HomeMy WebLinkAboutCity Council Resolution 1982-330CITY of PLYMo fH
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, (the
Municipality) as follows:
SECTION 1
RECITALS
1.1 JOSS, 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 the Jude
Candy and Tobacco Company, Inc.
1.2 The Municipality is authorized by Hinncsrta SLatutes, 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 $800,000 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 16, 1982, 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
Tribune newpapers of 9eneral 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 in substantially the
following form:
Fi°
3s's
NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth,
Minnesota, will meet on August 16, 1982, 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 JOSS, 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,
` JOSS to the Jude Candy and Tobacco Company, -Inc. The estimated total amount
of the :proposed bond issue is $80Q;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 through Friday.
All persons interested may appear and be heard at the time and place set forth -
above.
Dated: , 1982 x
BY ORDER OF THE CITY COUNCIL
By
City Clerk