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RESOLUTION NO. 6827
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A COMMERCIAL
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 Stillwa
ter (the the "City") has ")s has in
from David S. Johnson (the "Company") a proposal that
financing 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 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:
of the
will be
time and place set Hforth ginnthe 1Notice d ooflHearing hereto attached.
held at the
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
proposed forms of all attchments and exhibits thereto, is on file in the office
of the City Clerk.
5. The City Clerk is hereby authorized and directed to cause notice of
said hearing to be given one publication in the official newspaper and in a
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 19th day of August, 1980
Published: August 25, 1980
Attest:
City Clerk
Mayor
a
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