HomeMy WebLinkAboutCity Council Resolution 1993-688RESOLUTION NO. 93-688
CERTIFICATION OF MINUTES RELATING TO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(DAILY PRINTING, INC. PROJECT)
SERIES 1993
Issuer: City of Plymouth, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting, held on October 18,
1993, at 7:00 o'clock p.m., at the City Hall.
Members present: Mayor Bergman, Councilmembers Helliwell, Edson, and Tierney
Members absent: Councilmember Vasiliou
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION RELATING TO A PROJECT ON BEHALF OF DAILY PRINTING, INC.
UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING
FOR A PUBLIC HEARING THEREON
I. the undersigned, being the -duly qualified and acting recording officer
of the public corporation issuing the obligations referred to in the title of.
this certificate. certify that the documents attached hereto, as described
above, have been carefully 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
obligations; 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 and the seal of the
City this 16thday of November 1993.
r
Ci y Clerk
(SEAL)
•
Councilmember Edson introduced the
following resolution and moved its adoption:
RESOLUTION NO. 93-688
RESOLUTION RELATING TO A PROJECT ON BEHALF OF DAILY PRINTING, INC. UNDER
THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; 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. Daily Printing, Inc., a Minnesota corporation (the "Borrower"),
has advised this Council of its desire to finance the acquisition of 13.25
acres of land and the construction and equipping thereon of an approximately
70,000 square foot manufacturing facility (the "Project") to be used by the
Borrower in its commercial printing business. The Project will be located at
23rd Avenue North and Niagara Lane in the City.
1.2. The City is authorized by Minnesota Statutes, Section 469.152
through 469.165 (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 City to issue
its revenue bonds in an aggregate total amount not to exceed $6,000.000 (the
"Bonds") to finance a portion of al -1 of the cost of the Project.
SECTION 2
Public Hearing
2.1. Section 469.154, Subdivision 4 of the Act requires that prior to
submission of an Application to the Minnesota Department of Trade and Economic
Development requesting approval of the Project as required by Section 469.154,
Subdivision 3 of the Act, this Council conduct a public hearing on the
proposal to undertake and finance the Project. Section 147(f) of the Internal
Revenue Code of 1986, as amended and regulations promulgated thereunder,
requires that prior to the issuance of the Bonds. this Council approve the
Bonds and the Project, after conducting a public hearing thereon. A public
hearing on the proposal to undertake and finance the Project is hereby called
and shall be held on November 15. 1993, at 7:00 o'clock p.m., at the City
Hall.
2.2. The City Clerk shall cause notice of the public hearing to be
published in Plymouth Sun -Sailor, the official newspaper of the City and a
newspaper of general circulation in the City, at least one not less than
fourteen (14) nor more than thirty (30) days prior to the date fixed for the
public hearing. The notice to be published shat. be in substantially the
following form:
-2-
RESOLUTION NO. 93-688
2.3. A draft copy of the proposed Application to the Minnesota
Department of Trade and Economic Development, together with draft copies of
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 during normal business
hours, 8:00 A.M. to 4:30 P.M., on normal business days.
2.4. Upon compliance by the Borrower with the City's application
procedures for financing under the Act. the City Manager is hereby authorized
and directed to take all steps necessary and desirable to complete the
preparation of the Application to the Minnesota Department of Trade and
Economic Development for the Project and the financing therefor.
2.5. The actions expressed hereby shall not be deemed to obligate the
City to take any further favorable action for the issuance of the Bonds or to
bind the City to issue the Bonds. The issuance of the Bonds shall be subject
to a final authorizing resolution by the City Council in its sole discretion
and approval by the City of the term of the Bonds and the documents in
connection therewith. The City may, in its sole discretion, determine at any
time to not issue the Bonds and in any event the Borrower shall be responsible
to reimburse the City for all costs incurred by the City in connection with
the actions taken by the City in furtherance of the issuance of the Bonds and
the financing of the Project.
Adopted by the City Council of the City of Plymouth on this 18th day of
October, 1993.
Mayor
Attest:'
C ty Clerk
(SEAL)
The motion for the adoption of the foregoing resolution was duly seconded
by Councilmember _Tierney and upon vote being taken thereon,
the following voted in favor thereof: Mayor Bergman, Cotincilmembers Helliwell,
Edson, and Tierney
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted and was approved
and signed by the Mayor, whose signature was attested by the City Clerk.
7541P
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•
RESOLUTION NO. 93-688
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE.ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES.
SECTIONS 469.152-469.165
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth,
Minnesota (the "City"), will meet on November 15, 1993, at 7: 0 O o'clock
p.m.. at the City Hall, 3400 Plymouth Boulevard, in the city, for the purpose
of conducting a public hearing on a proposal that the City issue revenue
bonds. in one or more series, under the Minnesota Municipal Industrial
Development Act, Minnesota Statutes. Sections 469.152 through 469.165. in
order to finance a project on behalf of Daily Printing. Inc.. a Minnesota
corporation (the "Borrower"). The proposed project will consist of the
acquisition of 13.25 acres of land and the construction and equipping thereon
of a 70.000 square foot manufacturing facility to be used by the Borrower in
its commercial printing business. The Project will be located at 23rd Avenue
North and Niagara Lane in the City. The maximum aggregate principal amount of
the proposed bond issue is $6.000.000, to be used to finance a portion or all
of the costs of the Project. The bonds will be limited obligations of the
City, and the bonds and interest thereon will be payable solely from the
revenues pledged to the payment thereof. No holder of any bonds will 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 money payable by the Borrower to the City and pledged to
the payment of the bonds.
A draft copy of the proposed Application to the Minnesota Department of
Trade and Economic Development for approval of the project. together with
draft copies of all attachments and exhibits thereto, is available for public
inspection at the office of the City Clerk during business hours. 8:00 A.M. to
4:30 P.M.. on normal business days.
All persons interested may appear and be heard at the time and place set
forth above, or may file written comments with the City Clerk prior to the
date of the hearing set forth above.
Dated: October 18, 1993.
BY ORDER OF THE CITY COUNCIL
By:
Ci t9 Clerk
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