Agenda - Council - 09/30/1980 - Special

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NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDERTHE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED CITY OF RAMSEY, MINNESOTA NOTICE IS HEREBY GIVEN that the governing body of the City of Ramsey, Minnesota (the "City"), will meet on October 21, 1980 at o'clock .M. at in the City, for the purpose of conducting a public hearing on a proposed Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, to undertake and finance a project on tbehalf of Alan C. Phillips (the "Applicant"). The project will con- sist of the constructing and equipping of an approximately 30,000 square foot office warehouse building to be located in the Ramsey Industrial Park in the City of Ramsey, Minnesota, to be owned by Alan C. Phillips, as an individual, and to be leased to tenants in- cluding Altron, Inc., a Minnesota corporation engaged in the'busi- ness of electronics.manufacturing. The estimated total amount of the proposed bond issue is $1,000,000. The bonds shall be limited obligations of the City and the bonds and interest thereon shall be payable solely from the revenue pledged to the payment thereof, except that such bonds may be secured by a mortgage and other en- cumbrances on the Project. ~o holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the bonds, or the interest thereon, nor to enforce payment against any property of the City except the Project. A draft copy of the proposed application to the Minnesota Commissioner of Securities for approval of the project, together with all attachments and ehibits thereto,, is available for public inspection at . Dated: , 19 . BY ORDER OF THE CITY COUNCIL City Clerk