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NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED CITY OF LAKE ELMO, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Lake Elmo, Minnesota, will meet on May 5, 1981, at 7:30 o'clock p.m., in the City Hall, 33rd Street and Laverne Avenue, in the City of Lake Elmo, Minnesota, for the purpose of conducting a public; hearing on a proposal that. the City issue revenue bonds, in one or more series, under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of .land in the City and the construction and equipment thereon of a facility to be used as business offices and leased by the owners to various business enterprises for that purpose. The estimated total amount of the proposed bond issue is $400,000.00. The bonds shall. be limited obligations of the City, and the bonds and interest thereon shall be payable solely from the revenue pledged to the payment thereof, except that such bands may be secured by a mortgage and other encumbrance on the project. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the bonds or the .interest thereon, nor to enforce payment against any property of the City except the project. A draft copy of the proposed application to the Minnesota Commissioner of Securities for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection at the office in the City of Lake Elmo between the hours of 8:30 a.m. and 4:00 p.m. A11 persons interested may appear and be heard at the time and place set forth above. Dated: April 8, 1981. BY ORDER OF THE CITY COUNCIL By 4UA /V1_V �W 61 C Laurence Whittaker City Administrator