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RESOLUTION NO. 6682
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR AN INDUSTRIAL
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 chronic unemployment;
(b) The City Council of the City of Stillwater (the "City") has received
from Oscar L. Kern, a resident of Stillwater, Minnesota, a proposal that the City
assist in fainancing a project hereinafter described, through the issuance of its
industrial revenue bonds (which may be in the form of a single debt instrument)
(the "Bonds") pursuant to the Act;
(c) Before proceeding with consideration of the request of Mr. Kern 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 Cpmpany 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. The City Clerk is hereby authorized to prepare a proposed applicable
to the Commissioner of Securities, State of Minnesota, for approval of the
project, together with proposed forms of all attachments and exhibits thereto,
and to place all such documents 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 days nor more than 30 days prior to the
date fixed for said hearing, as shown in the notice of hearing hereto attached.
Adopted by the City Council of the City of Stillwater,
Minnesota, this llth day of September, 1979.
Published: September 14, 1979
Attest: ✓,,�/''���¢�J .e
City Clerk
Mayor
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