HomeMy WebLinkAbout7409 (Res.) missing first pages•
•
d
by the Company and pursuant to a revenue agreement between the
City and Company upon such terms and conditions with provisions
for revision from time to time as necessary, so as to produce
income and revenues sufficient to pay, when due, the principal
of and interest on the Revenue Bonds in the maximum aggregate
principal amount of $500,000 to be issued pursuant to the Act
to finance the acquisition, construction and equipping of the
Project; and said agreement may also provide for the entire
interest of Company therein to be mortgaged to the purchaser of
the Revenue Bonds; and the City hereby undertakes preliminarily
to issue its Revenue Bonds in accordance with such terms and
conditions;
2. On the basis of information available to this Council
it appears, and the Council hereby finds, that the Project
constitutes properties, real and personal, used or useful in
connection with one or more revenue producing enterprises
engaged in any business within the meaning of Subdivision la of
Section 474.02 of the Act; that the Project furthers the
purposes stated in Section 474.01, Minnesota Statutes; that the
Project would not be undertaken but for the availability of
industrial bond financing; that the availability of the
financing under the Act and willingness of the City to furnish
such financing will be a substantial inducement to Company to
undertake the Project, and that the effect of the Project, if
undertaken, will be to encourage the development of
economically sound industry and commerce, to assist in the
prevention of the emergence of blighted and marginal land, to
help prevent chronic unemployment, to help the City retain and
improve the tax base and to provide the range of service and
employment opportunities required by the population, to help
prevent the movement of talented and educated persons out of
the state and to areas within the State where their services
may not be as effectively used, to promote more intensive
development and use of land within the City and eventually to
increase the tax base of the community;
3. The Project is hereby given preliminary approval by
the City subject to the approval of the Project by the
Minnesota Energy and Economic Development Authority or such
other state officer having authority to grant approval (the
"Authority"), and subject to final approval by this Council,
Company, and the purchaser of the Revenue Bonds as to the ulti-
mate details of the financing of the Project;
e
•
•
•
•
J
a
4. In accordance with Subdivision 7a of Section 474.01
Minnesota Statutes, the Mayor of the City is hereby authorized
and directed to submit the proposal for the Project to the
Authority requesting its approval, and other officers,
employees and agents of the City are hereby authorized to
provide the Authority with such preliminary information as it
may require;
5. Company has agreed and it is hereby determined that
any and all costs incurred by the City in connection with the
financing of the Project whether or not the Project is carried
to completion and whether or not approved by the Authority will
be paid by Company;
6. Briggs and Morgan, Professional Association, acting as
bond counsel is authorized to assist in the preparation and
review of necessary documents relating to the Project, to
consult with the City Attorney, Company and the purchaser of
the Revenue Bonds as to the maturities, interest rates and
other terns and provisions of the Revenue Bonds and as to the
covenants and other provisions of the necessary documents and
to submit such documents to the Council for final approval;
7. Nothing in this resolution or in the documents pre-
pared pursuant hereto shall authorize the expenditure of any
municipal funds on the Project other than the revenues derived
from the Project or otherwise granted to the City for thin
purpose. The Revenue Bonds shall not constitute a charge, lien
or encumbrance, legal or equitable. upon any property or funds
of the City except the revenue and proceeds pledged to the
payment thereof, nor shall the City be subject to any liability
thereon. The holder of the Revenue Bonds shall never have the
right to compel any exercise of the taxing power of the City to
pay the outstanding principal on the Revenue Bonds or the
interest thereon, or to enforce payment thereof against any
property of the City. The Revenue Bonds shall recite in
substance that the Revenue Bonds, including interest thereon,
is payable solely from the revenue and proceeds pledged to the
payment thereof. The Revenue Bonds shall not constitute a debt
of the City within the meaning of any constitutional or
statutory limitation;
8. In anticipation of the approval by the Authority the
issuance of the Revenue Bonds to finance all or a portion of
the Project, and in order that completion of the Project will
not be unduly delayed when approved, Company is hereby
authorized to make such expenditures and advances toward
payment of that portior. of the costs of the Project to be
•
•
ILK
•
•
•
financed from the proceeds of the Revenue Bonds as Company con-
siders necessary, including the use of interim, short-term
financing, subject to reimbursement from the proceeds of the
Revenue Bonds if and when delivered but otherwise without
liability on the part of the City;
9. The actions of the City Clerk in causing public notice
of the public hearing and in describing the general nature of
the Project and estimating the principal amount of the Revenue
Bonds to be issued to finance the Project and in preparing a
draft of the proposed application to the Authority, for
approval of the Project, which has been available for
inspection by the public at the City Hall from and after the
publication of notice of the hearing, are in all respects
ratified and confirmed.
Adopted by the City Council of the City of Stillwater,
Minnesota, this 30th day of October, 1984.
Published: November 8, 1984
l/ / ayorEta
A tte stYivi H0.41.9 —1
Acting City Clerk
•
•
•
•