HomeMy WebLinkAboutCity Council Resolution 1981-444CITY of PLYMOVII-I
Pursuant to due call and notice thereof, a re ular meeting of the City
Council of the City of Plymouth, Minnesota, was held on the 20th day of
July , 19 81. The following members were present: a—l�l yor Davenport,
�Councilmembers Hoyt, Neils, Schneider and Threinen
The following members were absent: _ none
_Cminrilmember Nils introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 81-444
RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT;
CALLING FOR A PUBLIC HEARING THEREON
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA (the
Municipality) as follows:
SECTION 1.
RECITALS
1.1. Linhen, a Minnesota general partnership (the Borrower), has advised this
Council of its desire to construct a facility in the Municipality, and equip
the same for use as an office and plant facility to be leased to Big Bear
Construction, Inc.
1.2. The Municipality is authorized by Minnesota Statutes, Chapter 474 (the Act),
to issue its revenue bonds to finance capital projects consisting of properties
used and useful in connection with a revenue-producing enterprise. The Borrower
has requested the Municipality to issue its revenue bonds in an estimated total
amount of $350,000 to finance a portion or all of the cost of the Project.
SECTION 2.
PUBLIC HEARING
2.1 Section 474.01, Subdivision 7b of the Act requires that prior to submission
of an Application to the Minnesota Commissioner of Securities requesting approval
of the Project as required by Section 474.01, Subdivision 7 of the Act, this
Council shall conduct a public hearing on the proposal to undertake and finance
the Project. Pursuant to that provision, a public hearing on the proposal to
undertake and finance the Project is called and shall be held on August 17, 1981,
at 7:30 o'clock P.M., at the City Center.
2.2 The City Clerk shall cause notice of the public hearing to be published in
the official newspaper of the Municipality and in the Minneapolis Star and Tri-
bune newspapers of general circulation in the Municipality, at least once not
less than fifteen (15) nor more than thirty (30) days prior to the date fixed
for the public hearing. The notice shall be-llbstantially the following form:
Resolution N 81-444
Page 2
2.3. A draft copy of the proposed Application to the Minnesota Commissioner
of Securities, together with all attachments and exhibits thereto, are hereby
ordered placed on file with the City Clerk and shall be available for public
inspection, following publication of the notice of public hearing, between
the hours of 8:00 A.M. and 4:30 P.M., Monday through Friday.
Adopted this 20th day of July, 1981.
ATTEST:
City Clerk
(SEAL)
Mayor
The motion for the adoption of the foregoing Resolution was duly seconded
by ilmember Hoyt , and upon vote being taken thereon the
fblIOWIng voted in favor thereof: Mayor Davenport, Councilmembers Voyt,
Ngil$.
Srhneider and Threinen
The 110wina voted against or aosta' none
Whereupon the Resolution was declared duly passed and adopted.
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NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES,
CHAPTER 474, AS AMENDED
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth,
Minnesota, will meet on August 17, 1981, at 7:30 o'clock P.M., at the City
Center, 3400 Plymouth Boulevard, in Plymouth, Minnesota, for the purpose of
conducting a public hearing on a proposal that the City issue revenue bonds,
in one or more series, under the Municipal Industrial Development Act,
Minnesota Statutes, Chapter 474, as amended, in order to finance the cost
of a project on behalf of Linhen, a Minnesota general partnership. The
proposed project will consist of the construction of a facility in the City,
and equipping the same for use as an office and plant facility to be leased
by Linhen to Big Bear Construction, Inc. The estimated total amount of the
proposed bond issue is $350,000. The bonds shall be limited obligations of
the City, and the bonds and interest thereon shall be payable solely from
the revenue pledged to the payment thereof, except that such bonds may be
secured by a mortgage and other encumbrance on the project. No holder of
any such bonds shall ever have the right to compel any exercise of the
taxing power of the City to pay the bonds or the interest thereon, nor
to enforce payment against any property of the City except the project.
A draft copy of the proposed Application to the Minnesota Commissioner
of Securities for approval of the Project, together with all attachments and
exhibits thereto, is available for public inspection at the office of the
City Clerk between the hours of 8:00 A.M. and 4:30 P.M., Monday thrrugh
Friday.
All persons interested may appear and be heard at the time and place
set forth above.
Dated: D 1981
BY ORDER OF THE CITY COUNCIL
By
Ci ty er