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RESOLUTION NO. RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 AND MINNESOTA STATUTES, SECTION 471.59 WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 et seq. (the "Act "), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, pursuant to Minnesota Statutes, Section 471.59 (the "Joint Powers Act ") the issuance of revenue bonds will be undertaken jointly by the Cities of Apple Valley ,Big Lake, Preston Cannon Fails r Chaska, Faribault , Prior Lake and Shoreview (the "Cities "); and WHEREAS, the term "project" is defined by Section 474.02, subdivision la, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a proposal has been presented to this City Council (the "City Council ") of the City of Little Canada (the "City ") to jointly establish a fund with the Cities from the proceeds of Securitized Development Revenue Bonds in the aggregate principal amount of $300,000,000 to finance revenue - producing projects for purposes consistent with the Act, said projects to consist of the acquisition, construction, reconstruction, rehabilitation and /or installation of commercial, industrial or retail facilities in the Cities (the "Project "); and WHEREAS, it has been requested that the City resolve to issue revenue bonds pursuant to the Act and the Joint Powers Act to finance the Project and has presented to the City Council a form of preliminary resolution concerning such issuance with a request that such preliminary resolution, attached hereto as Exhibit A, be considered for adoption by the City Council; and WHEREAS, Section 474.01, subdivision 7h, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a Project; and WIIEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the Project and an estimate of the principal amount of the bonds or other obligations to be issued to finance the Project must be published at least once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the Cily and a newspaper of general circulation in the City; and WIIEREAS, Section 474.01, subdivision 7b, of the Act provides that the notice must state that a draft copy of the proposed application (the "Application ") to the Minnesota Department of Energy and Economic Development for approval of 1