Resolution 1087 - Laserfiche WebLink

Home Browse Search

• Member Mayor Van Nest introduced the following resol- ution and moved its adoption: • RESOLUTION NO. 1087 • � RESOLUTION RELATING TO A PROJECT UNDER THE ' MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND CALLING FOR A PUBLIC HEARING ' BE IT RESOLVED by the City Council of the City of Orono, Minnesota �the City�, as follows : � Section l. Recitals. l. l The City is authorized by Minnesota Statutes, Chapter 474 (the Act�, to issue its industrial development revenue bonds or notes to finance capital projects consisting of properties used and useful in connection with a revenue producing enterprise. 1. 2 . By Resolution No. 988 entitled• "Resolution Relating To A Project Under The Municipal Industrial Development Act; Giving Preliminary Approval To The Project; Referring The Proposal To The Commissioner Of Securities For Approval; And Authorizing Execution Of A Memorandum Of Agreement And Preparation Of Nec- � essary Documents" , adopted by the City Counc�l on January 23 , 1979 , approval was gi�ven �:to .a project consisting of the acqui- s.ition of :l°and within the „.�ity, .�construction :thereon �:of .a b.uild- i:ng and acquis�i:t�ion::and :�inst°al`lation •.there�i.n :of _items :of furnish- ings, personal property •:and •related �faci"1-ities, for use as a bank and other commercial or office facilities of �approximately 10 ,000 square feet, and the issuance of revenue bonds or notes or other obliqations pursuant to the Act (the Notes) in an approximate amount • of $450, 000 to finance such project, the proceeds of such Notes to be - loaned to Mr. David J. Delaney, a resident of the City of Minnetrista, Minnesota (Mr. Delaney) , or a partnership to be organized by Mr. , Delaney �the Partnership) pursuant to a revenue agreement wherein the Partnership and/or Mr. Delaney will be obligated to acquire, construct and equip the project , to apply the proceeds of the , Notes to the payment of costs thereof and to make payments under the revenue agreement at the times and in the amounts suf- ficient to provide for the prompt payment of the principal of and the interest on the Notes and all costs and expenses of the City inc:idental to the issuance and• sale of the Notes. 1. 3 It is now proposed that the City issue additional Notes in an aggregate amount not to exceed approximately $250, 000 pursuant to the Act to finance a proposed increase in the size of the above-referred to building from� a building of approximately 10, 000 square feet to a building of approximately 14 , 000 square feet, i� a proposed increase in the proportion of bank space in the build- ing ,and related improvements and property, and to finance increased costs of the �project approved by Resolution No. 988 of approxi- mately $50,000 due to inflation.