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91-059 RES
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91-059 RES
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12/3/2007 2:37:08 PM
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7/18/2005 3:38:04 PM
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City Government
type
RES
date
10/21/1991
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<br />e. <br /> <br />EXHIBIT A <br /> <br /> <br />NOTICE OF PUBLIC HEARING ON THE ISSUANCE BY <br />THE CITY OF ELK RIVER, MINNESOTA OF ITS REVENUE BONDS <br />TO LOAN THE PROCEEDS OF THE REVENUE BONDS TO <br />CORPORATION TO FINANCE THE CONSTRUCTION OF AN ADDITION TO <br />AN EXISTING BUILDING AND CERTAIN EQUIPMENT <br /> <br />TESCOM <br /> <br />e <br /> <br />NOTICE IS HEREBY GIVEN that the City of Elk River, <br />Minnesota (the "City") will conduct a public hearing on <br />November 18, 1991, at 7:00 p.m. at the Elk River Public <br />Library, 413 Proctor Avenue, Elk River, Minnesota for the <br />purpose of receiving any and all comments, reports or other <br />information from the public and any interested persons or <br />parties on the proposed issuance by the City of its revenue <br />bonds for the purpose of financing of (i) the construction of <br />an addition of approximately 20,000 square feet to its existing <br />manufacturing facility located at 12616 Industrial Boulevard in <br />Elk River, Minnesota, including landscaping, parking and <br />related improvements (ii) the financing of certain related <br />equipment for use therein in connection with its business of <br />manufacturing pressure control devices, including regulators <br />and valves, and (iii) to the extent permitted under the <br />Internal Revenue Code of 1986, as amended (the "Code"), costs <br />of the issuance of the bonds (collectively, the "Project") for <br />the benefit of Tescom Corporation (the "Borrower") under the <br />Minnesota Municipal Industrial Development Act, Minnesota <br />Statutes, Sections 469.152 through 469.165 (the "Act"). The <br />proceeds of the revenue bonds will be loaned to the Borrower to <br />finance the costs of the Project. <br /> <br />The Project will be owned, operated and managed by the <br />Borrower. The Project will be located at 12616 Industrial <br />Boulevard, Elk River, Minnesota. <br /> <br />.. <br /> <br />The purpose of the public hearing will be to receive <br />information on a proposal that the City issue its Revenue Bonds <br />under the Act in order to loan the proceeds to the Borrower. <br /> <br />The City and Borrower presently anticipate the principal <br />amount of the Bonds will be $800,000 and in any event the <br />maximum principal amount of the total of the Bonds will be <br />$1,000,000. The Bonds will not be general obligations of the <br />City, nor shall they be payable in any manner by taxation. The <br />Revenue Bonds will be payable solely from the revenues of the <br />Project pledged to the payment thereof, from investment <br />proceeds and from other revenues of the Borrower, except that <br />the Bonds may be secured by other encumbrances on the Project. <br /> <br />The public hearing will be conducted by the Mayor of the <br />City or some other person delegated to conduct the hearing by <br />the Mayor. All persons interested may appear and be heard at <br />
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