Resolution - 22-20: Holy Family - Calling for Public Hearing EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF SPRING PARK, MINNESOTA
HELD:June 6, 2022
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Spring
Park,Minnesota,was duly held on Monday,June 6,2022, commencing at 7:15 P.M.
The following members were present:
Mayor Rockvam,Council Member's Chase, Hoffman, Horton, & Hughes
and the following were absent: none
Council Member Hoffman motioned to introduce the following resolution and moved its adoption:
RESOLUTION NO. 22-20
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF CONDUIT REVENUE NOTES AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING
(HOLY FAMILY CATHOLIC HIGH SCHOOL)
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, as amended, relating
to municipal industrial development (the "Act"), gives municipalities the power to refund revenue
obligations previously issued for the purpose of promoting the welfare of the state by the provision of
necessary educational facilities; and
WHEREAS,the City of Spring Park,Minnesota (the"City"),has received from Holy Family
Catholic High School, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), a
proposal that the City assist in refunding a portion of certain obligations previously issued by the City of
Victoria through the issuance of conduit revenue notes or obligations (in one or more series) (the "Notes")
pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower, it is
necessary for the City to hold a public hearing on the proposal pursuant to the Act:
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Spring Park,
as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and place
set forth in the form of Notice of Public Hearing attached hereto as Exhibit A or
on a date to be determined by the City Administrator in order to meet publication
requirements in accordance with applicable law. The general nature of the proposed
financing and an estimate of the aggregate principal amount of revenue notes or
other obligations to be issued to finance the proposal are described in the Notice of
Public Hearing.
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2. The City Clerk of the City is hereby authorized and directed to cause notice of the
hearing to be given one publication in the official newspaper of the City and a newspaper of general
circulation available in the City,not less than 14 days nor more than 30 days prior to the date fined for the
hearing, substantially in the form of the attached Notice of Public Hearing.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member Chase,
and after full discussion thereof and upon vote being taken,the motion was unanimously approved.
ADOPTED by the City Council of the City of Spring Park this 6th day of June,2022.
CITY OF SPR PARK
Appr ed
Jerome P. ockvam,Mayor
Attest:
amie Hoffman, lerk
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF SPRING PARK
I, the undersigned, being the duly qualified and acting City Clerk of the City of Spring Park,
Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes
with the original thereof on file in my office, and that the same is a full, true and complete transcript of the
minutes of a meeting of the City Council of said City duly called and held on the date therein indicated,
insofar as such minutes relate to calling for a public hearing on the issuance of conduit revenue notes.
WITNESS my hand this 6th day of June, 2022.
ty ler
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EXHIBIT A
NOTICE OF PUBLIC HEARING ON A PROPOSAL
FOR ISSUANCE OF REVENUE
NOTES, SERIES 2022 (HOLY FAMILY CATHOLIC HIGH SCHOOL)
Notice is hereby given that a public hearing shall be conducted by the City Council of the City of
Spring Park, Minnesota (the "City") on Monday,June 20, 2022 at 7:00 P.M. at the City offices located at
4349 Warren Ave. in the City, to consider the proposal for the City's issuance of conduit revenue notes in
one or more series (the"Notes")pursuant to Minnesota Statutes,Sections 469.152 to 469.1655,as amended
(the "Act' . The proceeds of the Notes will be loaned to Holy Family Catholic High School, a Minnesota
nonprofit corporation (the `Borrower' to (i) refinance certain bonds previously issued (the "Refunded
Obligations") by the City of Victoria to refinance the acquisition, construction and equipping of private
school facilities located at 8101 Kochia Lane in the City of Victoria, Minnesota (the "Project") and (ii) pay
the costs of issuing the Notes. The Project is owned and operated by the Borrower.
Following the public hearing,the City will consider adopting a resolution approving the issuance of
the Notes to refinance the Project. The aggregate face amount of the Notes proposed to be issued is
presently estimated not to exceed $7,850,000. The Notes,if and when issued,will not constitute a charge,
lien or encumbrance upon any property of the City except the City's interest in revenues to be paid by the
Borrower. Such Notes will be special, limited revenue obligations of the City payable solely from the
revenues expressly pledged to the payment thereof, and will not constitute a general or moral obligation of
the City,and will not be a charge against the City's general credit or taxing powers,but will be payable solely
from revenues or collateral to be paid or provided by the Borrower pursuant to a revenue agreement.
All persons interested may appear and be heard at the time and place set forth above, or may file
written comments with the City Clerk prior to the date of the hearing set forth above.
Dated: June 6,2022.
BY ORDER OF THE CITY COUNCIL
By /s/Jamie Hoffman, City Clerk
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