HomeMy WebLinkAboutCity Council Resolution 1994-457e
Resolution No. 94-457
CUTIPICATION OF MINUTES RELATING To
INDUSTRIAL DSYSLOPNSMT REVSMOE BONDS
(OLYMPIC STEEL, INC. PROJECT)
SERISS 1994
Issuer: City of Plymouth, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting, held on August 1,
1994, at 7 o'clock p.w., at the City Hall.
Members presents MDrrison, Ly■angood, Helliwell, Granath, Bdson, Tierney
Meattars absent: Anderson
Documents Attached:
Minutes of said meeting (pages):
MINUTES OF PUBLIC HEARING ON PROPOSED PROJECT
and
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON
AND GIVING PRELIMINARY APPROVAL TO A PROPOSED PROJECT ON
BEHALF OF OLYMPIC STEEL, INC. AND ITS FINANCING UNDER THE
MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT;
AUTHORIZING A SUBMISSION TO THE MINNESOTA DEPARTMENT OF
FINANCE FOR AN ALLOCATION OF BONDING AUTHORITY IN AN
AMOUNT NOT EXCEEDING $6,000,000; AND AUTHORIZING THE
PREPARATION OF NECESSARY DOCUMENTS.
I, the undersigned, being the duly qualified and acting
recording officer of the public corporation 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
tranacript 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 nesting 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 _AUI day of August , 1994.
(SEAL)
twtt
City Clark
•
RESOLUTION NO. 94-457
OF THE
CITY OF PLYMOUTH, NUNNESOTA
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON
AND GIVING PRELIMINARY APPROVAL TO A PROPOSED PROJECT ON
BEHALF OF OLYMPIC STEEI, INC. AND ITS FINANCING UNDER THR
MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACTT
AUTHORIZING A SUBMISSION TO THE MINNESOTA DEPARTMENT OF
FINANCE FOR AN ALLOCATION OF BONDING AUTHORITY IN AN
AMOUNT NOT EXCEEDING iii Oft AND AUTHORIZING THE
PREPARATION OF NECESSARY DOCUIMENTS
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.16S, as amended
(the "Act) authorises a city to issue revenue obligations for the purposes specified in the
Act and in furtherance of the policies set forth therein; and
WHEREAS, prior to approving the financing and undertaking of the acquisition,
construction and equipping of a manufacturing facility (the "Project") Prof by
Olympic Steel, Inc. (the *Borrower), the Project must be considered at a public hearing
after notice, published at least 1S days and not more than 30 days before the hearing, in
a newspaper circulating generally within the City; and
WHEREAS, the financing of the Project shall require an allocation of bonding
authority in accordance with Minnesota Statutes, Chapter 474A;
NOW, THEREFORE, be it resolved by the City of Irlymouth, Minnesota:
1. That the City Council of the City will conduct a public hearing on the
proposal to issue revenue obligations and undertake the manufacturing
facility on August 29,19%, nt approximately 7 o'cl ick P.M.
2. That the City Berk is hereby authorised to cause a public notice to be
published once in a newspaper circulating generally with the boundaries of
the sty not less than fifteen (15) days nor more than thirty (30) days prior
to the date established for the public hearing by the preceding paragraph
of this Resolution.
3. The Ciry Manager is hereby authorized and directed to take all steps
necessary and desirable to proceed to develop the Project and the financing
therefor.
4. The City preliminarily approves the proposal for the issuance of Bonds, not
to exceed $6,000,000 to finance the Project.
S. The intention 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. All details of such revenue bond issue and the
provisions for payment thereof shall be subject to final approval of the
Project by the Minnesota Department of Trade and Economic
Development (the "Department' and may be subjed to such further
conditions as the City may specify. The issuance of the Bonds shall be
subject to a final authorizing resolution by the City Council in its sok
discretion and approval by the Qty of the term of the Bonds mad the
documents in connection therewith. The Qty may, in its sole discretion,
determine at any time to not issue the Boads.
6. In accordance with Minnesota Statutes, Chapter 474A, the Mayor, City
Manager and Bond Counsel for the Qty aro hereby authorized to prepare
and to cause to be submitted to the Minnesota Department of Finance an
Application for Allocation of Bonding Authority for Tax Exempt Financing
Under Federal Tax Law (the *Allocation Application' with raped to the
Project in an amount not exceeding $6,000,000 upon receipt from the
Borrower of the information necessary to complete the Allocation
Application and the amount necessary to pay all fees and any application
deposit required under the Act. The Mayor, City Manager, City Clerk,
City Attorney and other officers, employees and agents of the City are
hereby authorized and directed to provide the Department of Finance with
any preliminary information needed for this purpose.
7. The Borrower has agreed and it is hereby determined that any and all
direct and indirect costs incurred by the City in connection with the
Project, whether or not the Project is carried to completion, whether or not
approved by the Department, whether or not the Borrower receives an
allocation of bonding authority from the Department of Finance, and
whether or not the City by resolution authorizes the issuance of the Bonds,
will be paid by the Borrower upon request.
PASSED AND APPROVED this ist may of Au¢ust 1994.
Attest:
City Clerk
Abk,M%*NPM1 aLM
.2—
/s/ Joycelyn H. Tierney
Mayor
A