RES 05-018 - Laserfiche WebLink

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. . . RESOLUTION OS-18 CITY OF ELK RIVER A RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A PRIVATE SCHOOL FACILITY PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING PREPARATION AND PUBLICATION OF A NOTICE OF THE HEARING WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), gives municipalities the power to issue revenue bonds for the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"), has received from The Church of St. Andrew, a 501 (c) (3) non-profit Minnesota corporation (the "Borrower"), a proposal that the City assist in financing the non-religious portion of a school project hereinafter described, through the issuance of its private school facility revenue bonds (which may be in the form of a single debt instrument) (the "Bonds") pursuant to the Act; and WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to Section 469.154, Subdivision 4, of the Act; and WHEREAS, Briggs and Morgan, Professional Association, Minneapolis and St. Paul, Minnesota, acting as bond counsel ("Briggs") prepared, at the direction of City staff, a notice of public hearing describing the general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal in the form hereto attached. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Elk River, Minnesota, as follows: 1. A second public hearing on the proposal of the Borrower with an increased estimated principal amount of bonds will be held at the time and place set forth in the notice of public hearing hereto attached. 2. A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the project, together with proposed forms of all attachments and exhibits thereto, shall be placed on file in the office of the City Administrator upon publication of the notice of public hearing. 3. The City Administrator is hereby authorized and directed to cause the notice of the public hearing to be published once in the official newspaper of the City, a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached notice of public hearing.