City Council Resolution 1983-83RESOLUTION 1983 #83
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A
PROPOSAL TO ISSUE GENERAL OBLIGATION TAX INCREMENT BONDS
UNDER MINNESOTA STATUTES, SECTION 372.71 THROUGH 273.78.
WHEREAS, the Minnesota Tax Increment Financing Act, Minnesota
Statutes, Sections 273.71 through 273.78 (the "Act"), authorizes
the issuance of general obligation tax increment bonds to finance
redevelopment projects as that term is defined in Minnesota Statutes
Section 462.421, Subd. 13; and
WHEREAS, The Housing and Redevelopment Authority in and for the
City of Monticello, Minnesota (the "Authority") has undertaken a
redevelopment project in downtown Monticello and has adopted a Tax
Increment Financing Plan in connection with said redevelopment project;
and
WHEREAS, the Authority intends to enter into a development contract
with Metcalf and Larson, a Minnesota Professional Association (the "Developer")
in connection with the redevelopment of certain property within the re-
development project; and
WHEREAS, the City of Monticello (the "City") intends to issue
its general obligation tax increment bonds in the principal amount of
$32,000 (thirty-two thousand dollars)., and the developer will guarantee
the payment of principal of and interest on such bonds; and
WHEREAS, Section 103 (d) of the Internal Revenue Code of 1954, as
amended, requires a public hearing after not less than 14 days after
publication of notice of such public hearing for municipal obligations
the proceeds of which are used directly or indirectly in any trade or
business of any person who is not an exempt person; and the principal of
or interest on which bonds are secured by any interest in property or
derived from payments in respect of property used or to be used in trade
or business;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO THAT:
1. The City Council will conduct a public hearing on the proposal
to issue its general obligation tax exempt bonds on the 14th day
of November, 1983.
solution 1983 #83
age Two
2. It is the present intention of the City Council to issue its
general obligation tax increment bonds in the principal amount
of $32,000 after completion of the public hearing on November 14,
1983.
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 which is a newspaper of general circulation in the
City.
Adopted this 24th day of October, 1983.
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Arve A. Grimsmo, Mayor
fl
omas A. Eidem
City Administrator