HomeMy WebLinkAbout6652 (Res.)73
RESOLUTION NO. 6652
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A COIMfERCIAL
FACILITIES DEVELOPMENT PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AUTHORIZING THE PUBLICATION OF A NOTICE OF SAID HEARING.
WHEREAS,
(a) Chapter 474, Minnesota Statutes, known as the Minnesota
Municipal Industrial Development Act (the "Act") gives municipalities
the power to issue revenue bonds for the purpose of the encouragement
and development of economically sound industry and commerce to prevent
so far as possible the emergence of blighted and marginal lands and
areas of chronica unemployment;
(b) The City Council of the City of Stillwater, Minnesota (the
"City") has received from Stillwater Racquetball Club, a general
partnership consisting of Oscar L. Kern and Bill J. Pauley (the
"Company") a proposal that the City undertake and finance a project
hereinafter described, through the issuance of its commercial revenue
bonds (which may be in the form of a single debt instrument or in one
or more series) (the "Bonds") pursuant to the Act;
(c) Before proceeding with consideration of the request of the
Company it is necessary for the City to hold a public hearing on the
proposal pursuant to Section 474.01, Subdivision 7b, Minnesota Statutes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater,
Minnesota, as follows:
1. A Public Hearing on said proposal of the Company will be held at the
time and place set forth in the Notice of Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal
amount of Bonds to be issued to finance the proposal are described in the form
of Notice of Hearing hereto attached.
3. The Notice of said Public Hearing shall be in substantially the form
contained in the Notice hereto attached.
4. A draft copy of the proposed application to the Commissioner of
Securities, State of Minnesota, for approval of the project, together with a
form of all attachments and exhibits thereto, is on file in the office of the
City Clerk.
5. The City Clerk is hereby authorized and directed to cause said hearing
to be given one publication in the official newspaper of general circulation
available in the City, not less than 15 years nor more than 30 days prior to
the date fixed for said hearing, as shown in the notice of hearing hereto
attached and all actions heretofore taken by the City Clerk in causing said
notice to be published are hereby ratified and confirmed.
Adopted by the City Council of the City of Stillwater,
Minnesota, this 26th day of June, 1979
Published: June 28, 1979
Attest:
City Clerk
Mayor
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