Resolution - #03-05-120 - 05/13/2003

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Councilmember El~ig introduced the following resolution and moved for its adoption: RESOLUTION #03-05-120 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS TO FINANCE PUBLIC (CHARTER) SCHOOL FACILITIES, AND AUTHORIZING ;THE PUBLICATION OF A NOTICE OF THE HEARING (PACT CHARTER scHOOL PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating to municipal industrial development (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 blighting and marginal lands and areas of chronic unemployment; and WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has received fi'om PCS Building Company, a Minnesota 501 (c)(3) organization (the "Borrower"), a proposal that theI City undertake a program to assist in financing the Project hereinafter described, througl't the issuance of revenue bonds or obligations (in one or more series) (the "Bond") pm'suant 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 the Act. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing attached hereto. 2) A draft copy of the proposed application to the Commissioner of the Department of Trade and Economic Development, State of Minnesota, for approval of the project, together with proposed forms of all attachments and exhibits thereto, will be on file in the office of the Administrator on or before the date the Public Hearing is published. 3) The Admir~istrator is hereby authorized and directed to cause notice of the hearing to be given one ~Publication in the office newspaper of the City and also in a newspaper of general Cirr~ulation 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. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kurak, and upon vote being taken thereon, the following voted in favor thereof: Mayor Gamec Councilmember Elvig Councilmember Kurak Councilmember Cook Councilmember Pearson Councilmamber Strommen Councilm6mber Zimmerman