|
�esolutipn No. 1087 ,
<br />�xhibit A
<br />?agey 1
<br /> •' NOTICE OF PUBLIC HEA,RING ON A PROPOSED �
<br /> PROJECT AND THE ISSUANCE OF INDUSTRIAL �
<br /> DEVELOPMENT REVENUE BONDS UNDER THE
<br /> MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, •
<br /> MINNESOTA STATUTES, CHAPTER 474 , AS
<br /> At�IENDED �
<br /> CITY OF ORONO, MINNESOTA
<br /> NOTICE IS HEREBY GIVEN that the City Council of the City ,
<br /> of Orono, Minnesota� will meet on November 27, 1979 at 7 : 30 o' clock •
<br /> p.M. , at Council Chambers located �,n the City of Orono, Minnesota, �
<br /> for the purpose of conducting a public hearing on a proposal that
<br /> the City issue industrial development revenue bonds or notes (herein-
<br /> after, the Notes) , under the Municipal Industrial Development Act, Minn-
<br /> esota Statutes, Chapter 474 , as amended, in order to undertake and fi-
<br /> nance, in �rhole or in part, a project within the City on behalf
<br /> , of Mr. Daqid J. Delaney, or a partnership to be organized by Mr.
<br /> Delaney. The proposed project will consist of an increase in the
<br /> project approved by Resolution No. 988 of the City Council of the
<br /> City of Orono on January 23 , 1979 , which project approved by Res-
<br /> olution No. 988 consists of the acquisition of land within the
<br /> City, construction thereon of a building and acquisition and in-
<br /> stallation of items of furnishings, personal property and related
<br /> facilities for use as a bank and other commercial or office facil-
<br /> ! ities, a user of which is to be the First National Bank of
<br /> Navarre. The proposed project consists of an increase in the size
<br /> . :of the building from approximately 10 ,000 square feet to approxi-
<br /> mately 14 , 000 square feet, a proposed increase in� the amount of
<br /> bank space in the building, and related improvements and, property.
<br /> The estimated total amount of Notes approved by Resolution No.
<br /> 988 was $450,000 and the estimated total amount of the proposed
<br /> Notes to be issued to finance the above-described increase, and
<br /> approximately $50 , 000 of increased costs of the project approved by
<br /> Resolution No. 988 due to inflation, is estimated not to exceed
<br /> approximately $250 ,000 �(making the total estimated amount of Notes
<br /> to be issued not to exceed approximately $700 ,000) . The Notes
<br /> and interest thereon shall not be payable from nor charged upon
<br /> any funds of tYie City other than the revenue pledged to the pay-
<br /> ment thereof, nor shall the City be subject to any pecuniary lia-
<br /> bility thereon. No holder or holders of any such Notes shall
<br /> ever have the right to compel any exercise of the taxing power of
<br /> the City to pay the Notes or the interest thereon, nor to enforce
<br /> payment against' any property of the City. ,Such Notes shall not
<br /> constitute a charge, lien or encumbrance, legal br• equitable, upon
<br /> the property of the City, nor shall the same constitute a debt
<br /> of the City within the meaning of any constitutional or statutory
<br /> limitation.
<br /> A draft copy of the proposed application to the Minne-
<br /> • sota Commissioner of Securiti.es for approval of the increase in
<br /> the project, together with all attachments and exhibits thereto,
<br /> is available for public inspection at the office of the City
<br /> Clerk at 1335 South Brown Road in the City of Orono,_ Minnesota, . __..
<br /> between the hours of 8: 00 A.M. and 4 : 30 P.M. , November 7, 1979
<br />� through November 27, 1979. ' - �
<br />
|