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City Council Resolution 1980-01CERTIF~ TIOIJ OF MINUTES RELATING~O $1,000,000 Industrial Development Revenue Bonds Issuer: City of igonticello, i4innesota Governing Body: City Council ~~ Kind, date, time and place of meeting: A regular meeting held on Monday , January 14~ 1980, at x;30 o'clock P.M.,. at the City Hall. 1~lembers present: Arve Grimsmo, Dan Blonigen, Fran Fair, Ken Maus, Philip White. Members absent: None Documents Attached: riinutes of said meeting (pages) RESOLUTION N0. 1980 #1 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONEF. OF SECURITIES, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUi4ENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been care- fully 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 cor- poration, 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 bonds; 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. WITNESS my hand officially as such recording officer this 16th day of January, 1980. /'? ~. [~ ~.. Signature Gary Wieber, City Administrator Name and Title /f.rlO~/ Councilmember Fran Fair introduced the following resolution and moved its adoption: RESOLUTION NO. 1980 #1 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE P~lINNESOTA I.IUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE' SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COI~II4ISSIONER OF SECURITIES, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, (a) The City Council has received from Clow Stamp- ing Company, Inc. (the "Obligor"), a proposal that the City finance a project for purposes consistent with the I~linnesota Punicipal Industrial Development Act, Chapter 474, Minnesota Statutes, said project to consist of the construction and equipping of a 30,000 square foot manufacturing facility- in the City (the "Project") at an acgregate cost presently estimated at $1,000,000; (b) The City has been advised by the Obligor that conventional, commercial financing to pay the capital cost of undertaking the roject is available only at such costs. of borrowing that the economic feasibility of undertaking the Project would be reduced, but the Obligor has also advised this Council that with the aid of municipal financing and its resulting low borrowing cost, the Project is economically enhanced; (c) The Project would create additional employment opportunities for residents of the City and enhance the tax base of the City; (d) The full faith and credit of the City would not be pledged or be responsible in connection with such Project; (e) A public hearing on the proposal has been held as required by law. NOW WHEREFORE, BE IT RESOLVED by the City Council of the City of Ilonticello as follows: (1) The Council hereby approves the proposal of the Obligor that the City undertake to provide financing for the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes) by acquisi- tion of the Project to be leased or sold by the City to the Obligor, or by direct loans of the bond proceeds to the Obligor, all upon such terms and conditions, with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the prin- cipal of and interest on bonds of the City to be issued pursuant to the aforesaid Chapter 474 to finance said Project. (2) The Project is hereby given preliminary approval by the City, subject to the approval of the Pro- ject by the Commissioner of Securities and subject to final approval by this Council and the Obligor and the initial purchaser of any bonds to be issued as to the ultimate details of the Project and such bonds. The City hereby undertakes preliminarily to issue its revenue bonds in an amount not to exceed $1,000,000 to pay a portion of the cost of the Project. (3) In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the t-iayor and City Administrator are hereby atuhorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting her approval. (4) Dorsey, Windhorst, Hannaford, Whitney and Halladay is hereby designated as bond counsel to the City for said Project. ,~ _ . Approved : <: _ _ -;.,,_..,..- _. _. Mayor Attest : C~C.i y A inistrator Motion for adoption of the foregoing resolution was duly seconded by Councilmember Dan Blonigen, and upon vote being taken the following voted in favor: Arve Grimsmo, Fran Fair, Dan Blonigen, Ken Maus, Philip White. and the following were opposed: None whereupon said resolution was declared and passed and adopted.