HomeMy WebLinkAboutCity Council Resolution 1987-457CITY OF PLY14DUTH
Pursuant to due call and notice thereof, a ReqMlar meeting of the City Council
of the City of Plymouth, Minnesota, was held on the 6th day of July ,
19_W . The following members were present:
o" owing members were absent: none
trf
introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 87-457
RESOLUTION RELATING TO THE ISSUANCE OF REVENUE
BONDS PURSUANT TO CHAPTER 474, MINNESOTA STATUTES;
ORDERING A PUBLIC HEARING RELATING TO THE FINANCING OF TWO
PROPOSED LICENSED CHILD DAY CARE AND NURSERY SCHOOL FACILITIES
AND AUTHORIZING PUBLICATION
OF A NOTICE OF THE PUBLIC HEARING
BE IT RESOLVED by the City Council (this Council) of the City of
Plymouth, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. The City is authorized by the Municipal Industrial
Development Act, Minnesota Statutes, Chapter 474, as amended (the
Act), to issue and sell revenue bonds or obligations in order to
finance a revenue producing facility within its boundaries, which
revenue bonds or obligations shall be payable fully from the revenues
of the development.
1.02. Building Block Nursery School and Day Care Center, a
Minnesota nonprofit corporation (the Developer), pro -poses to construct
two approximately 5,600 square foot single -story buildings to
accommodate approximately 100 children each to be located within the
City at 10820 County Road 15 and at the northwest corner of County
Road 9 and'Interstate Highway 494 (the Projects). The Developer has
requested that the City issue its revenue bonds or obligations (the
Bonds) under the Act and make a loan of the proceeds of the sale of
the Bonds in order to finance the Projects. The approximate maximum
aggregate face amount of the Bonds proposed to be issued and sold
under the Developer's proposal would be One Million Two Hundred
Thousand Dollars ($1,200,000).
1.03. The Developer has prepared an application to the
Department of Trade and Economic Development pursuant to the Act and
relating to the proposal of the Developer (the Application). A copy
of the Application has been placed on file with, and is available for
public inspection at, the office of the City Clerk.
1.04. The Act
to be held prior to
published at least
public hearing.
provides that a public hearing of the Projects is
approval, after notice of the public hearing is
fourteen (14) days prior to the date set for the
Resolution N 87-457
Page 2
1.05. The Bonds would be "private activity bonds" within the
meaning of Section 141 of the Internal Revenue Code of 1986, as
amended (the Code). Section 147(f) of the Code, and the regulations
promulgated and proposed thereunder, require that the City hold a
public hearing relating to the proposed issuance of the Bonds prior to
approving their issuance, which hearing is to be held after notice of
the hearing is published at least fourteen (14) days prior to the date
for the hearing.
Section 2. Public Hearing
2.01. A public hearing on the Program, including the proposed
issuance of the Bonds, is hereby called and shall be held on Monday,
August 3, 1987, at 7:30 p.m. at the City Hall. _
2.02. The City Clerk is hereby directed to cause notice of the
public hearing to be published i-3 a newspaper of general circulation
in the City at least once not less than fourteen (14) days prior to
the date fixed for the public hearing, in substantially the form of
the notice attached hereto.
2.03. A copy of the proposed Program shall be placed on file
with the City Clerk and be available for public inspection following
publication of the notice oc public hearing, between the hours of
8:00 a.m. and 4:30 p.m. on Monday through Friday.
The motion for the adoption of the foregoing Resolution was duly seconded
by C uncilmember Ziturand upon vote being taker} the the
following wt in favor- ereo Mayor Schneider, Councilmem eMrs Crain,
51sk,_Vasiliou and Zitur
Whereupon the
ust or aostamiew nurse
was declared duly pass a pt
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