CITY OF ELK RIVER
ON A PROPOSAL FOR THE ISSUANCE OF
CHARTER SCHOOL LEASE REVENUE BONDS
FOR THE SPECTRUM HIGH SCHOOL PROJECT
Notice is hereby given that the City Council of the City of Elk River, Minnesota (the City) will meet at the City Hall, 13065 Orono Parkway NW in the City, at 6:00 p.m. on Monday, April 21, 2014 to consider giving host approval to the issuance by Anoka County, Minnesota (Issuer) of revenue obligations, in one or more series, (the Bonds) under Minnesota Statutes, Sections 469.152 through 469.1655, as amended, and Minnesota Statutes, Section 471.656, as amended (the Act), in order to finance the cost of a project located in the City.
Spectrum Building Company, a Minnesota nonprofit corporation (the Borrower) proposes to finance a Project consisting of (i) the acquisition, construction, and improvements of facilities located at 11044 Industrial Circle NE in the City of approximately 23,740 square feet, including gymnasium and classroom facilities and associated infrastructure improvements (the Project); (ii) the funding of a debt service reserve fund; (iii) payment of a portion of the interest on the Bonds; and (iv) payment of the costs of issuing the Bonds. The Project will be owned by the Borrower and will be leased to and operated by Spectrum High School (Spectrum), a public charter school.
The maximum estimated principal amount of the Bonds to be issued to finance the Project is $4,250,000.
The Bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City and such obligations will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement.
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.
Published in the
April 5, 2014
CITY OF ELK RIVER