HomeMy WebLinkAboutCity Council Resolution 1981-781GITY'OF PLYMOUTH
Pursuant to due call and notice thereof, a ren ular meeting of the City Council
of the City of Plymouth Minnesota, was held on the 16th day of November
19_8L. The following members were present: Mayor Davenport, Councilmembers Neils,
`The following members were absent: Councilmember Hoyt
Councilmember Neils introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 81-781
RESOLUTION SETTING CONDITIONS FOR APPROVAL OF
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING FOR
COORDINATED MANAGEMENT SYSTEMS, INC.
WHEREAS, Coordinated Management Systems, Inc. has requested industrial
development revenue bond financing in the amount of $5,000,000 for the
construction of office facilities within the City; and
WHEREAS, pursuant to state statutes, the City Council did conduct a public
hearing in accordance with duly published legal notice; and
WHEREAS, following said public hearing, did authorize preliminary approval
of industrial development revenue bond financing for Coordinated Management
Systems, Inc. by adoption of Resolution No. 81-780; and
WHEREAS, the City Council desires to establish certain conditions governing
said preliminary approval;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Plymouth, Minnesota, that it should and hereby does establish the following
conditions to be contained in the final agreement for industrial development
revenue bond financing for Coordinated Management Systems, Inc. as follows:
I. The preliminary agreement is approved on the basis that bonds
will be marketed to an institutional buyer exclusively.
2. That the final agreement for industrial development revenue
bonds will include a provision that the bonds are backed by
a letter of credit or other suitable guarantee by the parent
company, A. C. Neilsen.