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RES 1979-41
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RES 1979-41
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4/16/2015 2:48:06 PM
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City Government
type
RES
date
12/9/1979
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• <br /> pursuant to the Act to finance the acquisition, construction <br /> and equipping of said Project; and said agreement may also <br /> provide for the entire interest of Company therein to be <br /> mortgaged to the purchaser of the Note; and the City hereby <br /> undertakes preliminarily to issue its Note in accordance with <br /> such terms and conditions; <br /> 2. On the basis of information available to this Council <br /> it appears, and the Council hereby finds, that said Project <br /> constitutes properties, real and personal, used or useful in <br /> connection with one or more revenue producing enterprises en- <br /> gaged in any business within the meaning of Subdivision la of <br /> Section 474.02 of the Act; that the Project furthers the <br /> purposes stated in Section 474. 01, Minnesota Statutes; that the <br /> availability of the financing under the Act and willingness of <br /> the City to . furnish such financing will be a substantial <br /> inducement to Company tq undertake the Project, and that the <br /> effect of the Project, if undertaken, will be to encourage the <br /> development of economically sound industry and commerce, to <br /> assist in the prevention of the emergence of blighted and <br /> marginal land, to help prevent chronic unemployment, to help <br /> the City retain and improve its tax base and provide the range <br /> of service and employment opportunities required by its <br /> population, to help prevent the movement of talented and <br /> educated persons out of the state and to areas within the State <br /> 410 where their services may not be as effectively used, to promote <br /> more intensive development and use of land within the City and <br /> to eventually increase the City' s tax base; <br /> 3. Said Project is hereby given preliminary approval by <br /> the City subject to the approval of the Project by the Com- <br /> missioner of Securities, and subject to final approval by this <br /> Council, Company, and the purchaser of the Note .as to the ulti- <br /> mate details of the financing of the Project; <br /> 4. In accordance with Subdivision 7a of Section 474. 01 <br /> Minnesota Statutes, the Mayor of the City is hereby authorized <br /> and directed to submit the proposal for the above described <br /> Project to the Commissioner of Securities, requesting his ap- <br /> proval , and other officers, employees and agents of the City <br /> are hereby authorized to provide the Commissioner with such <br /> preliminary information as ,he may require; <br /> • <br /> • <br /> 110 <br /> • <br />
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