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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 —4— • 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 511