City Council Meeting & Public Hearing on Bond Reissuance

 

NOTICE OF PUBLIC HEARING

ON THE REISSUANCE OF LEASE-REVENUE BONDS AND

THE USE OF THE PROJECT BY 501(c)(3) ENTITIES

 

Notice is hereby given that the City Council of the City of Marine on St. Croix, Minnesota (the "City") will meet at the City Hall, 121 Judd St., in the City, at 7:00 p.m. on Thursday, June 10, 2021, to consider giving approval and consent to the reissuance by the Economic Development Authority of the City of Marine on St. Croix, Minnesota (the "Issuer") of its Lease-Revenue Bonds (Marine Community School), Series 2019, dated April 30, 2019 (the "Bonds"), issued under Minnesota Statutes, Sections 469.090 through 469.1081, and Section 465.71, as amended (the "Act").

The Bonds were issued in the original aggregate principal amount of $900,000, for the purpose of acquiring certain property, located at 550 Pine Street in the City, to be used, in part, as an educational facility (the "Project"), which said Project is owned by the Issuer and is being leased to the City, pursuant to a Lease-Purchase Agreement, dated April 30, 2019, between the Issuer and the City. The Bonds were purchased by Security State Bank of Marine (the "Lender").

The Issuer desires to amend the terms of the Bonds, including a reduction in the interest rates thereof, and the Lender is amenable to such amendments. The effect of such proposed amendments to the existing Bonds would constitute a "reissuance" of the Bonds under Sections 102, and 104 through 150 of the Internal Revenue Code (the "Code"). Furthermore, the Issuer desires the flexibility to be able to sublease the Project, or portions thereof, to non-profits that are described under 501(c)(3) of the Code.

PLEASE NOTE, due to COVID-19, the public hearing will be available to the public both in-person, and conducted via telephone or other electronic means as allowed under Minnesota Statutes, Section 13D.02. Specifically, all interested parties are invited to participate either in-person or via Zoom, at which time you will be given the opportunity to express comments.

  •          To join the Zoom Meeting via web, go to: https://us02web.zoom.us/j/4741920648?pwd=cTRMSmJySlh1Qm5YYVNDRVUybkNnQT09

and enter for the Meeting ID: 474 192 0648, and for the Passcode: 55047

 

  •          To join via phone, dial phone number: +1 312 626 6799 US (Chicago), and when prompted, enter for the Meeting ID: 474 192 0648, and for the Passcode: 55047. Then enter your participant ID if you have one; if not, enter #.

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.  Written comments will be considered if submitted at the above City office on or before the date of the hearing.

 

BY ORDER OF THE CITY COUNCIL OF

THE CITY OF MARINE ON ST. CROIX

 

/s/ Lynette Peterson, Clerk-Treasurer

 

Address:

Village Hall 121 Judd Street
Last updated 5/19/2021 8:51:11 AM