Agenda - Council - 02/26/1979 - Laserfiche WebLink

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holders of the Bonds and any interim notes of the City or a trustee therefor under such conditions as are necessary to assure that the interest on the Bonds and the Interim Bonds is exempt from. federal and Minnesota income taxes; and the City herein undertakes preliminarily to issue its bonds in accordance with such terms and conditions; 2. On the basis of infomnation available to this Council it appears, and the City Council hereby finds, that said Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enter- prises engaged in any business within the meaning of Sub- division la of Section 474.02 of the Act, that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to the Company to undertake tbe Project, and that the effect of the. Project, if undertaken, will be to encourage the development of- economically sound industry and commerce and assist in the preven.tion of the emergence of blighted and marginal land, will help to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of. shelter, services and employment opportunities required by its population, and will help to prevent the movement of talented' and educated persons out of the state and to areas within the state where their services may not be as effectively used and w~ll result in the development and use of land within the City. · consistent with economic use of municipal services and will result in the tax base of the City being improved; 3. Said Project is hereby given preliminary approval by the City subject to the approval of the Project ~y the Commissioner of Securities, and subject to final approval by this Council, and the purchasers of the Bonds and any Interim' Bonds to be issued as to the ultimate details of the Project. The specific plans and details for the Project shall be subject to all local zoning and other laws and regulations; 4. In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting his approval, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require. The Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the Project whether or not the Project is carried to completion and whether or not