CITY OF WOODBURY MSA TAX EXEMPT BONDSCITY OF WOODBURY, MINNESOTA
CITY OF WOODBURY, MINNESOTA
NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS (MATH & SCIENCE ACADEMY PROJECT)
NOTICE IS HEREBY GIVEN that the City Council of the City of Woodbury, Minnesota (the "City") will hold a public hearing on Wednesday, August 8, 2012, beginning at 7:30 p.m. at 8301 Valley Creek Road in the City of Woodbury to consider a proposal for the issuance of charter school lease revenue bonds (the "Bonds") of the City, pursuant to Minnesota Statutes, Sections 469.152-469.1651, as amended (the "Act"). The proceeds derived from the sale of the Bonds will be loaned to MSA Building Company, a Minnesota nonprofit corporation (the "Borrower"), and the proceeds of the loan will be applied to: (i) refund the outstanding principal amount of the Lease Revenue Refunding Bonds (Math & Science Academy Project), Series 2002A, previously issued by the City for the benefit of the Borrower; (ii) finance the acquisition, construction, and equipping by the Borrower of an approximately 28,000 square-foot addition (the "Project") to an existing public charter schoolhouse for grade six through grade twelve located at 8430 Woodbury Crossing in the City (the "Schoolhouse"); (iii) fund a debt service reserve fund to secure the Bonds; (iv) pay a portion of the interest on the Bonds; and (v) pay a portion of the costs of issuing the Bonds. The Schoolhouse will be owned by the Borrower and leased to and operated by Math & Science Academy, a Minnesota nonprofit corporation (the "Academy").
Following the public hearing, the City will consider a resolution approving the Project and the issuance of the Bonds to finance the Project. The aggregate face amount of the Bonds proposed to be issued is presently estimated not to exceed $11,500,000. The Bonds will be special, limited obligations of the City and will not constitute a general or moral obligation of the City and will not be secured by the taxing powers of the City or any assets or property of the City, but will be payable solely from loan payments made by the Borrower to the City pursuant to a Loan Agreement and other security provided by the Borrower and the Academy.
A draft copy of the proposed application to the Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits, is available for public inspection at the offices of the City during normal business hours.
At the time and place fixed for the public hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. All interested persons may appear and be heard at the public hearing either orally or in writing, or may file written comments with the City Administrator before the hearing.
All interested parties will be heard.
Dated this 18th day of July, 2012
BY ORDER OF THE CITY COUNCIL OF THE CITY OF WOODBURY, MINNESOTA
Dwight W. Picha
Community Development Director
The City of Woodbury is subject to Title II of the Americans with Disabilities Act, which prohibits discrimination on the basis of disability by public entities. The City is committed to full implementation of the Act to our services, programs, and activities. Information regarding the provisions of the Americans with Disabilities Act is available from the City Administrator's office at 651-714-3523. Auxiliary aids for disabled persons are available upon request at least 72 hours in advance of an event. Please call the ADA Coordinator at 651-714-3523 (TDD 651-714-3568) to make arrangements.