City Council Resolution 1979-21RESOLUTION CALLING FOR PUBLIC HEARING
ON PROPOSED INDUSTRIAL REVENUE BONDS
_ FOR CLOW STAMPING CO.
BE IT RESOLVED, by the Council of the City of Monticello, Minnesota,
as follows:
WHEREAS, the 1967 session of the Minnesota Legislature enacted
Chapter 474 Minnesota Statutes entitled the Municipal Industrial
Development Act; and
WHEREAS, the purpose of this Act is the promotion, attraction,
encouragement and development of economically sound industry and
commerce; and
WHEREAS, the further purpose of the Act is to improve the use of
marginal and undeveloped lands and increase job opportunities; and
WHEREAS, said Act grants to municipalities the authority to issue
revenue bonds and to finance the cost of construction, engineering and
other incidental expenses connected with the development of industrial
property; and
WHEREAS, such industrial bonds do not involve pledging the full
faith and credit of the municipality; and
WHEREAS, Clow Stamping Company has made a proposal to the City of
Monticello to issue Industrial Revenue Bonds on their behalf in an
amount not to exceed $1,000,000; and
WHEREAS, the 1979 session of the Minnesota Legislature, Chapter 306
1979 Session Laws, requires a municipality to hold a public hearing on
such a proposal;
NOW, THEREFORE, be it resolved by the City Council of Monticello to
hold a public hearing on the above proposal at 7:30 P.M., January 14, 1980,
at the Monticello City Hall.
ADOPTED BY THE CITY COUNCIL OF MONTICELLO, MINNESOTA, THIS 10TH DAY OF
DECEMBER, 1979, ON A MOTION BY Phil White SECONDED BY
Fran Fair
VOTING IN FAVOR:Arve Grimsmo, Dan Blonigen, Fran Fair, K. Maus, P. White.
OPPOSED: None
~~7/
Gar ieber,
City Administrator
(Resolution 1979 #21)