DEPARTMENT: Central Operations Administration
FILE TYPE: Regular Action
TITLE
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Scheduling Of Public Hearing On Issuance Of Revenue Obligations By City Of Lilydale To Finance Project By 360 Communities
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RESOLUTION
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NOW, THEREFORE, BE IT RESOLVED, That by the Board of Commissioners of Dakota County, Minnesota, as follows:
Section 1. Definitions. The capitalized terms used in this resolution have the meanings assigned below:
Acts: Minnesota Statutes, Sections 469.152 through 469.165, as amended, and Minnesota Statutes, Section 471.656, as amended.
Bond Counsel: the law firm of Fryberger, Buchanan, Smith & Frederick, P.A.
Borrower: 360 Communities, a Minnesota nonprofit corporation.
County: Dakota County, Minnesota.
Code: the Internal Revenue Code of 1986, as amended.
Governing Body: the Board of Commissioners of the County.
Issuer: City of Lilydale, Minnesota, the issuer of the Obligations.
Obligations: the Issuer's proposed tax-exempt 501(c)(3) Facilities Revenue Note (360 Communities Project), Series 2026, in the maximum aggregate principal amount of $8,000,000.
Project: the demolition of an existing facility, and construction and equipping of an approximately 28,550 square-foot new facility suitable for the Borrower's Qualified Services and Activities, to be located at 4345 Nicols Road, in the City of Eagan, Minnesota.
Qualified Services and Activities: providing social services, including, but not limited to, assistance to the poor, distressed, or underprivileged, in revenue-producing facilities, and such other charitable services and activities as are undertaken by organizations described in Section 501(c)(3) of the Code.
Section 2. Recitals. The Governing Body makes the following statements of fact:
2.01 Representatives of the Borrower have represented to the County that:
(a) the Borrower is a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Code;
(b) the Borrower is engaged in Qualified Services and...
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