NOTICE OF PUBLIC HEARING WITH RESPECT TO A PROJECT DESCRIBED IN MINNESOTA STATUTES, SECTIONS 469.152-469.165, AS AMENDED
NOTICE IS HEREBY GIVEN that the Board of Commissioners of Anoka County, Minnesota (the County), will hold a public hearing on Tuesday, April 22, 2014, at or after 10:00 a.m. in the County Board Room on the seventh floor at the Anoka County Government Center located at 2100 3rd Avenue in the City of Anoka, Minnesota, to consider the issuance of one or more series of revenue obligations (the Bonds) of the County under Minnesota Statutes, Sections 469.152-469.165, as amended, and Minnesota Statutes, Section 471.656, as amended (collectively, the Act), on behalf of Spectrum Building Company, a Minnesota nonprofit corporation (the Borrower), to finance the following: (i) the acquisition, construction, and improvements of gymnasium and classroom facilities located at 11044 Industrial Boulevard in the City of Elk River (the City) of approximately 23,740 square feet, including associated infrastructure improvements (the 2014 Project); (ii) the funding of a debt service reserve fund; (iii) payment of a portion of the interest on the Series 2014 Bonds; and (iv) payment of the costs of issuing the Series 2014 Bonds. The Project will be owned by the Borrower and will be leased to and operated by Spectrum High School, a public charter school.
Following the public hearing, the County will consider adoption of a resolution granting approval to the Project and approval to the issuance of the Bonds to finance the costs of the Project. The aggregate face amount of the Bonds proposed to be issued to finance the Project is presently estimated not to exceed $4,250,000. The Bonds may be issued in one or more series of taxable or tax-exempt bonds. The Bonds may only be issued after the County has received the affirmative consent of the City for the County to issue the Bonds.
The Bonds to be issued by the County will constitute special, limited obligations of the County payable solely from the revenues expressly pledged to the payment thereof, and will not constitute a general or moral obligation of the County or the City, and will not be secured by the taxing powers or general credit of the County or the City or any assets or property of the County or the City except any interests of the County or the City in the Project that may be granted to the County or the City in conjunction with this financing. The Bonds shall not constitute a debt of the County or the City within the meaning of any constitutional or statutory limitation. The holder(s) of the Bonds shall never have the right to compel any exercise of the taxing power of the County or the City to pay the outstanding principal of the Bonds, or the interest thereon or to enforce payment thereof against any property of the County or the City.
All persons interested may appear and be heard at the time and place set forth above or may file written comments with the Executive Director of the County prior to the date of the hearing set forth above.
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, shall be available for public inspection following the publication of this notice, at the offices of the County, during normal business hours.
/s/ Dee Guthman
Anoka County Associate Administrator
Published in the
Anoka County UnionHerald
April 4, 2014