1997-019 Council Resolution - Laserfiche WebLink

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RESOLUTION NO. 97-19 RESOLUTION AUTHORIZING ISSUANCE OF $6,000,000 VARIABLE RATE DEMAND INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1997, AND AUTHORIZING EXECUTION OF VARIOUS DOCUMENTS (TAYLOR CORPORATION PROJECT) WHEREAS, (a) Minnesota Statutes Sections 469.152 to 469.1651, as amended, (the "Act") confers upon municipalities the authority to issue revenue bonds to finance the cost of a "Project" consisting of any properties, real or personal, used or useful in connection with a revenue producing enterprise engaged in any business; (b) The City Council (the "Council") of the City of Lino Lakes, Minnesota, a municipal corporation duly organized and existing under the laws of the State of Minnesota (the "City") has received from Taylor Corporation, a Minnesota corporation (the "Company") a proposal that the City assist in financing the cost of the Company's acquisition, construction and equipping of an 150,000 sq. ft. manufacturing facility to be located at the I-35 and County Road 14 interchange, in the City, (the acquisition, construction and equipping shall be referred to in this Resolution as the "Project") by the issuance of revenue bonds under the Act; (c) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official of the City either directly or indirectly benefit financially frcm the Project; (d) The City, pursuant to Section 469.154, Subdivision 4 of the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended, (the "Code"), published a Notice of Public Hearing, a copy of which with proof of publication is on file in the office of the Clerk -Treasurer of the City, of a Public Hearing on the proposal of the Company that the City assist in financing the cost of the Company's construction of the Project by the issuance of the Bonds (as hereafter defined); and (e) The Council conducted a Public Hearing on the date of this Resolution and prior to the consideration of this Resolution pursuant to said Notice, and all persons who appeared at the Public Hearing were given an opportunity to express their views with respect to the Company's proposal. 776937.1