HomeMy WebLinkAbout1997-001 Council ResolutionMember Lyden introduced the following resolution and moved its adoption:
RESOLUTION NO. 97-01
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR AN
INDUSTRIAL FACILITIES DEVELOPMENT PROJECT PURSUANT TO THE
MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 relating to
municipal industrial development (the "Act"), gives municipalities the power to issue
revenue bonds for the purpose of the encouragement and development of economically
sound industry and commerce to prevent so far as possible the emergence of blighted and
marginal lands and areas of chronic unemployment, and
(b) WHEREAS, The City Council of the City of Lino Lakes, Minnesota (the
"City"), has received from Taylor Corporation, a corporation organized under the laws of
the State of Minnesota (the "Company"), a proposal that the City assist in financing a
project hereinafter described, through the issuance of its industrial revenue bonds (which
may be in the form of a single debt instrument (the "Bonds") pursuant to the Act; and
(c) WHEREAS, before proceeding with consideration of the request of the
Company it is necessary for the City to hold a public hearing on the proposal pursuant to
Section 469.154, Subdivision 4, of the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino
Lakes, Minnesota, as follows:
1. A public hearing on the proposal of the Company will be held at the time and
place set forth in the Notice of Public Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal amount of
Bonds to be issued to finance the proposal are described in the attached form of Notice of
Public Hearing.
3. A draft copy of the proposed application to the Commissioner of the
Department of Trade and Economic Development, State of Minnesota, for approval of the
project, together with proposed forms of all attachments and exhibits thereto, is on file in
the office of the Clerk -Treasurer.
4. The Clerk -Treasurer is hereby authorized and directed to cause notice of the
hearing to be given one publication in the official newspaper of the City and also in a
newspaper of general circulation available in the City, not less than 14 days nor more than
30 days prior to the date fixed for the hearing, substantially in the form of the attached
Notice of Public Hearing.
Adopted by the City Council of the City of Lino Lakes, Minnesota, this 13th day
of January, 1997.
ATTEST:
L42692 07t/
Clerk Tr surer
Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
Neal and upon vote being taken thereon, the following voted in favor
thereof: Bergeson, Kuether, Lyden, Neal, Landers.
and the following voted against same: None.
Whereupon said resolution was declared duly passed and adopted.