HomeMy WebLinkAbout79-0283
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RESOLUTION 79-28
RESOLUTION RELATING TO A; PROJECT UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND
CALLING FOR, A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of Prior
Lake, - Minnesota, as follows:
SECTION 1
Recitals
1.1. The City is authorized by Minnesota Statutes, Chapter 414'
(the Act), to issue its industrial'devel'opment revenue bonds to
finance capital` projects consisting of "properties used and useful•
in connection with a revenue producing enterprise.
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acting proposal hasbeen presented to this Council that the City,
{ g pursuant to and in accordance with the Act, issue its
industrial develo ment evenue bonds in the estimated total amount
of $700,000 to flnance\a� project in: behalf of Abrams, Keenan,
s « ,. Lynch a Spagnolo, a Minnesota general partnership (the Borrower),
consisting of the acquisition of certain land within the City and
the construction and equipping thereon of a medical clinic and
A, ,, off ice „facility,(the Project) to be. leased to Shakopee, Medical
” 74 'Center,, p. A. and others.
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1.3. Under, the Act, any bonds so. issued ray the City shall not be r°
�. gable from nbr charged upon4any fun4i of the City other than the
venue pledged to the +'
pa,ient thereof,,nor shall the City be
r sub7ect to any liability /thereon, and holder or holders of such ,
bondu shall ever have the right to cOinpel any exercise of the
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taxi g- power'pf the City to payfany such bonds or the interest
thereon. Such be,,nds shall not constitute a charge, lien or encum
brance, legal or equitable, upon any property of the City, nor
shell the same constitute a 'debt of the City within, the meaning of
arty constitutional or ;statutory 1iiitation.
CTION 2 1
Public /Hearing -
tr
X2.1,. Section 474.C�//1, .Su
bd'ivis�.on 7b of the Act requires that
;? prior to submissio1h of an application to the Minnesota Commis -
sioner of Securities requestipq approval of the Project as re-
r quired Section;`474 01, Subdivision 7a of the Act, thi's Council
shall conduct a pT�blic hearing on the proposal to undertake and
finance the Proje ,6t.• Pursuant to that section a ublic hearing
on the proposal too undertake�iand finance the Project is called and
shall be held' on 79 , 1`979, at 8:0o _,cry clock
.M; ' At . Cit y Ha, �
y1, 4629 Da ota + Street S.,E., Prior Lake,, Minnesota.
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NOTICE OF PUBLIC HEARING ON A PROPOSED
` PROJECT AND THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE"BONDS UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,,
MINNESOTA STATUTES, CHAPTER -474, AS
AMENDED
CITY OF PRIOR LAKE, MINNESOTA
NOTICE IS HEREBY�GIVEN_ that the City Council of the City
of Prior Lake, Minnesota, will meet on July 9.,
1979, at 0 8:00 o'clock PM., at City Hall, 4 9 a Stre
Da ote t
,
S.E., iri,;Prior Lake: Minnesota, for the purpose of conducting a
public hearing on a proposal that the City issue industrial develop -
ment revenue bonds, in one or more series, under the Municipal
' = Industrial. Development Act, Minnesota Statutes', Chapter 474, as
amended, in order to finance the cost of a Project. The proposed
Project will consist.of the acquisition of certain >land within the
City�and the construction and equipping thereon of a medical -
clinic and office facility by Abrams, Keenan, Lynch & Spagnolo, a
Minnesota general
partnership:, to be leased to Shakopee Medical
Center, P.A. and others. The estimated total amount of the pro- }
posed bond issue is $700,000. The Bonds and' interest shall not be
payable from nor charged upon any funds of the City other than the
revenue pledged to the payment thereof, nor shall the City be
Subject to any liability thereon." No holder or holders 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. Such
bonds shall not constitute a. charge, lie'n'or encumbrance,; legal or
equitable, up any property of the City, nor shall the same
constitute' debt of`the City within the meaning of any constitu-
`° tonal or statutory limitation.
F
A draft co
py of the proposed .application" to the `Minne-
sota Commissioner of Securities for approval of the project, 7
y° together with all attachments and exhibits thereto, is available
for public inspection at the office of the City at City
Hall, 4629 Dakota Street S.E., Prior Lake Minnesota between the
hours of 9e00,0'glock A.M. and 5:00 O'clock P'.M., Monday through
Friday'.
All persons interested may appear and be heard at the
Mt, time and place set forth above.
Dated:. i ���. i ;.
t . 1919.
BY ORDER OF THE CITY COUNCIL
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Citf Manager
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2.3q' A draf�
.� py of the proposed application
Commissioner of
to the Minnesota
Securities, together with all attachments and
exhibits thereto, shall be placed on fil..0 with the City Manager.,
Prior to publication of the notico of public hearing and shall be
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available for.-- Otbblic inspection, follo wing the
notice of public hearing, between
publication of the
the hours of
and S: 00 o'clock P.M., Monday through;P iday.
9:00 = o'clock a. M.
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