05-09-1979 Council Agenda - Laserfiche WebLink

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JURAN & MOODY, INC. MUNICIPAL BONDS EXCLUSIVELY 114 EAST SEVENTH STREE1 SAINT PAUL, MINNESOTA 55101 TELEPHONE 612/298-1500 Commissioner Securities Division Minnesota Department of Commerce 500 Metro Square Building St. Paul, Minnesota 55101 RE: CITY OF LITTLE CANADA, MINNESOTA $1,350,000 INDUSTRIAL DEVELOPMENT REVENUE FINANCING Dear Commissioner: Enclosed you will find two completed application forms accompanied by copies of the preliminary resolution adopted by the City Council, preliminary opinion from bond counsel, as well as a letter from the City for the above - referenced project. We understand that the proceeds of the proposed financing is to be used to construct an approximately 20,000 square foot office and warehouse facility to house Gopher Electronics Company in Little Canada, Minnesota. We have examined the financial feasibility of this project and it is our opinion that the proposed bonds, to be issued pursuant to Minnesota Statutes, Chapter 474, as amended, are saleable under existing market conditions subject to the unqualified legal opinion of Briggs and Morgan, Professional Association, and mutual agreement of all parties as to maturity, price, interest rate and documentation. We understand that the full faith and credit of the City of Little Canada, Minnesota, is not pledged to the payment of principal and interest on these bonds. Please furnish me with a copy of your communication to the Mayor of Little Canada advising of your approval of the project. We appreciate this courtesy from your office as it saves everyone involved a great deal of time. Respectfully submitted this 2nd day of May, 1979. Very truly yours, JURAN $ MOODY, INC. Russell t!Prinee RLP /eh Enclosures 66