City Council Resolution 1984-44RESOLUTION 1984 # 44
RESOLUTION ESTABLISHING THE DATE FOR A
PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE
AND FINANCE A PROJECT UNDER MINNESOTA
STATUTES, CHAPTER 474
WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota
Statutes, Sections 474.01 et seq. (the "Act"), authorizes the issuance
of revenue bonds to finance projects; and
WHEREAS, the term "project" is defined by Section 474.02, subdivision 1a,
of the Act to include "any properties, real or personal, used or useful
in connection with a revenue producing enterprise"; and
WHEREAS, a representative of Monti Stadia Development Company, a Minnesota
corporation (the "Developer") has presented this City Council (the "City
Council") of the City of Monticello (the "City") with information concerning
a proposed project (the "Project") to be acquired and constructed within
the City; and
WHEREAS, the Developer has requested that the City resolve to issue
revenue bonds pursuant to the Act to finance the Project and has presented
to the City Council a form of preliminary resolution concerning such issuance
with a request that such preliminary resolution, attached hereto as Exhibit A,
be considered for adoption by the City Council; and
WHEREAS, Section 474.01, subdivision 7b, of the Act provides that
the City Council must conduct a public hearing on any proposal to undertake
and finance a project; and
WHEREAS, Section 474.01, subdivision 7b, of the Act provides that
notice of the time and place of such public hearing and stating the general
nature of the project and an estimate of the principal amount of the bonds
or other obligations to be issued to finance the project must be published
at least once not less than ten (10) days nor more than thirty (30) days
prior to the date fixed for the public hearing in the official newspaper
of the City and a newspaper of general circulation in the City; and
WHEREAS, Section 474.01, subdivision 7b, of the Act provides that
the notice must state that a draft copy of the proposed application (the
"Application") to the Minnesota Energy and Economic Development Authority
for approval of the Project, together with all attachments and exhibits,
is on file with the City and available for public inspection; and
WHEREAS, the Developer has presented to the City a form of public
notice, attached hereto as Exhibit B, with a request that the City Council
establish a date for a public hearing on the proposal to undertake and
finance the Project and authorize publication of the form of public notice
provided by the Developer;
Resolution 1984 # 44
Page 2
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO THAT:
1. The City will conduct a public hearing on the proposal to undertake
and finance the Project on the 15th day of October, 1984.
2. It is the present intention of the City Council to adopt the
preliminary resolution in the form attached hereto as Exhibit A after completion
of the public hearing on October 15, 1984.
3. The City Administrator of the City is hereby authorized to cause
a public notice, substantially in the form of the notice attached hereto
as Exhibit B, to be published in the official newspaper of the City and
a newspaper of general circulation in the City.
4. The City Administrator of the City is hereby authorized and
directed to have available for public inspection in the offices of the
City a draft copy of the proposed Application, together with all attachments
and exhibits thereto.
Adopted this 9th day of October, 1984.
''-'>
Arve A. Grimsmo, Mayor
.~
Thomas A. 'dem
City Administrator