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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