City Council Resolution 2000-57CITY OF MONTICELLO, MINNESOTA
RESOLUTION N0.2000-57
APPROVING AND AUTHORIZING THE ISSUANCE OF REVENUE
NOTES BY THE CITY OF MILACA UNDER MINNESOTA STATUTES,
SECTIONS 469.152 THROUGH 469.165, AS AMENDED, TO FINANCE
PROPERTY FOR THE BENEFIT OF CENTRAL MINNESOTA
DIAGNOSTIC, INC. TO BE LOCATED IN THE CITY OF MONTICELLO
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota
Statutes, Sections 469.152-469.165, as amended (the "Act"), each municipality and
redevelopment agency of the State of Minnesota (as defined in the Act), including the City of
Milaca, Minnesota (the "City of Milaca"), is authorized to issue revenue obligations to finance
capital equipment and improvements to land and buildings for the benefit of a revenue
producing enterprise to be owned by a contracting party (as defined in the Act); and
WHEREAS, under Section 469.155, subdivision 9, of the Act, municipalities are
authorized to enter into and perform contracts and agreements with other municipalities as the
governing bodies of the municipalities may deem proper and feasible for or concerning the
financing of a project under the Act, including an agreement whereby one municipality issues its
revenue obligations in behalf of one or more other municipalities; and
WHEREAS, the City of Milaca has proposed to issue one or more revenue notes (the
"Notes") and loan the proceeds derived from the sale of the Notes to Central Minnesota
Diagnostic, Inc., a Minnesota nonprofit corporation (the "Borrower"), to finance the acquisition
of hospital equipment (the "Equipment"), to be located at hospitals in various municipalities in
the State of Minnesota; and
WHEREAS, a portion of the Equipment will be located in the City of Monticello (the
City );
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The portion of the Equipment to be located in the City (as described in the Notice
of Public Hearing published prior to the date of consideration of this resolution) is hereby
approved by the City and the issuance of the Notes by the City of Milaca for such purpose (in
the amount described in the Notice of Public Hearing) and in an aggregate principal not to
exceed $2,500,000 is hereby approved.
2. The Notes to be issued by the City of Milaca to finance the Equipment shall not
constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City or the
City of Milaca; and the Notes, when, as, and if issued, shall recite in substance that the Notes,
including the interest thereon, are payable solely from the revenues received from the Borrower
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and the property pledged to the payment thereof, and the Notes shall not constitute an obligation
of the City and shall not be secured by the taxing power or any property or assets of the City.
3. The Borrower shall pay any and all costs incurred by the City in conjunction with
the approval of this resolution, the issuance of the Notes, the acquisition and delivery of the
Equipment, and all other costs or expenses paid or incurred by the City with respect to the
foregoing, whether or not this resolution is approved, the Notes are issued, or the transaction is
carried to completion.
Adopted by the Monticello City Council this 28th day of August, 2000.
Ro r Belsaas, Mayor
ATTEST:
Rick Wolfsteller, Yty Administrator
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