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Res 1981 - 35 Certification of Minutes Relating to $4,500,000 Industrial Development Revenue BondsCERTIFICATION OF MINUTES RELATING TO $4,500,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS Issuer: City of Mendota Heights, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular held on June )i, 1981 at 7:30 o'clock P.M., at the Members present: Lockwood, Witt, Hartmann, Mertensotto Members absent: Jim Losleben Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 81-35 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC HEARING THEREON eeting ty Hall. 1. the undersigned, being the duly qualif ed-_aAd acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and com- plete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and ,was attended throughout by the members indicated above, ;pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this -lo day of June , 1981. 1 Signature Kathleen M. Swanson, City Clerk Name and Title Councilmember Mertensotto introduced the following resolution and moved its adoption: I RESOLUTION NO. 81-35 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC HEARING THEREON BEFIT RESOLVED by the City Council of the�City of Mendota Heights, Minnesota (the City), as follows: Section 1. Recitals. 1.01. Ryan Properties (hereinafter called the Obligor) hasladvised this Council of its desire to acquire land and construct a 126,500 square foot office/warehouse/ reconditioning center in the City for lease to Sperry Corporation (the Project). 1.02. The City is authorized by Minnesota Statutes, Chapter 474 (the Act), to issue its revenue bonds or notes to finance capital projects consisting of property used and useful in connection with a revenue-producing enterprise. The Obligor has requested that the -City issue- its revenue bonds or notes in an amount not exceeding $4,500,000 to finance the costs of the Project. .Section 2. Public Hearing. 2.01. Section 474.01, Subdivision 7b, of1the Act requires that. prior to submission --of -an application ato the Minnesota Commissioner of Securities requesting approval of the Project as required by Section 474.01, Subdivision 7a, of the Act, this Council shall conduct a public hearing on the proposal to undertake and finance the Project. Pursuant to that provision, a public hearing on the proposal to undertake and finance ;the Project is called and shall be held on July 7 , 1981, at 7:3p o'clock P.M., at the City Hall. 2.102. The City Clerk shall cause notice of the public hearing to be published in the official newspaper of the City, and in either the St. Paul Pioneer Press or Dispatch, at least once not les's than fifteen (15) nor more than thirty (30) days prior to the! date fixed for the hearing, such notice to be in substantially the following form: I NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE !BONDS OR NOTES UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED CITY OF MENDOTA HEIGHTS, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Mendota Heights, Minnesota, will meet on' July 7 1981, at 7:30 o'clock P.M., at the City Hall in Mendota Heights, Minnesota, for the purpose of conducting a�public hearing on a proposal that the City issue revenue bonds or notes, in one or more series, under the Municipal IAdustrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of land andiconstruction of an approximately 126,500 square foot building onthalf of Ryan Properties, a Minnesota corporation, for lease,to Sperry Corporation. The estimated total amount of the proposed issue is $4,500,000. The bonds or notes shall be limitedlobligations of the City and the bonds or notes, and interest thereon, shall be payable solely from the revenue pledged to the payment thereof, except that such bonds or notes may be secured by a mortgage or other encumbrance on the project. No h6lder of any such bond or note shall ever have the -right to,&ompel any exercise of the taxing power of the City to pay the I bonds or notes or the interest thereon, nor to enforce payment against any property of the City. I A draft copy of the proposed application to the Minnesota Commissioner of Securities for approval of the Project, together with all_ attachments,.and: exhibits�thereto, is available for public inspection at the office of the City Clerk during normal business hours. All persons interested may appear and be heard at the time and place set forth above. BY ORDER OF THE CITY COUNCIL By Kathleen M. Swanson Attest: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Witt and upon the vote being taken thereon, the following', favor thereof: Lockwood, Witt, Mertensotto voted in and the following voted against the same: none 1 abstain whereupon said resolution was declared duly passed and adopted.