HomeMy WebLinkAbout01-118 RESOLUTION 01-118
A RESOLUTION ENDORSING SCOTT COUNTY PLAN TO
SELL CONDUIT BONDS TO FINANCE THE ST. MICHAEL'S CATHOLIC
SCHOOL IMPROVEMENT PROJECT.
Motion By: ZIESKA Second By: GUNDLACH
WHEREAS, federal and state laws permit counties to issue pass-through conduit debt for not-for-profit
organizations and other entities in support of qualified ("non-sectarian") projects; and
WHEREAS, the objective of conduit financing is to afford organizations the ability to realize a reduction
in the interest rate for a project, and the community to gain through the achievement of an
identified public purpose; and
WHEREAS, the Scott County Board of Commissioners has adopted a policy establishing a program to
provide for the use of conduit financing issued through Scott County; and
WHEREAS, St. Michael's Catholic School, 16280 Duluth Avenue Southeast, in the City of Prior Lake
has undertaken a project to improve and expand their educational facilities; and
WHEREAS, Catholic Finance Corporation in conjunction with St. Michael's Catholic School proposed
that Scott County consider conduit financing as a method of assisting in the funding of the
non-sectarian portions of this project; and
WHEREAS, the completion of this project will provide a public benefit by improving the quality and
expanding the capability of educational services provided by St. Michael's Catholic School;
and
WHEREAS, the statutorily defined cap on the issuance of "bank qualified" bonds combined with the
potential need for bonding of other projects within the City limited the ability of the City of
Prior Lake to financially support this project via the issuance of conduit bonds through the
City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA
that:
1. The recitals set forth above are incorporated herein.
2. The Prior Lake City Council supports the issuance of tax-exempt conduit bonds in support of
projects that will accomplish a public purpose.
3. The Prior Lake City Council has reviewed the proposed project at St. Michael's Catholic School and
found it to be compatible with the comprehensive plan and objectives for the area and in
compliance with the appropriate zoning and land use regulations.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (952) 447-4230 / Fax (952) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
4. The Prior Lake City Council fully supports the project being proposed by St. Michael's Catholic
School and would encourage the Scott County Board of Commissioners to give full consideration of
this project for inclusion in the County's conduit financing program.
PASSED AND ADOPTED THIS 15TM DAY OF OCTOBER, 2001.
YES NO
Mader X Mader
Ericson X Ericson
Gundlach X Gundlach
Petersen X Petersen
Zieska X Zieska ~
Frank ~C~ Manager
R:\RESOLUTI~ADMIN RESt2001\01-118.DOC