Laserfiche WebLink
AGENDA ITEM 4B <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 618/198 <br />TOPIC: Consideration of Resolution No. 98 -81 authorizing <br />the issuance and sale of $3 million Industrial <br />Development Revenue Bonds, Series 1998 <br />(Molin Concrete Products project) <br />BACKGROUND: <br />As you recall, the city council held a public hearing on April 27, 1998 for the <br />consideration of a proposal to issue $3.4 million industrial revenue bonds for the <br />construction and equipping of an approximately 16,000 square foot building and <br />construction of an additional 1,600 square foot building for Molin Concrete. The <br />actual issuance and sale of the bonds was delayed while Molin reapplied for tax <br />exempt bonds. Molin was successful in obtaining $3 million tax exempt bonds in <br />this round of applications. <br />This resolution authorizes the issuance and sale of $3 million industrial revenue <br />bonds. The bonds will not constitute a charge, lien or encumbrance upon any <br />property of the city except the project, and will not be a charge against the city's <br />credit or taxing powers. <br />OPTIONS: <br />1. Approve Resolution No. 98 -81 authorizing issuance of the bonds <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />