HomeMy WebLinkAbout6447 - ADMIN Resolution - City Council - 1979/12/17RESOLUTION NO.
6447
RESOLUTION RELATING TO A PROJECT
UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT; AND CALLING FOR
A PUBLIC HEARING THEREON
DECEMBER 17, 1979
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BE IT RESOLVED by the City Council of the City of St. Louis
Park, Minnesota, as follows:
Section 1. Recitals.
1.01. The Delmark Company, Inc., a Delaware corporation
(the "Borrower"), has advised the City Council (the "Council")
of the City of St. Louis Park, Minnesota (the "City"), of the
Borrower's desire to construct on land presently owned by the
Borrower in the City one or more buildings and acquire and in-
stall therein equipment and other personal property to be used
for packaging and processing food and pharmaceutical products
and related purposes (the "1979 Project"), the same being an
addition, expansion and enlargement of the existing facilities
heretofore acquired and constructed for such purposes (said
facilities as now existing together with the 1979 Project being
herein called the "Project").
1.02. The city is authorized by Minnesota Statutes,
Chapter 474 (the "Act"), to issue revenue bonds of the City
to finance capital projects consisting of properties used and
useful in connection with a revenue-producing enterprise en-
gaged in business.' The Borrower has requested that the City
issue revenue bonds of the City in an amount not exceeding
$1,000,000 to finance part or all of the cost of the 1979
Project, said bonds to be a series of "Additional Bonds" under
a Mortgage and Indenture of Trust dated as of May 1, 1975 by
and between the City and Bankers Trust of South Carolina and
Anthony A. Guthrie, as Trustees.
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 Securities requesting approval of the 1979
Project as required by Section 474.01, Subdivision 7A, of the
Act, the Council' shall conduct a public hearing of the proposal
to undertake and finance the 1979 Project. Pursuant to that
provision, a public hearing on the proposal to undertake and
finance the 1979 Project is called and shall be held on January
7, 1980, at 7:30 o'clock P.M., at City Hall, in tie Council
Chambers, in St. Louis Park, Minnesota.
2.02. The City Clerk shall cause notice of the public
hearing to be published in the official newspaper of the City
and in the Minneapolis Star, a newspaper of general circulation
in the City, at least once not less than fifteen (15) nor more
that thirty (30) days prior to the date fixed for the hearing,
such notice to be substantially in the following form:
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 ST. LOUIS PARK, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City
of St. Louis Park, Minnesota, will meet January 7, 1980, at
7:30 o'clock P.M., at City Hall, in the Council Chambers, in
St. Louis Park, Minnesota, for the purpose of conducting a public
hearing on a proposal that the City issue 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 the project, as defined in said Chapter 474. The
proposed project consists of the construction and equipping on
land located in the City and owned by the Delmark Company, Inc.,
a Delaware corporation certain additions, expansions and enlarge-
ments of facilities being used for packaging and processing food
and pharmaceutical products and related purposes by the Delmark
Company, Inc. The estimated total amount of the proposed bond
issue is $1,000,000, and in no event will the proposed bond issue
exceed said amount. Principal of and interest on such bonds
shall be payable solely from the revenues pledged to the payment
thereof, except that such bonds may be secured by a mortgage and
other encumbrance on the existing and the proposed project. No
holder of any such bonds shall ever have the right to compel and
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 existing and the proposed project.
A draft copy of the proposed application to the Minnesota
Commissioner of Securities for approval of the project, together
with all attachments and exhibits thereto (to the extent avail-
able prior to the hearing), is available for public inspection
at the office of the City Clerk of the City of St. Louis Park,
Minnesota, between the hours of 8:00 A.M. and 4:30 P.M. on Monday
through Friday.
All persons interested may appear and be heard at the time
and place set forth above.
Dated: December 17, 1979.
BY ORDER OF THE.CITY COUNCIL
By
City Clerk
2.03 A draft copy of the proposed application to the
Minnesota Commissioner of Securities, together with all
attachments and exhibits thereto to the extent available
prior to the aforesaid public hearing, are hereby ordered
placed on file with the City Clerk, and shall be available
for public inspection, following the publication of the
notice of public hearing, between the hours of 8:00 A.M.
and 4:30 P.M. on Monday through Friday.
Adopted by the City Council December 17, 1979.
Attest:
Mayor,
6!: Or
ity Cle
Reviewed for Administration:
a) Q L..AQ
Approved as to Form and Legality:
City A torney