Loading...
City Council Resolution 1981-20Aa © !~ CEI:`l:':LFICA'I'E OF I~IINU7'l?S I:ELA'1'II~?~ TO INDUSTRIAL DEVELOPi'1EN'1' 12EVENUE LiONDS • Issuer: City of Monticello, Minnesota Governing body: City Council i;.i_nd, date, time and place of meeting: a r_egul~3.r meeting, held on May 26, 1981, at 7:30 0' clock P.2~1. , at the City Hall. ?Members present: Arve Grimsmo, Ken Maus, Fran Fair, Dan Blonigen, Phil ~4hite . t•iembers a?lsent: None Documents attached: Minutes of said meeting (paged.: RESOLUTION NO • 1981-20 A RESOLUTION RELATING TO A PROJEC~L' CINDER THE P~[UNICIPAL INDUSTRIAL DEVELOPi~IE~;:'_V'~' ACT; PROPOSING TO AMEND RESOLU`T'ION NO• 1980-5 BY INCF~EASING THE AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS AU~CHORIZED PROI'1 $750,000 TO $1,250,000; AND CALLING FOR A . PUBLIC HEARING THEREON :L, the undersigned, being the duly c~u.alified <lnd acting recording officer of the public corporation issuing the obligati ens referred to in the title of this certificate, certi:cv hit 'she documents attached hereto, as described above, have been c<3.rcfu]_ly COI?1T~arE?d W:Ltrl L'1~]' Orlglnal reCOrdS Of ~a1d CCU"'(?Ol:~~i=10I1 1n Aay 1C7~?l custody, f:ror:l ~;~hich they have been transcri_bcc1; tll:t ~a.i_d ciocu-a~:r:.ts are a COrreCt and Complete tr~inSC7"lpt Of thE' iill.nLltL'S Oi ~~ r:l~'e i.l_n~' of the governing body of s~_iid Corpor:ltion, ar.d correct and complete conies of a 11 ~-esoluti.ons and other <-,c L.i~ons taken anr? of all docu- IRf'i1tS approved by file govE:~rnir.g body at Said mE_:'ctinc?, so far as they relate to said obligations; and that said nleeti..ng was duly he1.d by the governing body cif t:: `' tlTile alld p1aCe gild '~:-cts cittE'nded ti-:Z'OUC,1.'CtOUt by the mem~~c.rs il~dicated above, pursuant to cai..1 ar:d notice of s~~~ch meeting given as required icy law, 24th b~ITN?ESS my hand officially as such recording of~icer this day o.f June 19 81. • ` J {Sk~~~~ J nG.i.tLl-~ e . C;arv PJieber, City Clerk-Admi_.zi.~>!~r~,tor Name ~~nd T i i.1e _~~a~~ ~~ .tea o __ ~ RESOLU'T'ION IvO. 1981-2D 14 RF,SOLU`I'ION I:FLAT:ING `I'0 A Pi?OJ;~~C~L' LJI~IDIR THE i~UNIC.IPAL INDUS:L'RIAL Da~VELOPP~llTT ACT; PROPOSING 'I'0 hi•iEND RESOLli'.1'ION N0. 1980-5 BY INCREASING 1'HE A1~10U?~`1' OF INDliS`1'RIAL--- Di•~VEI~OI'~17;NT REVENUE i~ONDS AUTHOR_I ED FF:Oi~1 $750, 000 `1'O $1, 250, 000; AND CALL3.iVG FOi?. A PUBLIC BEARING T'IiERi:;ON I3E IT RESOLVED by the City Council of: t:he City of Monticello, i•sinnesota (the City), as follows: Section 1. Recitals. This Council. by resolution adopted February 25, 1980, gave preliminary approval to a project under the Ivlu~iic.ipal Industrial Dc_>velopment Act:, on behalf of I,Sonticello Scotwood Partnership, a r~linnesot:a partnership (the Company), and approved the issuance of $750,000 revenue bonds, or notes of: t:he City to finance the Project I~~s defined in said resolution) at a cost estimated to be approximat:.e1_y $89"L, 050. This Counci_.l i.s rrow advised by the Company that because of current hir_)h interest rates, tyre limited availability oi` mortgage money, and the escalating costs i.n the constr_uct:.ion i_ndust:ry, the estimated cost of the Project has increased and the Co~nl:;any anticipates thai_ the amount of r_~evenue bonds c?r notes necessa.r_y to finance the cost of the Project wi_11 be inc:rErased t_o $l, 250, 000. "fire Company ha:~ not requesteel that the resolution adopted b_y this Council on T'eb.ruar_y 25, :1980 be amended to reflect authorization of revenue bonds or notes in the arlo~a~~t of $1,250,000. Section 2. Pciblic Hearing. Sc-ct.ican 474.01, Subdivision 7b of the Act r:~equires that prior to st.ibmr ~_,~~,.i.c~n of an Appl_~ cation t_o the Minnesota Commissioner of Sec~.rr_ i_tics rE_gr.resti.ng <.~ppr.oval of the Pro;,ect as rcqu.i.red by Section 474.01., St:ibdivisi_on 7 of the Act, tli.i_s Council shall conduct a hLrbli_c. 1?.ear:i_ng on the proposal tci undcr.take and finance the Project. Because of tlrc substantial.. increase in thc~ amount of bonds r_c~qucsteci to be issued to undertake and f:i_nance the Projoot, <r: I~ublic hc'ari_nc~ on the proposal to increase the amount of_ bons authorized to undertake ~~z,:d finance the Project from $750,000 to X1,250,000 i.s called and sh<al1_ be bald oil ,June ?_2 , 1981, at 7_:_30____ o' e:1.oc},: P ._"~1. , at the City Hall. _ Section 3. Notice. The City Cler'r~~:-r'~.dmi.nist.r_ator sha.l.1. cause noti_c:e of tl.e public hearing to be publ...;_sl-red i_n the offici~~l. ne~.~spaper of the City, which .is a r.cw:~spaper_- o:E gc~nc>r.-<:rl ci_rc~.rlat.icn i.n the City, at least once not less than fiftc~c~n (15) no.r more tY:an thirty (30) days prior to the date fixed for tl~e public hearing. The notice shall be in substantially the fol.low::~ng =or_nr: • f Section ~'~. Pul~l.i.c Tnspect~orr. Dr~a t~ cop.ies of a1.7_ procoedings held to date ~zre hereby -07 ce:red to be p7_aced on file with t..he City Clerk-Administrator rind sha.l_a_ be available for public inspection, follo~Ning p~:blic~~t.io.n of the notice of public hearing, during normal business hours, rlonday through Friday. i -- M a ~, o r----- --- • Attest: - (S)JAL) Adopted this 26th day of May, 1.981. _ _ ~ ~_ City. rk-Ac inistrator The motion for the adoption of the foregoing reso~u~tion was duly seconded by Member Maus anal upon vote being taken thereon, the follow:i_ncl voted i.n favor t.her_ eof : F?bite, Fair, Maus and Grimsmo. and the following voted against the same : Blor~iiegen whereupon t_he resolution was declared duly passed and a~.opi.ed. C~ NO'I'TCE OF' PUBLIC IIEAP.ING ON INCP.BASI:NG THE ~~j?~L'IIORI:ZFD ~S~IOUNT ~OF INDUSTRIAL DEVELOPI~ZEN'I' h:F~~':~'NUE BONDS UNDL-'R THE I~IUNICIPA.L INDUSTRIAL DEVI.LO~?MENT ACT, NiTiVNESOTA STATUTES , CHAP,TEIZ 4 74 , AS ~~MENDED CITY 01 MONTICELLO, T~1I;`1NI~SOTA • NOTICE IS HEREBY GIV1'N that the City Council of the City of Monticello, Minnesota, will meet on Juu~~ 22, 1981, at 7:30 o'clock P.I~1. , at the City Hall, 250 E. E:roadway, in b~onticello, Minnesota, for the purpose of cond~.~cti.ng a public hearing on a ~_~r_oposal that the City Council anie:nd a resolution adopted February 25, 1980, i_n which it prel.i.mi.n~,r_ily approved the issuance of $750,000 industrial development revf~nue bonds to finance a procosed project consi_stinc] of the acquisition of land in thr~, City and the. construction of~,a 3G unit: motel and related impro~,~ements thereon, on behalf of_ Monti.cel.lo Scotwood Partnership, a Minnesota partnership (the Company). The Company has requested an increase in the c:?IlOUIlt of bonds so autho.ri_•r.ed to $1, 250, G00. The Bonds shall be 1i_mited obl.:iclat.i.ons of the City, and the bonds and interest thereon shill l.~e payable sol<~ly from the revenue pledged to tyro payment thereof, except that such bonds may be secured by a mortgage and otlZer e~cun~brance on the project. No holder of any such }ponds sha]_]_ ever have the right t.o compol_ any exercise of the taxinU ~?ower of the City to pay the bonds or the interest= thereon , nor tr,. cnfor-ce paym~,~nt against any property of the City except the pi-o~Icct should the City even acquire title to it. Draft copies of all proceedings to d~3.te are avai_la.b].e for public inspection at the office of_ the Cit:.:~ Cler_k--:~ldmi.rri-strai:or during usu~~1 business hours, 1`londay through F'ric?ay. All pers<-:ns interested may appear and be heard at.-. the time and pl~:_ce sot forth above. Dated: May 26, 198.1. BY ORDI~R OF 1'HI CI`T'Y C()UNCII, (.~f/ `-~ r P~~ie e r c' qty Cle -k-Acnli.nistrator •