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2001.09.05 RESO 2001-0051
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2001.09.05 RESO 2001-0051
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City Council
Document Type
Resolutions
Meeting Date
9/5/2001
Meeting Type
Regular
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Resolution 2001- 51 <br />Page 2 <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. The Council hereby gives preliminary approval to the proposal of Company that <br />the City undertake the Project pursuant to the Act, subject to holding a public hearing with <br />respect to the Project, and pursuant to a revenue agreement between the City and Company <br />upon such terms and conditions with provisions for revision from time to time as <br />necessary, so as to produce income and revenues sufficient to pay when due, the principal <br />of and interest on the Bonds in a total principal amount not to exceed $10,000,000 to be <br />issued pursuant to the Act to finance the acquisition, construction, and installation of the <br />Project; and such revenue agreement may also provide for the interest of Company herein <br />to be pledged to the purchaser of the Bonds; and the City hereby undertakes preliminarily <br />to issue its Bonds in accordance with such terms and conditions. <br />2. On the basis of information available to this Council it appears, and the Council <br />hereby finds, that the Project constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises engaged in manufacturing <br />within the meaning of Subdivision 2(a)(1) of Section 469.153 of the Act; that the Project <br />furthers the purposes stated in Section 469.152; that the availability of the financing under <br />the Act and willingness of the City to furnish such financing will be a substantial <br />inducement to Company to undertake the Project, and that the effect of the Project, if <br />undertaken, will be to encourage the development of economically sound industry and <br />commerce, to assist in the prevention of the emergence of blighted and marginal land, to <br />help prevent chronic unemployment, to help the surrounding area retain and improve the <br />tax base and to provide the range of services and employment opportunities required by the <br />population, to help prevent the movement of talented and educated persons out of the state <br />and to areas within the State where their services may not be as effectively used, to <br />promote more intensive development and use of land within the City and surrounding <br />communities and eventually to increase the tax base of the community. <br />3. The Project is hereby given preliminary approval by the City subject to holding a <br />public hearing with respect to the Project and consideration of information, if any, <br />presented and further subject to final approval by this Council, Company, and the <br />purchaser of the Bonds as to the ultimate details of the financing of the Project. <br />4. The Mayor and staff of the City are hereby authorized and directed to submit a <br />request for allocation of federal bonds authority for the Project. The staff are also <br />authorized to publish notice of a public hearing on the Company's proposal at a later <br />appropriate date in the manner required by the Act. <br />5. Company has agreed and it is hereby determined that any and all costs incurred by <br />the City in connection with the financing of the Project, including legal fees, whether or <br />not the Project is carried to completion and whether or not volume cap is obtained will be <br />paid by Company. <br />6. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized <br />to assist in the preparation and review of necessary documents relating to the Project, to <br />consult with the City Attorney, Company, and the purchaser of the Bonds as to the <br />
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