#110 11-05-79 Hearing Municipal Industrial Development ActResolution #110
November 5, 1979
Member Anderson introduced and read the written resolution and moved its adoption:
RESOLUTION
(Relating to a project under
the Municipal Industrial Development Act
Calling for a Public Hearing Thereon)
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota
as follows:
SECTION 1
Recitals
1.1 The City is authorized by Minnesota Statutes, Chapter 474
(the "Act"), to issue its industrial development revenue bonds
to finance capital projects consisting of properties used and
useful in connection with a revenue producing enterprise.
1.2 A proposal has been presented to this Council that the City,
acting pursuant to and in accordance with the Act, issue its
industrial development revenue bonds in the estimated total
amount of $2,000,000.00 to finance a project on behalf of the
Northland Company, a Minnesota corporation (the "Borrower"),
consisting of the construction of an office facility (the
"Project") .
1.3 Under the Act, any bonds so issued by the City shall not
be payable from nor charged upon any funds of the City other
than the revenue pledged to the payment thereof, nor shall
the City be subject to any liability thereon, and no holder
or holders of such bonds shall ever have the right to compel
any exercise of the taxing power of the City to pay any
such bonds of the interest thereon. Such bonds shall not
constitute a charge, lien or encumbrance, legal or equitable,
upon any property of the City, nor shall the same constitute
a debt of the City within the meaning of any constitutional
limitation.
SECTION 2
Public Hearin
2.1 Secti-n 474.01, Subdivision 7b of the Act requires that
prior to submission of any application to the Minnesota Com-
missioner of Securities requesting approval of the Project
as required by Section 474.01, Subdivision 7a of the Act, this
Council shall conduct a public hearing on the proposal to
undertake and finance the Project. Pursuant to that section,
a public hearing on the proposal to undertake and finance the
Project is called and shall be held on December 3, 1979, at
7:30 P.M. at City Hall, 7800 Golden Valley Road, Golden Valley,
Minnesota.
Resolution #110 (continued)
November 5, 1979 t
2.2 The City Clerk shall cause notice of the public hearing to
be published in the official newspaper of the Cityand a news-
paper of general circulation of the City at least once, not
less than fifteen nor more than thirty days prior to the date
fixed for the hearing, such notice to 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 GOLDEN VALLEY, MINNESOTA
NOTICE IS HEREBY GIVEN, that the City Council of the City
of Golden Valley, Minnesota, will meet on November 27, 1979, at
4:30 P.M. at City Hall, 7800 Golden Valley, Road in Golden Valley
Minnesota, for 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, Minnesota
Statutes, Chapter 474, as amended, in order to finance the cost
of a Project. The proposed project will consist of the construc-
tion of an office facility by Northland Company. The estimated
total amount of the proposed bond issue is $2,000,000.00. The
bonds shall be limited obligations of the City and the bonds and
interest coupons shall be payable solely from the revenue pledged
to the payment thereof, except that such bonds may be secured by
a mortgage or other encumbrance on the project. No holder of
any such bond shall ever have the right or compel any exercise
of the taxing power of the City to pay the bonds, or the interest
thereon, no to enforce payment against any property of the City
except the Project.
A draft copy of the proposed application to the Minnesota
Commissioner of Securities for approval of the project, together
with all attachments and exhibits thereto, -is available for
public inspection at the office of the City Manager, City Hall,
7800 Golden Valley Road, Golden Valley, Minnesota between the
hours of 8:00 a.m. and 4:30 p.m., Monday through Friday
All persons interested may appear and be heard at the time
and place set forth above.
Dated: November 5, 1979
BY ORDER OF THE CITY COUNCIL
/s/ John F. Murphy City Clerk
Robert M. Skare, City Attorney
4040 IDS Center
Minneapolis, Minnesota 55402
Resolution #110 (continued)
November 5, 1979
2.3 A draft copy of the proposed application to the Minnesota
Commissioner of Securities, together with all attachments and
exhibits thereto, shall be placed on file with the City Manager
prior to publication of the notice of public hearing and be
available for public inspection, following the publication of
the notice of public hearing, between the hours of 8:00 a.m.
and 4:30 p.m., Monday through Friday.
ROBERT R. HOOVER, MAYOR
ATTEST: �..�
JOHN MURPHY, CIN CLERK
The motion for the adoption of the foregoing resolution was duly seconded by Member
Thorsen and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Hoover, Johnson, Stockman and Thorsen and the following voted against the
same: none, whereupon said resolution was declared duly passed and adopted, signed
by the Mayor and his signature attested by the Clerk.
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