City Council Resolution 1981-22
C J
CERTIFICATE OF MINUTES RELATING TO
INDUSTRIAL DEVELOPMENT REVENUE :E4ONDS
(SCOTWOOD MOTEL PROJECT)
Issuer: City of Monticello, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: a regular meeting, held
on June ?.2, 1981, at 7:30 o'clock P.TQ., at the City Hall..,
Members present: Arve Grimsmo, Ken Maus, Fran Fair, Phil White,
Dan Blonigen
Members absent: None
Documents attached:
Minutes of said meeting (pagesZ:
RESOLUTION NO. 1981-2+
•
RESOLUTION AMENDING RESOLU`i~ION GIVING
PRELIMINARY APPROVAL TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,
AND REFERRING TFIE PROPOSAL TO THE CO~~AMISSIONER
OF SECURITIES FOR APPROVAL
I, the undersigned, being the duly qualified and acting
recording officer of the public corporation issuing the obligations
referred to in the title of 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 docu-
ments 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 above, pursuant to call and notice of such
meeting given as required by law.
24th day
(SEAL )
WITNESS my hand officially as such :recording officer this
of_ June, 1981.
lit/
ignature
G~,~t,~ Fti'ieher, C'it~~1_~_r~S- Administrator
Dame ar.d Title
• Member Maus introduced tree following
resolution and moved its adoption:
RESOLUTION N0. 1981-2~
RESOLUTION AMENDING RESOLUTION GIVING
PRELIMINARY APPROVAL TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT AC`1'
AND REFERRING THE PROPOSAL TO THE COMMISSTONER
OF SECURITIES FOR APPROVAL
BE IT RESOLVED by the City Council of tYie City of
Monticello, Minnesota, as follows:
1. This Council by resolution adoptE:d February 25,
1980, gave preliminary approval to a project under the Municipal
Industrial Development Act, on behalf of Monticello Scotwood
Partnership {the Borrower), a Dinnesota partnership, and approved
the issuance of revenue bonds or notes of the City in the
principal amount of $750,000 to finance a Project {as defined in
said resolution) at a cost estimated to be approximately $892,050.
The Council: is now advised by the Borrower that because of current
high interest rates, the limited availability of: mortgage money,
and the escalating costs in the construction industry, the
• estimated cost of the Project has increased and the Borrower
anticipates that the amount of revenue bonds or notes necessary
to finance the cost of the Project will be increased to $1,250,000.
The Borrower has nob requested that the resolution adopted by
this Council on February 25, 1980, be amended to reflect approval
of revenue bonds in the amount of .$1,250,000.
2. A public hearing on the proposed amendment was held
on June 22, 1981, after notice given pursuant to Minnesota
Statutes, Section 474.01, Subdivision 7b, at o~hich hearing all
interested persons appearing were given the opportunity to be
heard.
3. The resolution adopted February 25, 1980, is hereby
amended by deleting the figure "$750,000" wherever i_t appears
and substituting therefor the figure "$1,250,000."
4. The resolution adopted February 25, 1980, is in all
other respects confirmed.
5. The City Clerk-Administrator is hereby authorized
and directed to file a certified copy of_ this resolution with the
Commissioner of Securities for her information ,rnd, if necessary,
her approval.
•
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Adopted this 22nd day of June, 1981.
Mayor-~
Attest: _ ~~
Ci lerk Administrator
(SEAL)
The motion for the adoption of the fc:>regoing
resolution was duly seconded by Member t~7hite~ _, and upon
vote being taken thereon, the following voted iri favor thereof:
White, Maus, Fair and Grimsmo.
and the following voted against the same : slonigen
whereupon skid resolution was declared duly passed and adopted,