HomeMy Public PortalAbout1983-015CERTIFICATION OF MINUTES RELATING TO
$1,200,000 COMMERCIAL DEVELOPMENT REVENUE BONDS
(MEDINA MOTOR INN PROJECT)
Issuer: City of Medina, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A regular meeting held
on Ma-r *--1, 1983, at 7.30 o'clock P.M.
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Members present >`=t eve-yr , /�%,��,y, v, , 4//6. ✓
Members absent:
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Documents attached:
Minutes of said meeting (pages):
RESOLUTION NO. P-
RESOLUTION RELATING TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT: CALLING FOR A PUBLIC HEARING
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing the
obligations referred to in the title of this certificate,
certify that the documents attached hereto, as described above,
have been carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribed; that said documents are a correct and complete
transcript of the minutes of a meeting of the governing body of
said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as they
relate to said obligations; and that said meeting was duly held
by the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and
notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer
and the seal of this City this a/) day of lif,j$ , 1983.
Signature
Donna Roehl, City Clerk -Treasurer
(SEAL) Name and Title
Counc i lmember J�_ / ye Yr
introduced the following
resolution and moved its adoption:
RESOLUTION NO. g 5 - 45
RESOLUTION RELATING TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT; CALLING FOR A PUBLIC HEARING
BE IT RESOLVED by the City Council of the City of
Medina, Minnesota, as follows:
Section 1. Recitals.
1.01. The welfare of the State of Minnesota requires
active promotion, attraction, encouragement and development of
economically sound industry and commerce through governmental
acts to prevent, so far as possible, emergence of blighted
lands and areas of chronic unemployment, and the state has
encouraged local government units to act to prevent such
economic deterioration.
1.02. Medina Motor Inn, a Minnesota partnership (the
Partnership) has advised this Council of its desire to
construct and equip a motel (the Project) in Medina, and has
requested that the City issue its revenue bonds in one or more
series, pursuant to Minnesota Statutes, Chapter 474, as amended
(the Act), in a principal amount not to exceed $1,200,000, to
finance, in whole or in part, the cost of the Project.
1.03. The City is authorized by the Act to issue its
revenue bonds to finance capital projects consisting cf
properties used and useful in connection with a revenue
producing enterprise, such as that of the Partnership, and the
issuance of such bonds by the City would be a substantial
inducement to the Partnership to acquire, construct and equip
the Project.
Section 2. Public Hearing.
2.01. Section 474.01, Subdivision 7b of the Act requires
that prior to submission of an application to the Minnesota
Commissioner of Energy, Planning and Development requesting
approval of the Project as required by Section 474.01,
Subdivision 7a of the Act, this Council shall conduct a public
hearing on the proposal to undertake and finance the Project.
Pursuant to that section, a public hearing on the proposal to
undertake and finance the Project is called and shall be held
on A , 1983 at 7--3-e o'clock P.M. at the City Council
Chambers, in the City.
2.02. The City Clerk -Treasurer shall cause notice of the
public hearing to be published in the Crow River News, being
the official newspaper of the City and The Minneapolis Star and
Tribune, being a newspaper of general circulation in the City,
such publication to be made at least once not less than fifteen
nor more than thirty days prior to the date fixed for the
hearing, such notice to be published in substantially the
following form:
NOTICE OF PUBLIC HEARING ON A PROPOSED
PROJECT AND THE ISSUANCE OF COMMERCIAL
DEVELOPMENT REVENUE BONDS UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,
MINNESOTA STATUTES, CHAPTER 474, AS
AMENDED
CITY OF MEDINA, MINNESOTA
NOTICE IS HEREBY GIVEN that the,&ity,.pouncil of theyGe,
City of Medina, Minnesota, will meet on A 15, 1983, at 7;2_0
o'clock P.M. at the City Council Chambers, in Medina,
Minnesota, for the purpose of conducting a public hearing on a
proposal that the City issue its revenue bonds under the
Municipal Industrial Development Act, Minnesota Statutes,
Chapter 474, as amended, in order to finance, in whole or in
part, the cost of a project on behalf of Medina Motor Inn, a
Minnesota partnership (the Partnership). The proposed project
will consist of the construction and equipping of a motel in
Medina. The estimated total amount of the proposed bond issue
is $1,200,000. 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 or other encumbrance on
the project. No holder of the 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 Energy, Planning and Development for
approval of the project, together with all attachments and
exhibits thereto, is available for public inspection at the
office of the City Clerk -Treasurer at City Hall, Medina,
Minnesota, between the hours of 8:00 o'clock A.M. and 5:00
o'clock P.M., Monday through Friday.
All persons interested may appear and be heard at the
time and place set forth above.
Date: L t.e6
, 1983
BY ORDER OF THE CITY COUNCIL
Donna Roehl, City Clerk -Treasurer
2.03. A draft copy of the proposed application to the
Minnesota Commissioner of Energy, Planning and Development,
together with all attachments and exhibits thereto, has been
presented to this Council and is hereby approved. Such
application, attachments and exhibits are hereby ordered placed
on file with the City Clerk -Treasurer, and shall be available
for public inspection, following the publication of the notice
of public hearing, between the hours of 8:00 o'clock A.M. and
5:00 o'clock P.M., Monday through Friday.
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A.„✓f Mdyor
Attest: e'-)2?fE'
City Clerk -Treasurer
The motion for the adoption of the foregoing
resolution was seconded by Councilmember , and
upon vote being taken thereon, the following voted in
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favor thereof: -5f / e �,t✓u f�, ., ,
and the following voted against the same:
-whereupon said resolution was declared duly passed and
adopted.
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