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NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT <br />UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, <br />MINNESOTA STATUTES, CHAPTER 474, AS AMENDED, <br />AND MINNESOTA STATUTES, SECTION 471.59 <br />CITY OF LITTLE CANADA, MINNESOTA <br />NOTICE IS HEREBY GIVEN that the governing body of the City of <br />Little Canada, Minnesota, (the "City "), will meet on March 11, 1987, at <br />7:30 p.m. In the City Council Chambers, located at 515 Little Canada Road, <br />Little Canada, Minnesota, for the purpose of conducting a public hearing on a <br />proposal that the City Jointly issue its Securltlzed Development Revenue Bonds <br />under the Municipal Industrial Development Act, Minnesota Statutes, <br />Chapter 474, as amended, and the Joint Powers Act, Minnesota Statutes, <br />Section 471.59, in order to finance the cost of a protect. The proposed <br />project will consist of the Joint establishment of a fund by the City and the <br />Cities of Apple Valley, Big Lake, Chaska, Prior Lake, Waite Park and other <br />entities to be identified in the near future from the proceeds of their <br />Jointly issued Securitized Development Revenue Bonds. The proposed protect <br />will be used to finance revenue - producing protects to consist of the <br />acquisition, construction, reconstruction, rehabilitation and /or installation <br />of commercial, industrial or retail facilities in any of the Cities. The <br />estimated total amount of the proposed Issue is $300,000,000. The bonds shall <br />be a limited obligation of the Cities, and each of than Individually, and the <br />bonds and Interest thereon shall be payable solely from the revenues pledged <br />to the payment thereof, except that such bonds may be secured by a mortgage <br />and other encumbrance on the project. No holder of any such bond shall ever <br />have the right to complete any exercise of the taxing power of the City of <br />Little Canada to pay the bonds, or the interest thereon, nor to enforce <br />payment against any property of the City, except its Interest in the protect. <br />A draft copy of the proposed application to the Minnesota Department of <br />Energy and Economic Development for approval of the project, together with all <br />attachments and exhibits thereto, Is available for public inspection at the <br />City offices. <br />All persons interested may appear and be heard at the time and place set <br />forth above. <br />Dated: February 11, 1987 <br />BY ORDER OF THE CITY COUNCIL <br />OF THE CITY OF LITTLE CANADA, MINNESOTA <br />By: <br />page -1- <br />