06-22 - 03-21 - Host Approval Revenue Bond for Courage Center Resolution 06-22 March 21, 2006
Member Freiberg introduced the following resolution and moved its adoption:
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE OF A
REVENUE BOND TO FINANCE A PROJECT FOR COURAGE CENTER
AND LOCATED IN PART IN THE CITY OF GOLDEN VALLEY, UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165
BE IT RESOLVED, by the City Council (the "Council") of the City of Golden Valley,
Minnesota (the "City") as follows:
1. Description of the Project.
a. Courage Center, a Minnesota nonprofit corporation and an organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended (the "Corporation"), has proposed the issuance of a revenue bond
under Minnesota Statutes, Sections 469.152 to 469.165, as amended (the
"Act"), in an amount of approximately $1,000,000 (the "Bond"), to finance
various construction, renovation and equipment costs relating to its
headquarters facility located at 3915 Golden Valley Road in the City, as well
as its Camp Courage facilities located at 8046 83rd Street NW, Maple Lake,
Minnesota.
b. The Corporation has proposed that the Minneapolis Community Development
Agency (the "Issuer") issue the Bond.
2. Costs of the City. The Corporation has agreed to pay any and all costs incurred by
the City in connection with this Resolution and the issuance of the Bond, whether or
not such issuance is carried to completion.
3. Public Hearing.
a. As required by Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), a Notice of Public Hearing was published in the City's
official newspaper at least 14 days prior to the date hereof, calling a public
hearing on the proposed issuance of the Bond and the proposal to finance the
various facilities of the Corporation mentioned in the notice.
b. On the date hereof, the Council has held a public hearing on the issuance of
the Bond and the proposal to finance the Corporation's facilities, at which all
those appearing who desired to speak were heard and written comments
were accepted.
4. Approval. The proposal to finance the Corporation's facilities as described above,
and the issuance of the Bond by the Issuer, are hereby given approval by the City as
required by the Code and by Minnesota Statutes, Section 471.656.
Resolution 06-22 - Continued March 21, 2006
5. Limited Obligation. The Bond, when and if issued, shall not constitute a charge, lien
or encumbrance, legal or equitable, upon any property of the City or the Issuer. The
Bond, when and if issued, shall recite in substance that the Bond and the interest
thereon, are payable solely from revenues received from the Corporation and
property of the Corporation pledged for payment thereof, and shall not constitute a
debt of the Issuer, the City, the State of Minnesota or any political subdivision
thereof.
JAI l
Linda R. Loomis, ayor
ATTEST:
.44 41 (MU SI!
usan M. Virnig, City Clerk 11
The motion for the adoption of the foregoing resolution was seconded by Member Pentel
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg,
Loomis, Pentel, Scanlon and Shaffer; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and her signature attested by the City Clerk.