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HomeMy WebLinkAbout6612-6613 (Res.)• 1 • • 4o RESOLUTION NO. 6612 RESOLUTION REIATING TO A $700,000 OOWERCIAL DEVELOPMENT REVENUE NOTE: AUTORIZINO THE ISSUANCE THEREOF PURSUANT ID M NNESOTA STATUIBS, CHAPTER 474; AND REPEALING RESOLUTION ND. 6603. BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota as follows: Section 1. Definitions 1.10. In this Resolution the following terms, when used with initial capital letters, have the following respective meanings unless the contect hereof or use herein clearly requires other- wise: Act: the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended; Assignment: the Assignment of Rents and Leases, to be given by the Fee Owner and the Partnership in favor of the Lender; City: the City of Stillwater, Minnesota, its successors and assigns; Equipment: those items defined as such in Section 1-1 of the Mortgage; Fee Owner: Hooley Land Partnership No. 1, a Minnesota general partnership, its successors and assigns; Fixtures: those items defined as such in Section 1-1 of the Mortgage: Guaranty the Guaranty Agreement to be executed by John W. Hooley, Charles M. Hooley, and Ernest R. lianeson in favor of the Lender; Inprovements• the retail supermarket facility of approximately 40,000 square feet to be constructed by the Partnership in accordance with the Plans and Specifications (as defined in the Loan Agreement), together with all related facilities; land: the real estate descrived in Exhibit A to the Mortgage; Lender: Nortlwestem National Life Insurance Company, its successors and assigns; loan Agreement: tit Loan Agreement to be executed by the City and the Partnership; Loan Agreement Assignment: the Assigment of Loan Agreement, to be given by the City in favor of the Lander; Mortp.FP: the Combination Mortgage and Security Agreement, to be given by the Fee Owner and the Partnership in favor of the Lender; Note: the $700,000 Commercial Development Revenue Note (Hooley Land Partnership No. 2 Project) to be issued by the City pursuant to this Resolution; Partnership: Hooley Land Partnership No. 2, a Minnesota general partnership, it successors and assigns; Project: the Land, the Improvements, the Fixtures and the Equipment as they may at any time exist; Project Costs: those costs defined as such in Section 1.01 of the loan Agreement; Resolution: this resolution of the City, adopted February 20, 1979, authorizing the issuance of the Note. Section 2. Findings. It is hereby found and declared that: (a) the real property and improvements described in the Loan Agreement and the Mortgage constitutes a Project authorized by the Act; (b) the purpose of the Project is, and the effect thereof will be to promote the public welfare by the attraction, encouragement and development of economically sound industry and commerce so as to prevent the emergence of or to rehabilitate, so far as possible, blighted and marginal lands and areas of chronic eneployment; the retention of industry to use the available resources of the commnity in order to retain the benefit of its existing investment in educational and public service facilities; halting the movement of talented, educated personnel of mature age to other areas and this preserving the economic and human resources needed as a base for providing govenmental services and facilities; more intensive develop- ment of land available in the cmmmnity to provide an adequate and better balanced tax base to finance the increase in the amount and cost of governmental services; (c) the Project when completed will add to the tax base of the City, and will accordingly be of direct benefit to the tax payers of the City as well as those of the County and School District in which the City is located; Cartn- (d) the Project has been approved by the -issioner of Securities of the State of Mbmesota as tending to further the purposes and policies of the Act; (e) the financing of the Project, the issuance and sale of the Note, the execution and delivery of the than Agreement and the Loan Agreement Assignment and the performance of all covenats and agreements of the City contained in the Loan Agreement and the Loan Agreement Assign- ment and of all other acts and things required under the constitution and laws of the State of Minnesota to make the Note, the loan Agreement and the Loan Agreement Assignment valid and binding obligations cf the City enforceable in accordance with their terms, are authorized by the Act; (continued on page 36) a • 1 • 36 . . • RESOLUTION D. 6612 - continued (f) it is desirable that the Commercial Development Revenue Note in the amount of $700,000 be issued by the City upon the terms set forth herein, and that the City assign its interest in the loan Agreement and grant a security interest therein to the Lauder as security for the payment of the principal of and interest and premium, if any, on the Note; (g) the loan payments contained in the Loan Agreement are fixed, and required to be revised fry time to time as necessary, so as to produce income and revenue sufficient to provide for prompt payment of principal of and interest on the Note issued under this Resolution when due, and the than Agreement also provides that the Partnership is required to pay all expenses of the operation and maintenance of the Project including, but without limitation, adequate insurance thereon and all taxes and special assessments levied upon or with respect to the land payable during the term of the Loan Agreenent; and (h) under the proviions of Minnesota Statutes, Section 47.41�� and of the City provided than the Note, the Note is not to be payable from nor charged upon anytY the revenue under the Loan Agreement pledged to the paunent thereof; the City is not subject to any liability thereon; no Holder of the note shall ever have the right to compel any exer- cise of the taxing power of the City to pay the Note or the interest thereon, nor to enforce payment thereof against any property of the City except the Project, or portions thereof, mortgaged or otherwise encumbered by the Mortgage and the Assigune t; the Note issued hereunder shall recite that the Note, incluudinc interest thereon, is payable solely free the revalue under the Loan Agreement pledged to the payment thereof; and the Note shall not constitute a debt of the City within the meant „ of any constitutional or statutory limitation; provided, however, that nothing contained in this paragraph (h) shall impair the rights of the Holder or Holders of the Note to enforce covenants made for the security thereof as provided in Minnesota Statutes 474.11. Section 3. Authorization and Sale. 3.01. Authorization. The City is authorized by the Act to issue revenue bonds and loan the proceeds thereof to business enterprises to finance the acquisition and construction of "projects" as defined in the Act, and to Hake all contracts, execute all instruuants and do all things necessary or convenient in the exercise of such authority. 3.02. Preliminary City Approval. By preliminary resolution duly adopted by the Council on July 11, 1978, this Council approved the sale of a revenue note pursuant to the Act and the loan of the proceeds to the Partnership for the construction of the Project suitable and designed for use as a retail supermarket facility and authorized the preparation of such documents as may be appropriate to the Project. 3.03. Approval of Documents. Pursuant to the above, there have been prepared and presented to this Council copies of the following documents, all of which are row, or shall be, placed on file in the office of the City Clerk: (a) the loan Agreement; (b) the Assignment; (c) the Loan Agreement Assignment (d) the Mortgage; and (e) the Guaranty Agreement. The foams of the documents listed in (a) through (e) above are approved, with such variations, inserciosn and additions as are denied appropriate by the parties and approved by the City Attorney. Section 4. Authorisations. Upon the completion of the Loan Agreement and the loan Agreement Assignment, approved in Section 3.03 hereof, and execution thereof by the Partnership and the fader, as the case may be, the Mayor and the City Clerk execute the same on behalf of the City and shall execute the Note in substantially the form as the Form of Note set forth follow- ing Section 5.01 hereof on behalf of the City, and shall execute such other certifications, documents or instruments as bond counsel or counsel for the Lender shall require, subject to the approval of the City Attorney, and all certifications, recitals and representations therein shall constitute the certificates, recitals and representations of the City. Execution of any instrument or document by one or more appropriate officers of the City shall constitute, and shall be cleaned the conclusive evidence of, the approval and authorization by the City and the Council of doff the instrument or Moment so executed. In the absence or disability of the Mayor, a authorized by this resolution to be executed, shall be executed by the Acting Mayor, and in the absence of the City Clerk, by such officer of the City who, in the opinion of the City Attorney, nay execute such documents. Section 5 The Note. 5.01 Form and Authorized Amount. The Note shall be issued substantially in the form hereinafter set forth, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution, and in accordance with the furthtr provisions of this Section, in the total principal amount of $700,000: (continued on page 37) pl . • 1 • • 37 s M RESOLUTION NO. 6612 = continued FORM OF NOTE UNITED STATES OF AMERICA STATE OF MIN.1ESOTA COUNTY OF WASHINGILN CITY OF STILIWATER Cosmercial Developne t Revenue Note (Hooley land Partnership No. 2 Project) $700,000 The City of Stillwater, Minnesota, a municipal corporation of the State of Minnesota (the City), and for value received, hereby praises to pay to the order of NORTHWESTERN NOTIONAL LIFE INSURANCE =PANY, or assigns (the Holder), at its principal office in Minneapolis, Minnesota, or at such other place as the Folder may designate in writing, franc the source am. in the manner, and with interest thereon as hereinafter provided, the principal sun of SEVEN MIRED THOUSAND DOLLARS ($700,000), with interest on the unpaid principal aim nt at the rate of eight and three -eights percent (8-3/8%) per annun, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of lmerica. This Note is payable in installments due on the first day of each month as follows: (a) On March 1, 1979, an amount equal to the interest accrued monthly on the outstanding principal of this Note; and (b) c®encing on April 1, 1979 and on the first day of each month thereafter to and including March 1, 1994, in equal monthly installments of Five Thousand Five Hundred Eighty-two and 50/100ths Dollars ($5,582.50) each, and the entire unpaid principal and accrued interest therermL to the interest 1paid, to be due and payabl and then to principal.on March 1, 1994, all payments to be appliedfirst All interest hereon shall be cemented on the basis of the actual amber of days elapsed on the assumptions that each month contains thirty (30) days and each year three hundred sixty (360) days, except that prior to March 1, 1979, the payment required hereunder shall be made on the basis of actual days elapsed in a three hundred sixty (360) day year. Notwithstanding the foregoing, in the event that the interest on this Note becomes subject to federal or State of Minnesota inc®e taxation pursuant to a Determination of Taxability as defined in the Loan Agreement dated January 25, 1979 (the Loan Agreement) between the City and Hooley Land Partnership Nu. 2 (the Partnership), the Folder of this Note may, by written entice of election given to the City and the Partnership within 90 days after such holder receives notice of such Determination of Taxability, elect either (1) to have the interest rate on the Note increased to ten and one -quarter percent (10-1/47.) per annum fray the Date of Taxability as defined in the LoanAgreement, in wjich case the monthly installment payments hereunder from and after such Irate of Taxability shall be computed at such increase rate shall pay to the Holder of this Note and to any prior Holder the aggregate and (B) the amours actually paid between the hate of Taxability and the date of such payment amounts that could have been paid during such perriiodd at such u h increased interest rate, �e;r(2) to call this Note for redemption and prepaymentprepayment penalty, provided. The Holder of this Note shall have the option, upon written notice to the City and the Partnership, to call the Note for redemption and prepayment in full if (i) the interest of this Note becomes subject to a federal or State of Minnesota income taxation pursuant to a Determin- ation of Taxability (provided such option is exercised within 90 days after such Holder receives notice of such Determination of Taxacility), or (ii) as a result of changes in the Constitution of the State of Minnesota or the United States or of legislative or administrative action (whether state or federal) or of a final decree, judgment or order of any court or administrative body (whether state or federal), the Loan Agreement shall have became void or unenforceable or impossible or performance in accordance with the intent and purpose of the parties empress therein. In either such case, the City shall, not later than 90 days after receiving written notice sof uch call for redemption and prepayment, pay to the Holder, the then outstanding principal this Note, together with accrued interest (at the rate fh8-3/8% per er ann1m) to set to. the date of such payment, plus the then applicable prepaymen P as Except as hereinbefore provided with respect to the rights of the Holder of this Note to call this Note for redeption and prepayment in full, the principal of this Note is not subject to prepayment prior to the expiration of the eighth loan year. Fran and after the expiration of the eighth loan year, the principal of this Note may be prepaid at any time, either in whole or in part in any monthly installment payment date upon payment of a price eqqal to the principal being so prepaid plus accred interest to the date of prepayment and subject to a premium expressed as a percentage of the principal being so prepaid as follows: (continued on page 38) • • • • 38 a • RESOLUITON NO. 6612 - continued Loan Year Premium 9*5% 10 4% 11 3% 12 27, 13 or thereafter 1% (.tom. 5% prepayment protium shall also apply in the event that the Holder of this Note shall call for the redemption and prepayment of this Note in full during the first eight loan years, as hereinbefore provided.) The first loan year is defined as the twelve-month (12) period commencing with the date of the Note. Subsequent loan years shall run consecutively, each commencement ng upon the be made on at anniversary of the commencent of the first loan year. Any prepayments least thirty (30) days' advance written notice to the Holder of this Note and shall not suspend or reduce required installment payments. All prepayments, after deduction of accrued interest and prepayment premium, shall be applied to reduce the principal balance of this Note. Partial prepayments may be made only on or as of a regular monthly installment payment date. This Note constitutes an issue in the total authorized face amount of $700,000. This Note is issued by the City pursuant to the authority granted by Minnesota Statutes, Chapter 474, as amended (the Act), for the purpose of providing funds for a Project, as defined in Minnesota Statutes. Section 474.02, Subdivision la, consisting of certain real estate and construction of improvements thereon, and paying necessary expenses incidental thereto, such funds to be loaned by the City to the Partnership pursuant to a Resolution adopted by the City on February 20, 1979 (the Resolution) and the Loan Agreement, thereby assisting activities in the public interest and for the public welfare of the City. This Note is secured by an Assignment of Loan Agreement dated January 25, 1979 (the loan Agreement Assignment) between the City and the Holder, a Combination Mortgage and Security Agreement dated January 25, 1979 (the Mortgage) given by Hooley land Partner- ship Na. 1 (the Fee Owner) and the Partnership in favor of the Holder, an Assignment of Rents and Leases dated January 25, 1979 (the Assignment) given by the Fee Amer and the Partnership in favor of the Holder, and a Guaranty Agreement dated January 25, 1979 (the Guaranty) between John W. gooley, Charles M. Hooley and Ernest R. Thueson and the Holder. As provided in the Resolution and subject to certain limitations set forth therein, the City will, upon request of the Holder, register this Note upon its books. Prior to any such registration, this Note is transferable upon the books of the City at the office of the City Clerk, by the Holder hereof in person or by its attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the Holder or its duly authorized attorney. Upon such transfer the City Clerk will note the date of registration and the name and address of the new Holder upon the books of the City and in the registration blank appearing below. Alternatively, the City will at the request of the Holder issue new notes in an aggregate principal amount equal to the unpaid principal balance of this Note, and of like tenor except as to number, principal amount and the amount of the monthly install- ments payable thereunder, and registered in the name of the registered Holder or such transferee as may be designated by the Holder. The City may dean and treat the person in whose name this Note is last registered upon the books of the City with such registration noted on the Note as the absolute owner hereof, whether or not overdue, for the purpose of receiving payment of or on account of the principal balance, redemption price or interest and for all other purposes, and all such payments so made to the Holder or upon its order shall be valid and effectual to satisfy and discharge the liability upon this Note to the extent of the sun or sure so paid, and the City shall not be affected by any notice to the contrary. All of the agreements, conditions, covenants, provisions and stipulations contained in the Resolution, the Loan Agreement and the loan Agreement Assigment are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. If a default occurs under this Note, or under the Loan Agreement, the Mortgage , the Assignment or the Guaranty, or if the Partnership sells, conveys, transfers or otherwise disposes of all or any part of its interest in the MorSeged Property (as defined in the Mortgage) without the prior written consent of the Mortgagee thereunder, or if any general partnership interest in the Partnership is sold, conveyed, transferred or encumbered, whether voluntarly, involuntarily or by operation of law, then the Holder may at its right and option (subject, however, to such notice as may be required under paragraph (d) of Section 6-1 of the Mortgage) declare immediately due and payable the principal balance of this Note and interest accrued thereon to the date of declaration of such default, together with any attorney's fees incurred by the Holder in collecting or enforcing payment thereof, whether suit be brought or not, and all other suns due hereunder or under the Loan Agreement, the Mortgage, the Assignment or the Guaranty. The Holder may extend the time of payment of interest or principal of this Note, without notice to or consent of any party liable hereon, and without releasing any such party. This Note shall not be payable fret nor charged upon any finds of the City other than the revenue under the Loan Agreement pledged to the payment thereof, nor shall the City be subject to any liability thereon. No Holder or Holders of this Note shall ever have the right to camel any exercise of the Airing power of the City to pay this Note or the interest thereon, ear to enforce payment thereof against any property of the City except the Project, or portions thereof, mort- gaged or otherwise encumbered by the Mortgage and the Assignment. This Note shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City, except the project, or portions thereof, mortgaged or otherwise encumbered by the Mortgage and the Assignment. (continued on page 39) • 1 • 39 • • 004 0 RESOLUTION NO. 6612 - continued This Note, including interest the Loan Agreement pledged to the paym nttethereon. This eon, is lNote e shhaly l not constitute under debtto the City within the meaning of any constitutional or statutory limitation. However, nothing contained in this paragraph shall impair the rights of the Holder or Holders of this Note to enforce covenants made for the security thereof as provided under the provisions of Minnesota Statutes, Section 474.11. The Folder shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. TT 1S HEREBY CERTIFIED AND RECfTED that all conditions, acts and things required to exist, happen, and be performed precedent to or in the issuance of this Note do exist, have happened and have been performed in regular and due formes required by law. IN WITNESS tF, the City has caused this Note to be duly executed by its duly y79 authorized officers and its corporate seal aff ed all as of the day of CITY OF STILLWATER, M NNEBOfA (Seal) Attest: City Clerk BY Mayor PROVISIONS AS 10 REGISTRATION The ownership of the unpaid Principal Balance of this Note and the interest accruing thereon is registered on the books of the City of Stillwater in the name of the registered holder last noted below. Date of Name and Address of Signature of Registration Registered Folder City Clerk 5.02. Note Terms. The Note shall be designated the Commercial Development Revenue Note (Henley Land Partnership No. 2 Project), and shall: (a) be dated as of the date of delivery thereof to, and paym ent therefor, by the Lender; (b) be in the total principal amount of $700,000; (c) bear interest on the unpaid principal balance from date of issue until paid or discharged as herein provided at the rate of eight and three -eighths (8-3/87,,) per annam, except that in the event the interest on the Note becomes subject to federal income taxa- tion pursuant to a "Determination of Taxability" as defined in the loan Agreement, the Holder of the Note may elect either (1) to have the interest rate an the Note increased to ten and one -quarter percent (10-1/4) per annun from the date of Taxability, as defined in the Loan agreement, or (2) to call the Note for redemption and prepayment in full, all as provided in the Loan Agreement and in the Form of Note following Section 5.01 hereof. (d) be payable in installments on the first day of each month as follows: (1) on March 1, 1979, an amount equal to interest accrued monthly on the principal balance of the Note; (2) ccamensing on April 1, 1979 and the first day of each month thereafter to and incli++lino February 1, 1994, in equal monthly installments of Five Thousand Five Hundred Eighty-two and 50/100ths Dollars ($5,582.50) each, and the entire unpaid principal and accrued interest thereon, if not sooner paid, to be due and payable on March 1, 1994, all payments to be applied first to interest and then to principal. (e) be payable as to both principal and interest to the registered holder thereof at the principal office of the holder for the account of the City; (continued on page 40) • • • • i • • RESOLUTION NO. 6612 - continued (f) be subject to the rights of the Folder or Holders to call the Note for redemption and prepayment upon the occurrence of certain events, as set forth in the Form of Note following Section 5.01 hereof; (g) be subject to prepayment in any event after the eighth loan year upon 30 Note written notice and payment of a prepaym ent premium, atprovided the Font offollowing Section 5.01 hereof. 5.03. Execution. The Note shall be executed on behalf of the City by the signatures of the Mayor and the City Clerk, and shall be sealed with its corporate seal. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery thereof, such signature shall nevertheless be valid and sufficient for all purposes. 5.04. Mutilated, Lost and Destroyed Note. In case the Note shall became mutilated or be destroyed or lost, the City shall cause to be executed and delivered a new note of like outstanding principal amount and tenor in exchange and substitution for and upon cancellation of the mutilated Note, or in lieu of and in substitution for such Note destroyed or lost, upon the Folder's paying the reasonable expenses and charges of the City in connection therewith, and in case the Note is destroyed or lost, its filing with the City evidence satisfactory to it. 5.05. Registration of Transfer. The City will, upon the request of the Folder, register this Note upon its books. Prior to any such registration, the Note shall be transferable upon the books of the City by the Holder thereof in person or by its attorney duly authorized in writing, upon surrender of the Note together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the holder or its duly authorized attorney. Upon such transfer the City Clerk shal note the date of registration and the name and address of the new Holder on the books of the Cit ind in the registration blank appearing on the Note. Alternatively, the City shall, at the request and expense of the Holder, issue new notes, in aggregate outstanding principal amamt equal to that of the Note surrendered, and of like tenor except as to number, principal amount and the amount of the monthly installments payable thereunder, and registered in the nae of the Holder or such transfererr as may be designated by the Holder. The City any dean and treat the person in whose name each Note is last registered upon the books of the City with such registration noted on the Note as the absolute owner thereof, whether or not overdue, for the purpose of receiving payment of or on account of the principal balance, redemption price or interest and for all other purposes, and all such payments so made to the Holder or upon its order shall be valid and effectual to satisfy and discharge the liability upon this Note to the extent of the sun or suns so paid, and the City shall not be affected by any notice to the contrary. 5.06. Delivery and Use of Proceeds. Prior to delivery of the Note, the documents referred to below shall oe canpleted and executed in form and substance as approved by the City Attorney. The City shall execute and deliver to the Lender the Note in the total principal amount of $700,000, together with the following: (a) a duly certified copy of this Resolution; (b) original, executed cam experts of the Loan Agreement and the loan Agreement Assignment; and (c) such closing certificates, opinion and related dements as are required by bond counsel. Upon delivery of the Note and the above items to the Linder, the lender shall, on behalf of the City, disburse to the Partnership the proceeds of the Note in reimbursement of Project Costs pursuant to the provisions of the Loan Agreement, and the proceeds so disbursed shall be deemed to have been disbursed for the benefit of the City. The Lender or the Partnership shall provide the City with a full accounting of all funds disbursed for Project Costs. Section 6. Limitations of the City's Obligations. Notwithstanding anything contained in the Note, the Loan Agreement, the loan Agreement Assignent, or any other documents referred to in Section 3.03, the Note shall not be payable fran nor charged upon any finds of the City other than the revenue under the loan Agreement pledged to the payment thereof, nor shall the City be subject to any liability thereon. No Folder or Holders of the Note shall ever have the right to compel any exercise of the taxing pacer of the City to pay the Note or the interest thereon, nor to enforce payment thereof against any property of the City except the Project, or portions thereof, mortgaged or otherwise enambered by the Mortgage and the Assignment. The Note shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property or the City, except the Project, or portions thereof, mortgaged or otherwise enombered by the Hortgate and the Assignment. The Note, including interest thereon, is payable solely fran the revalue under the Loan Agreement pledged to the payment thereon. The Note shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. However, nothing contained in this Section 6 shall impair the rights of the Holder of Holders of the Noettouenftorceccocomments mmon e ntslmade for the security thereof as provided under the provisions of o AND BE 1T FURTHER RESOLVED that Resolution No. 6603 adopted by this City Council on January 23, 1979, is hereby repealed. (continued an page 40) P a. a • • 41\ • • RESOLUTION NO. 6612 - continued AND BE TT FURTHER RESOLVED that the City Attorney and bond counsel are authorized to make such changes, by substitution of pages or otherwise, in the Note, the Loan Agreement and other documents heretofore executed or approved as to form by the City pursuant to said Resolution 6603 as may be necessary to reflect the actions taken in this Resolution, and the proper officers of the City are authorized to execute or re -execute, as the case may be, and deliver the Note and such other documents, closing certificates and opinions as are required by bond counsel. Adopted by the Council this 20th day of February, 1979. Published- February 23, 1979 Mayor Attest: ,4 i Ykt..ttc-- l Cerk RESOLUTION NO. 6613 RESOLUTION ORDERING SEWER IMPROVEMENT, LOCAL IMPROVEMENT NO. 168. WHEREAS, by resolution adopted January 29, 1979, this Council did fix a date for a public hearing on proposed improvements consisting of installation of an eight inch sanitary sewer extension and other appurtenances on North Harriet Street for a distance of approximately 160 feet; and WHEREAS, pursuant to notice duly published in the Stillwater Evening Gazette, official newspaper of the City, on the 8th day of February, 1979, and on the 15th day of February, 1979, and mailed as required by law, said hearing was held at the Municipal Building at 7:30 o'clock P. M., on Tuesday, the 20th day of February, 1979, at which time and place all persons desiring to be heard on said matter were given an opportunity to be heard. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota: 1. That the aforesaid improvement be, and is hereby ordered as proposed at an estimated cost of $6,365.00, and that the City's Engineer is hereby authorized to prepare the final detailed plans and specifications for said improvement. Adopted by the Council this 20th day of February, 1979. Published: March 1, 1979 Attest: ,to_ ity clerk Mayor s •