEREAS, the City on this date conducted a public hearing on the proposed issuance of bonds.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA:
1. The City hereby ratifies the prior publication of the notice of public hearing.
2. The City Council hereby states the preliminary intention of the City to issue
revenue refunding bonds in an amount presently estimated not to exceed
$6,300,000 for the foregoing purposes, subject to compliance with the terms and
conditions of the Act and final agreement between the City, the Borrower and the
initial purchaser of the bonds as to the terms and conditions thereof.
Notwithstanding the foregoing, however, the adoption of this resolution shall not
be deemed to establish a legal obligation on the part of the City to issue or cause
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the issuance of the bonds, and the City may, in its sole and absolute discretion,
determine not to issue the bonds. The bonds, if issued, shall be special, limited
obligations of the City payable solely from the loan repayments to be paid by the
Borrower and such other security devices deemed advantageous. The bonds shall
not constitute nor give rise to a pecuniary liability of the City or a charge against
its general credit or taxing powers.
3. The Borrower shall pay, and has agreed to pay, directly or through the City any
and all costs, expenses and fees incurred by the City in connection with the
proposed project and the refunding, whether or not the bonds are issued or all
operative documents are executed and delivered.
Adopted by the City Council of the City of Hopkins this ~!l-ci day of September, 1997.
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ATTEST:
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