HomeMy WebLinkAbout80-072 CERTIFICATION OF MINUTES RELATING TO
` INDUSTRIAL DEVELOPMENT
REVENUE BONDS
Issuer: City of Lakeville, Minnesota
Governing Body : city council
Kind, date, time and place of meeting: A council meeting, held on
July 7 , 1980, at 7:30 o'clock P.M., at council chambers,. Airlake Park.
Members .present: Spande, Lekson, Zaun, Sindt end Nelson.
Members absent: None
Documents Attached:
Minutes of said meeting !pages):
RESOLUTION NO. 80-72 j
RESOLUTION RELATING TO A PROJECT UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALL-
ING FORA PUBLIC .HEARING THEREON
I, the undersigned, being .the duly qualified and acting
recording officer of the public corporation issuing the bonds re-
ferred to in the title of this certificate, certify that the docu-
ments 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 complete 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 docu-
ments 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 through-
out 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
7th day of July 1980.
f
Signature
(SEAL)
Patrick McGarvey, City.Clerk
! N~ite_ and~,.Title
.z
Member... zaun introduced the following resolution
and moved its adoption:
RESOLUTION NO. 80-72
RESOLUTION RELATING TO A PROJECT UNDER THE
` MUNICIPAL INDUSTRIAL DEVELOPMENT ACT;.CALL-
ING FOR A PUBLIC HEARING THEREON
BE IT•RESOLVED by the City Council of he City of
Lakeville, Minnesota (.hereinafter, the Municipality), as follows:
Section 1. Recitals.
1.01. G.T.C. Inc., a South Dakota corporation (heren-
after, the Borrower), has advised-this Council of its desire
to acquire; and. improve land in the Municipality. and to construct,
furnish .and. equip thereon a facility to be used by the Borrower
in its business. of the distribution of automotive and. truck
.replacement parts .and. accessories. The facility would include
offices: warehouse and distribution. facilities.
1.02. The Municipality is authorized by Minnesota
Statutes, Chapter 474.(.the Act), to .issue its. revenue bonds to
finance capital projects consisting of properties used and use-
ful in connection with a revenue-producing enterprise. The Bor-
rower has requested that the Municipality issue its .revenue bonds
in an approximate principal amount of $3,000,000 to finance costs
of the Project. The Borrower is a wholly-owned subsidiary of
General .Parts, Inc., a North Carolina corporation, and General
Parts, Tnc. would guarantee the payment when due of the principal
interest and premium, if any, on the revenue bonds.
Section 2. Public Hearing.
2.01. Section 4.74.01, Subdivision 7b of the Act
requires that prior to submission of an application. to .the
Minnesota Commissioner of Securities requesting approval of the
Project as required by Section 474..01, Subdivision 7a- of the Act. '
this Countil 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 Aug. 4 1980, at 7:30.
o.' clock P .M. , at Council Chambers, Airlake Industrial Park..
2.02. The City Clerk shall cause-notice of the public
hearing to be published in the official newspaper of the Munici-
pality and in a newspaper of general circulation in the Munici-
pality, at least once not less than fifteen (15) nor more than
thirty. (30)_ days prior to the date faxed for the hearing, such.
notice to be in substantially .the following form:
2.03. A.draft copy of the proposed application to the
Minnesota Commissioner of Securities, together with all attach-
ments and exhibits thereto, .are hereby ordered placed on file
with the City Clerk,. and. shall be available .for: public inspec-
ton, following the publication of th.e notice of public hearing,
between the hours of 8:00 a.m. ' and 4:3o p.m. on business days-.
ayor
1`
Attest•
City Clerk..
,The motion f.or the adoption of the foregoing resolution
was duly seconded: by Member spande and upon vote being
taken thereon, the following voted in favor thereof:
Spande, Lekson, Zaun, Sndt-and Nelson
and. the. following voted. against the same: None
whereupon the. resolution was declared duly passed and adopted..
and. was signed by the Mayor and attested. by the City Clerk.
_3_