City Council Resolution 1981-29a~
•
CERTIFICATION OF MINUTES RELATING TO
INDUSTRIAL DEVELOPMENT
REVENI)E BONDS
Issuer: City of Monticello, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting,
held on September 14, 1981, at 7:30 o'clock p.m. , at the
City Hall, 250 Broadway, Monticello, Minnesota.
Members pre sent : Arve Grimsmo, Fran Fair, Ken D1:aus, liars Blonigen,
Phil White.
Members absent: None.
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO . 29
•
RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT; CALLING FOR
A PUBLIC HEARING THEREON
I , the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing
the obligations referred to in the title cif this
certificate, certify that the documents attached hereto,
as described above, have been carefully compared with the
original records of said corporation in my legal custody,
from which they have been transcribed; that said documents
are a correct and complete transcript of the minutes of a
meeting of the governing body of said corporation, and
correct and complete copies of all resolutions and other
actions taken and of all documents approved by the
governing body at said meeting, so far as they relate to
said obligations; and that said meeting was duly held by
the governing body at the time and place and was attended
throughout by the members indicated abovr:~ , pursuant to
call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording
officE~r this 14th day of september , 1981.
a' n tune
Gary Wie be r1 City Clerk-Administrator
(SEAL)
Name and Title
RESOLUTION N0. 29
• RESOLUTION RELATING TO A PROJECT UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR
A PUBLIC HEARING THEREOrB
BE IT RESOLVED by the City Council of the City of
Monticello, Minnesota (the Municipality), as follows:
SECTION 1
Recitals
1.1. Melvin C. Wolters, an individual rc=siding in
Monticello, Minnesota {the Borrower), has advised this
Council of his desire to acquire approximately 1/2 acre
of land in the Municipality and to construct and equip
thereon a facility (the Project) for use as a commerical
office building.
1.2. The Municipality is authorized by Minnesota
Statutes, Chapter 474, as amended (the Act), to issue its
revenue bonds to finance capital projects consi sting of
properties used and useful in connection with a
revenue-producing enterprise. The Borrower has requested
the Municipality issue its revenue bonds in an estimated
• total. amount of $200,000 to finance a portion or all of
the cost o f the Project .
SECTION 2
Fublic Hearing
2.1. Section 474.01, Subdivision 7b of t: he A.ct requires
that ,prior to submission of an Application. to the
Minnesota Commissioner of Securities and Real. Estate
requesting approval of the Project as required by Section
474.01, Subdivision 7 of the Act, this Council shall
conduct a public hearing on the proposal to undertake and
finance the Project. Pursuant to that pr.avis;ion, a public
hearing on the proposal to undertake and finance the
Project is called and shall be held on October 14, 1981,
at 7~3bo'clock P.M. , at the City Hall.
2.2. The City Clerk Administrator sha7.1 cause notice of
the public hearing to be published in the official
newspaper of the Municipality which is also a newspaper of
general circulation in the Municipality, at least once not
less i:han fifteen (15) nor more than thirty (30) days
prior to the date fixed for the public hearing. The
• notice to be published shall be in substantially the
following form:
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES,
CHAPTER 474, AS AMENDED
CITY OF MONTICELLO, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of
the City of Monticello, Minnesota, will meet on Wednesday,
October 1+~, 1981, at 7:30 o'clock p.m, , at the City Hall,
250 Broadway, in Mont ci ello, Minnesota, fc>r the purpose of
conducting a public hearing on a proposal that the City
issue revenue bonds, in one or more series, under the
Municipal Industrial Development Act, Mi.nr~uesota Statutes,
Chapter 474, as amended, in order to finance the cost of a
project„ The proposed project will consist of the
acquisition of land in the City and the construction and
equipment thereon of a facility to be used as a commercial
office building by Melvin C. Wolters. The estimated total
amount o f the proposed bond issue i s $ 200, 0 00. The bonds
shall bey limited obligations of the City, and the bonds
and interest thereon shall be payable solely from the
revenue pledged to the payment thereof, except that such
bonds may be secured by a mortgage and other encumbrance
on the project. No holder of any such bonds shall ever
have the right to compel any exercise of the taxing power
of the City to pay the bonds or the interest thereon, nor
to enforce payment against any property of~: the City except
the project,
A draft copy of the proposed App]..ication to the
Minnesota Commissioner of Securities and :E~eal Estate for
approval of the Project, together with al].. attachments and
exhibits thereto, is available for public inspection at
the office of the City Clerk-Administrator between the
hours of g:00 a,m, and 5:00 p,m,, Monday through Friday,
All persons interested may appear and be heard at
the time and place set forth above.
Dated: September 14, 1981.
•
BY ORDER OF THE
CITY COUNCIL
By Gary Wieber
City Clerk-Administrator
6
2.3. A draft copy of the proposed Application to the
Minnesota Commissioner of Securities and Real Estate,
together with all attachments and exhibits thereto, are
hereby ordered placed on file with the Ci1:y Clerk-
Admi.r~istrator and shall be available for public
inspection, following publication of the notice of public
hearing, between the hours of 8:00 a.m, and 5:00 p.m,,
Monday through Friday.
Adopted this 14th day of Septemb_~ 1981.
C~-= ~-'
Mayor
_ __ ,Attest: ~~~~
. - ~ ty e rk-Admini st,ra or
(SEAM,)
--~ The motion for the adoption of the foregoing
resolution was duly seconded by Member 64hite
i and upon vote being taken thereon, the fo:llowi,ng voted in
`~ favor thereof : White, Grimsmo, Fair, and Maus.
and the following voted against the same: Blonigen.
whereupon the resolution was declared duly passed an,d
adopted.
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