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HomeMy WebLinkAboutCity Council Resolution 2006-441CERTIFICATION OF MINUTES RELATING TO A PROJECT ON BEHALF OF FAMILY CHILD DEVELOPMENT CENTER AND ITS FINANCING UNDER MINNESOTA STATUTES, SECTIONS 469.152 TO 469.165; CALLING FOR A PUBLIC HEARING THEREON Issuer: City of Plymouth, Minnesota Governing body: City Council Kind, date, time and place of meeting: A regular meeting held on November 14, 2006, at 7:00 p.m. at the Council Chambers of City Hall. Members present: Mayor Johnson, Councilmembers Willis, Hewitt, Slavik, Bildsoe, Stein, and Black. Members absent: None. Documents attached: Minutes of said meeting (pages): RESOLUTION NO. 2006-441 RESOLUTION RELATING TO A PROJECT ON BEHALF OF FAMILY CHILD DEVELOPMENT CENTER AND ITS FINANCING UNDER MINNESOTA STATUTES, SECTIONS 469.152 TO 469.165; CALLING FOR A PUBLIC HEARING THEREON I, the undersigned, being the duly qualified and acting recording officer of the public corporation referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefiilly compared with the original records of the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the topic of this Resolution; and that the meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer on November 14, 2006. City Clerk - 1 - RESOLUTION NO. 2006-441 RELATING TO A PROJECT ON BEHALF OF FAMILY CHILD DEVELOPMENT CENTER AND ITS FINANCING UNDER MINNESOTA STATUTES, SECTIONS 469.152 TO 469.165; CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as follows: SECTION 1 Recitals I.I. Pursuant to the authority granted by Minnesota Statutes, Sections 469.152 through 469.165, the City is authorized to issue revenue notes in anticipation of the collection of revenues of a project to finance or refinance the cost of acquisition, constriction, reconstruction, improvement, or extension thereof. The City proposes to issue its revenue note (the "Note") for the purpose of financing a portion or all of the cost of a proposed project (the "Project') on behalf of Family Child Development Center, a qualified 501(c)(3) organization and nonprofit corporation of the state of Minnesota (the "Corporation"), consisting of (i) the acquisition of an approximately 4,935 square foot early childhood education and childcare center (the "Facilities") and (ii) the financing of certain costs of issuance of the Note. The Facilities will be owned and operated by the Corporation and located at 100 Nathan Lane North, Plymouth, Minnesota 55441. SECTION 2 Public Hearing 2.1. Pursuant to Minnesota Statutes, Section 469.154, Subdivision 4 and in compliance with Section 147(f) of the Internal Revenue Code of 1986, as amended, this Council is required to conduct a public hearing on the Project and the financing thereof. A public hearing on the proposal to finance the Project and to issue the Note is hereby called and shall be held on December 12, 2006, at 7:00 p.m., at the City Hall, 3400 Plymouth Blvd in the City. 2.2. The City Clerk shall cause notice of the public hearing to be published in the official newspaper of the City at least once not fewer than fourteen (14) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the form attached as Exhibit A hereto. Upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon the resolution was declared duly passed and adopted. -2- EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF A REVENUE NOTE UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165, AS AMENDED, ON BEHALF OF FAMILY CHILD DEVELOPMENT CENTER CITY OF PLYMOUTH, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of PIN -mouth, Minnesota (the Citv), Nvill meet on December 12, 2006, at 7:00 o'clock P.M., at the City Hall, 3400 Plymouth Blvd. in the City, for the purpose of conducting a public hearing on a proposal that the City issue its revenue note (the Note), under Minnesota Statutes, Sections 469.152 through 469.165, as amended, for the purpose of financing a portion or all of the cost of a proposed project (the Project) on behalf of Family Child Development Center, a qualified 501(c)(3) organization and nonprofit corporation of the state of Minnesota (the Corporation), consisting of (i) the acquisition of an approximately 4,935 square foot early childhood education and childcare center (the Facilities) and (ii) the financing of certain costs of issuance of the Note. The Facilities Nvill be ovmed and operated by the Corporation and located at 100 Nathan Lane North, Plymouth, Minnesota 55441. The maximum aggregate principal amount of the proposed Note issue is $840,000. The Note shall be a limited obligation of the City, and the Note and interest thereon shall be payable solely from the revenue pledged to the payment thereof. No holder of the Note shall ever have the right to compel any exercise of the taxing poNver of the City to pay the Note or the interest thereon, nor to enforce payment against any property of the City except the property pledged to the payment thereof. Before issuing the Note, the City Nvill enter into an agreement Nvith the Corporation whereby the Corporation Nvill be obligated to make payments at least sufficient at all times to pay the principal of and interest on the Note N -,-hen due. A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the Project, together Neth draft copies of all attachments and exhibits thereto, is available for public inspection at the office of the City Clerk, located in the City Hall, between the hours of 8:00 A.M. and 4:30 P.M., on normal City business days. All persons interested may appear and be heard at the time and place set forth above, or may file v ritten comments with the City Clerk prior to the date of the hearing set forth above. Dated: November 14, 2006. BY ORDER OF THE CITY COUNCIL /s/ Citv Clerk