83-061 - 06-21 Authorize Development Revenue BondsResolution 83-61
June 21, 1983
Member Stockman introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING A PROJECT UNDER
THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AND THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS
TO FINANCE THE PROJECT
BE IT RESOLVED by the Council of the City of Golden Valley, Minnesota, as
follows:
1. The Council has received a proposal from Hayes Enterprises, a Minnesota
general partnership (the "Company") that the City undertake to finance a certain
Project as herein described, pursuant to the Minnesota flunicipal Industrial
Development Act, Chapter 474, Minnesota Statutes (the "Act"), through issuance
by the City of its $2,700,000 Industrial Development Revenue Bonds, Series 1983
(the "Bonds"), and in accordance with a Bond Purchase Agreement from Miller
Securities, Inc. to the City.
2. Pursuant to a Resolution adopted by the City on June 7, 1983, the City
gave approval to the issuance and sale of the Bonds on the terms set forth in
the Bond Purchase Agreement and, subject to the approval of the City Attorney,
to the execution of the documentation necessary in connection with the issuance
of the Bonds.
3. Pursuant to the provisions of Section 103 of the Internal Revenue Code
of 1954, as amended, a notice of public hearing describing the project to be
financed from the proceeds of the Bonds was published and a public hearing on
said project has been held, at which hearing all persons having an interest in
the Project were given an opportunity to appear.
4. It is hereby found, determined and declared that:
( a ) the findings, conclusions and action taken by the City Council at its
June 7,'1983 meeting are hereby ratified and affirmed.
(b) it is desirable that the Bonds be issued by the City upon the terms
set forth in the previously approved Indenture, and at the maturity and interest
rates set forth below:
YEAR
PRINCIPAL AMOUNT
INTEREST RATE
1985
$15,000
8.25%
1986
$20,000
8.25%
1987
$20,000
8.50%
1988
$20,000
8.75%
1989
$25,000
9.25%
1990
$25,000
9.75%
1991
$25,000
10.00%
1992
$30,000
10.00%
1998
$260,000
10.75%
2003
$385,000
11.25%
2013
$1,875,000
12.00%
Resolution 83-51 - Continued
ATTEST:
ohn Murphy,
June 21, 1983
ary E. nderson, Mayor Pro Tem
The motion for the adoption of the foregoing resolution was
Johnson and upon a vote being taken thereon, the following
thereof: Anderson, Johnson, Mitchell and Stockman, and the
absent: Thorsen, and the following voted against the same:
resolution was declared duly passed and adopted, signed by
her signature attested by the City Clerk.
seconded by Member
voted in favor
following was
none, said
the Mayor Pro Tem and