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
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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.
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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