Resolution - #83-050 - 04/07/1983

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Councilmcmber Sorteberg introduced the following resolution and moved for its adoption: RESOLUTION #83- 50 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 WHEREAS, the Minnesota Municipal Industrial Development Act~ Minnesota Statutes, Section 474.01 et seq. (the "Act"), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, the term "project" is defined by Section 474.02, sub- division la, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a representative of Prestressed Concrete, Inc., a Minnesota corporation (the "Developer") has presented this City Council with information concerning a proposed project (the "Project") to be acquired and constructed within the City of Ramsey (the "City"); and WHEREAS, the Developer has requested that the City resolved to issue revenue bonds pursuant to the Act to finance the Project and has pre- sented to the City a form of preliminary resolution concerning such issuance with a request that such preliminary resolution, attached ehreto as Exhibit A, be considered for adoption by the City Council of the City; and WHEREAS, Section 474.O1, subdivision 7b, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the project and an estimate of the principal amount of the bonds or other obligations to be issued to finance the project must be published at least once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the City and a newspaper of general circulation in the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the notice must state that a draft copy of the proposed application (the "Application") to the Commissioner of Energy, Planning and Develop- ment of the State of Minnesota for approval of the Project, together with all attachments and exhibits, is on file with the City and available for public inspection; and WttEREAS, the Developer has presented to the City a form of public notice, attached hereto as Exhibit B, with a request that the City Council establish a date for a public hearing on the proposal to under- take and finance the Project and authorize publication of the form of public notice provided by the Developer. Page 1 of 2