RES 1979-97 - 00006802�6
RESOLUTION NO. 97 -1979
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 Fridley,
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. Medtronic, Inc., a Minnesota corporation (the Company),
has advised this Council of its desire to construct, furnish and equip
an addition to its present manufacturing facility in the City (the Project),
to be used in the Company's business, 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
$1,000,000, 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
Company, and the issuance of such bonds by the City would be a substantial
inducement to the Company to acquire, construct and equip the Project.
Section 2. Public Hearin
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 Project as required by Section '
474.01, Subdivision 7a of the Act, this Council shall conduct a public
hearing on the proposal to undertake and finance the Project. Pursuant
to that section, a public hearing on the proposal to undertake and finance
the Project is called and shall be held on September 10, 1979 at 7:30
o'clock P.M. at City Hall, in the City.
2.02. The City Manager shall cause notice of the public hearing
to be published in the Fridley Sun being the official newspaper of the
City and in the Minneapolis Tribune, being a newspaper of general circu-
lation in the City, both publications to be published 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:
2.03. A draft copy of the proposed application to the Minnesota
Commissioner of Securities, together with all attachments and exhibits
thereto, has been presented to this Council and is hereby approved. Such
application, attachments and exhibits are hereby ordered placed on file
with the City of Fridley, and shall be available for public inspection,
following the publication of the notice of public hearing, between the
hours of 8 o'clock A.M. and 5 o'clock P.M., Monday through Friday.
ATTEST:
MARVI C. BRUNCITY—CLERK
UV ��
WILLIAM J. RK - MAYOR
RESOLUTION NO.. 97 -1979 (_Continued)
EXHIBIT "A"
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 FRIDLEY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of
Fridley, Minnesota, will meet on September 10, 1979, at 7:30 o'clock P.M.
at City Hall in Fridley, 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, in whole or in part, the
cost of a project. The proposed project will consist of a building and
certain improvements and personal property, to be owned and operated by
Medtronic, Inc., a Minnesota corporation (the Company) and to be used by
the Company as as addition to the Company's existing manufacturing
facility within the City. The estimated total amount of the proposed bond
issue is $1,000,000. The Bonds shall be limited obligations of the City
and the bonds and interest coupons 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 any such
bond 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 pay-
ment against any property of the City except the 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, is available for public inspection at
the office of the Finance Director at City Hall, Fridley, Minnesota,
between the hours of 8 o'clock A. M. and 5 o'clock P. M., Monday through
Friday.
All persons interested may appear and be heard at the time and
place set forth above.
Date: August 20, 1979
BY ORDER OF THE CITY COUNCIL
NASIM M. QURESHI, CITY M GE
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