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Home My Public Portal About1983-048CERTIFICATION 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 October 18, 1983, at 7:30 o'clock P.M. Members present: 24O/In c p GLJ,, If fred 1�iicetAt /hom ,,-5 6-4 0 at, bpi Documents attached: Minutes of said meeting (pages): Members absent: RESOLUTION NO. We. ( %/n.P /1 , 8�. 4 8' GviLL ic,rn �iQibP✓' 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 day of October, 1983. Signature Donna Roehl, City Clerk -Treasurer (SEAL) Name and Title Councilmember /./e ala n resolution and moved its adoption: RESOLUTION NO. introduced the following 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 of 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. The City previously conducted a public hearing on the proposal to undertake and finance the Project on May 17, 1983 as required by Section 474.01, Subdivision 7b of the Act, submitted 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, and obtained such approval from the Commissioner of Energy, Planning and Development and the Commissioner of Commerce. Section 103(k) of the Internal Revenue Code of 1954, as amended, and regulations promulgated thereunder (the Code), requires that prior to the issuance of the Bonds, this Council approve the Bonds and the Project, after conducting a public hearing thereon. To satisfy the specific requirements of the Code, a public hearing on the proposal to undertake and finance the Project through the issuance of the Bonds is hereby called and shall be held on November 15, 1983, at 7:30 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 City Council of the City of Medina, Minnesota, will meet on November 15, 1983, at 7:30 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 66 unit motel in the City. The Project will be located at 400 Highway 55, Hamel, Minnesota. The maximum aggregate principal 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. All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk -Treasurer prior to the date of the hearing set forth above. Date: October /S, 1983 BY ORDER OF THE CITY COUNCIL By 0 ?,,,770J / a"4(,U Donna Roehl, City Clerk -Treasurer Attest: �� /L!,(% City Clerk -Treasurer The motion for the adoption of the foregoing resolution was seconded by Councilmember /1) /.'er , and upon vote being taken thereon, the following voted in favor thereof: ,4-)0, r�O/2/ - -Mere rt �e ��L r� l` /4/e rn a " and the following voted against the same: /1/o//e whereupon said resolution was declared duly passed and adopted. ere�iy