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HomeMy WebLinkAbout80-070 ~.r.,<"1~1Y~LC:to~l'lUN OF r•17.C.U'1~4;5 ;tf;LATING `1'0 $2,24.0,000 USTRIAL DEVELOPMENT REVS' BONDS issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A council meeting, held on Monday, July 7, 1980, at 7:30 o'clock P.M,, at the City Hall. Members present: Spande, Lekson, Zaun, Sindt, Nelson Members absent : None Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 80-70 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING.. THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT, I, the undersigned, being the duly qualifed and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the cl4cuments attached hereto, as described above, have been carefully compared with the original record s 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, sa 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 recordin officer this 7th. day of July, 1980. • r Signature Patrick McGarvey City Clerk-Administrator Councilmember Zaun introduced the following resolution and moved its adoption: RESOLUTION NO, 80-70 RESOLUTION GIVING PRELIMINARY APPROVAL TO .A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES, AND AUTHORIZING THE FREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, (a) The City Council has received from Office Electronics, Inc., an Illinois corporation (the "Obligor"), a proposal that the City finance a project for purposes con- sistent with the Minnesota Municipal Industrial Development Act., Chapter 474, Minnesota Statutes, said project to consist of the acquisition of land and the construction and equipment of a 32,000 square foat office/manufacturing facility thereon (the "Project") in the City at an aggregate cost presently estimated at $2,240,000; (b) The City has been advised by the Obligor that conventional, commercial financing to"pay the capital cost of undertaking the Project is available only at such costs of borrowing that the -economic feasibility of undertaking the Project would be reduced, but the Obligor has also advised this Council that with the aid of municipal financing and its resulting law borrowing cost, the Project is economically enhanced; (c) the Project would create additional employment opportunities for residents of the City and enhance the tax base of the City; (d) The full faith and credit of the City would not be pledged or be responsible in connection with such Project; (e) A public hearing on the proposal has been held as required by law. ' NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, as follows: (1) The Project is hereby given preliminary approval by the City, subject to the approval of the Project by the Commissioner of Securities and subject to final approval by this Council and the Obligor and the initial purchaser of any bonds to be issued as to the ultimate details of the Project and such bonds. The City hereby undertakes preliminarily to issue its revenue bonds in the amount necessary to pay the costs o~ the Project, presently estimated to be $2,240,.000.. (2) In order that completion of the Project will not be unduly delayed, the Obligor is hereby authorized to make such expenditures and advances toward payment of costs of the Project as it considers necessary, including the. use of interim, short-term financing, subject to reimbursement from the proceeds of the revenue bonds if and when delivered, but otherwise without liability on the part of the City. (3) In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the Mayor and City Clerk-Administrator are hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting her approval. Approve ayor s Attest;.. rick McGa,vey, City C -Administrator Motion for adoption of the foregoing resolution was duly seconded by Councilmember Nelson , and upon vote being taken the following voted in favor: zaun, sindt, Spande, Lekson, Nelson and the following were opposed: None whereupon said resalution was declared and passed and adopted.