91-059 RES - Laserfiche WebLink

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. . . (d) The City is authorized by the Act to issue its revenue bonds to finance projects consisting of properties used and useful in connection with a revenue producing enterprise engaged in manufacturing and related activities, such as that of the Borrower, and the issuance of the bonds by the City would be a substantial inducement to the Borrower to undertake the Project. 1.3 In order to determine whether the preliminary findings set forth in section 1.2 are appropriate, and in order to satisfy the requirements of section 147(f) of the Code, it is hereby determined that a notice substantially in the form of Exhibit A hereto shall be published in the Elk River Star News a newspaper of general circulation in the City of Elk River, providing a minimum of fourteen days pUblic notice that this City Council will conduct a public hearing on November 18, 1991, in accordance with the Act and section 147(f) of the Code, on the proposal to undertake and finance the Project. All interested parties may appear at the hearing and will be given reasonable opportunity to express their views with respect to the proposal to undertake and finance the Project. Interested persons are also hereby given the opportunity to submit written comments to the City Administrator before the time of the hearing. SECTION 2 Determination To Proceed with the Pro;ect and the Financing 2.1. On the basis of the preliminary information given the City to date, it appears that it would be desirable for the City to issue its revenue bonds under the provisions of the Act to finance the Project in an amount not to exceed $1,000,000 (and presently estimated as being $800,000). 2.2. It is hereby determined, subject to the completion of the public hearing and consideration of information made available to the City either at or following the public hearing, to proceed with the Project and the financing. Accordingly, this Council hereby declares its present intent to have the City issue its revenue bonds under the Act to finance the Project. Notwithstanding the foregoing, however, the adoption of this resolution shall not be deemed to establish a legal obligation on the part of the City or its Council to issue or to cause the issuance of such revenue bonds. All details of such revenue bond issue and the provisions for paYment thereof shall be subject to final approval of the Project by the Minnesota Department of Trade and Economic Development (the Department), receipt of a private activity bond allocation from the Department of Finance pursuant to Section 146 of the Code and Minnesota statutes, Chapter 474A, and may be subject to such further conditions as the City may specify. -2-