Res 1979 - 41 Extract of Minutes of Meeting of the City Council of MH (4/17/1979)� �79-4Z
I
Extract ot Minutes o� Meeting of the
City Council of the City of Mendota Heights, Minneso�Ga
Pursuant to due call and natice thereof, a regula�
, ;
meeting af the City Council of the City af Mendota xeights,
,
Minnesota was duly held at City Hall in said City an Tuesday,
the 17th day of April,'1979 at 7:30 o'cloc'k P.M. ,
The following Councilmen were present: All,present `
�
and the following were absentc
* * *
* * *
non�
�;
Councilman ��kW��� int�roduced and
read the following written resolution and moved is adoption:
RESOLUTION AMENDING f
RESOLUTION G2VING PRELIMINARY AFPROVAL TO A P�4PQSED
INDUSTRIAL DEVELOPMENT PROJECT, AUTHORIZZN� THE
SUBMISSION OF AN APPLICATIQN TO TFIE COMMISSIONER
OF SECURITIES FOR APPROVAL THEREOF AND AUTHO IZING
THE PREPAR.ATION OF,DOCUMENTS AND MATERIA�S
IN CC3NNECTION WITH TiiE PROJECT I
The motion for the adaption af the foregoi:
was duly seconded by Council:man' ' zosleben
upon vo�e being taken thereon �he following vated in
. A13. yea
and the follawing voted aqainst the same: none
whereupon said resalutian was declared duly passed
�
4g resolution
� , and
favor thereo�:
adopted.
RESOLUTION AMENDING
' RESOLUTION GIVING PRELIMINARY APPROVAL TO A PRI
INDUSTRIAL DEVELOPMENT PROJECT, AUTHORIZING
SUBMISSION OF AN APPLICATION TO THE COMMISSIi
' OF SECURITIES FOR APPROVAL THEREOF AND AUTHOR'
� THE PREPARATION OF DOCUMENTS AND MATERIAL�
� IN CONNECTION WITH THE PROJECT
BE IT RESOLVED by the City Council
Mendota Heights, Minnesota, that Resolutions
November 21, 1978 and approving an industrial
for Cray Research, Inc. is hereby amended to
; �. .
o f the
No.
read as
l. On June 7, 1977, there was presented t
Council a proposal that the City undertake a project
the Minnesota Municipal Industrial Development Act, C
Minnesota Statutes (the "Act"), consisting of the acq
land and the construction of a corporate headquarters
other facilities thereon in the City to be used by Cr
Inc., a Delaware corporation (the "Company"), a11 as
described in Resolution No. 77-39 adopted by this Cou
date, which gave approval to the financing of such fa
under the Act and the issuance of bonds therefor by t
to an amount of $2,000,000. On Apri1 4, 1978, there
to this Council a proposal to supplement Resolution N
modifying certain characteristics of the Project, as
therein, and by limiting the princ�.pal amount of bond
to be issued for the Project to $1,000,000. On May 1
this Council gave final approval to the issuance of $
City of Mendota Heights Industrial Development Revenu
(Cray Research, Inc. Project), Series 1978 (the "Seri
Bonds"), and the execution and delivery of certain do
connection therewith. There now has been presented t
Council a proposal by the Company under the Act to fi
costs.of the»Project not financed from the proceeds o
1978 Bonds, to acquire certain real property adjacent
Project and related thereto and to construct, furnisY
an addition to the original Project Building. Under
the City will issue up to approximately $3,500,000 of
Industrial Development Revenue Bonds pursuant to the
the Project. The Company will retain title to the P7
site thereof and, pursuant to a loan agreement, will
sufficient to pay,the principal of and interest on aY
issued. The Bonds and the Company's obligations unde
agreement will be secured by a mortgage of the Projec
thereof to the Trustee. The Bonds shall be issued iY
with.the Act, and shall provide that the Bonds are p�
from amounts received by the City pursuant to the lo�
and other property pledged to their payment. The BoY
be a general obl.igation of the City or be payable fr<
proper�y or funds of the City.
POSED
THE
ZING
ity of
, adopted
ment project
follows:
'� this
�pursuant to
hapter 474,
�uisition of
and certain
ay Research,
�more fully
�nci1 on said
�cilities
�he City up
was presented
o. 77-39 by
set forth
s authorized
6, 1978,
1,000,000
e Bonds
es 1978
cuments in
� this
nance certain
f the Series
l to the
i and equip
the proposal,
its
Act to finance
oj.ect and the
pay amounts
y Bonds
�r the loan
it and site
i accordance
iyable solely
�n agreement
ids shall not
>m any other
*� .
2. It is hereby found, determined and de
the purpose of the Project is and the effect thereo
promote the public welfare by the attactian, encour
development of economically sound industry and comm
prevent, as far as possible, the emergence of bligh
lands and areas of chronic unemployment; the develo
industry to use the available resources of the comm
order to r.etain the benefit o£ its existing investm
tional and public service facilities, by halting th
talented, educated personnel of mature age to other
thus preserving the economic and human resources ne
for providing goverrtmental services and facilities;
intensive development of land available in the area
adequate tax base to �inance the increase in the am
of governmental services provided by the City, the
School District in which the City is located,
! 3. Preliminary approval of the Projec�,
to inc2ude additianal land, an addition to the Proj
and additiarial furnishings and equipment, is hereby
by the City, subjec� to {i} appraval of the Prajeet
Minnesata Commissioner of Securities, (iij approval
Council, the Company and Dougherty, Dawkins, Strand
Incorporated, as Underwriter, of the ultimate detai
Project and the terms of �he Bonds, and (iii) appro
Faegre & Benson, as Bond Counsel, of the legality o
4. The underwriter has furnished this Co
letter that the Project is feasible and indicating
purchase the Bonds. The Mayor and City C1erk are h
and directed to submit to the Commissioner of Secur
Xpplication�for approval of the Project, together w
of intent necessary to complete such A.pplication.
City Clerk and other officers, emplo�ees and agents
are hereby autharized ta provide the Cammissioner w
preliminary in�ormation as he may request.
lared that
will be to
gement and
rce so a� to
ed and marqinal
ment of
nity, in
nt in educa-
movement of
areas and
ded as a base
and the more
to provide an
unt and cast
ounty and the
s revised
ct Building
reaff�rmed
by the •
of this
& Ekstram,
s of the
a1 0£
the Bonds.
ncil with a
n intent to
reby autharized
ties an '
th the letter
he Mayor and
af the City
th such
5. Messrs. Faegre & Benson, as bond counslel far this
issue, are autharized ta prepare drafts af documents� relating io
the Bonds for review by the City Attorney and consic�eration by
this Council. �
Attest:
it Clerk
Mayor
e
STATE OF MINNESOTA j
) �S.
COUNTY OF DAKOTA )
� I, the undersigned, being the duly quali�ied and actinq
City Clerk of the City of Mendota Heights, Minnesota, do hereby
certify that the attached extract af minutes o� a reg lar meeting
of the Gity Council of �he City held April 17, 1979, 's a full,
true and correct transcript therefrom insofar as the �ame relates
t� certain Tndustrial Development Revenue Bonds of the City.
, WTTNESS My hand officially and seal officia 1y as said
City Clerk �his day of April, 1979.
(Seal)
�
�
y cler
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