RES 1983-34 - 00005683M
RESOLVFiOlQ NO. 34 - 1983
RESOLUTION RELATING • a a •i 14UNICIPAL
INDUSTRIAL 1.' :d •P Iv CALLING FOR A PUBLIC HEARING
BE IT RESOLVED by the City Council of the City of Fridley, Anoka County,
Minnesota (the Municipality) as follows:
Recitals.
1. Safetran Systems Corporation, a Delaware corporation (the Borrower), has
advised this Council of its desire to construct an addition to an existing
facility (the Project) for use in the manufacture and distribution of
electro - mechanical products.
2. The Municipality is authorized by Minnesota Statutes, Chapter 474 (the
Act), to issue its revenue bonds to finance capital projects consisting of
properties used and useful in connection with a revenue - producing enterprise.
The Borrower has requested the Municipality issue its revenue bonds in an
estimated total amount of $150,000to finance a portion or all of the cost of
the Project.
Public Hearing.
1. Section 474.01, Subdivision 7b of the Act requires that prior to
submission of an Application to the Commissioner of Minnesota Department of
Energy, Planning and Development requesting approval of the Project as
required by Section 474.01, Subdivision 7 of the Act, this Council shall
conduct a public hearing on the proposal to undertake and finance the Project.
Pursuant to that provision, a public hearing on the proposal to undertake and
finance the Project is called and shall be held on April 18, 1983, at 7:30
o'clock p.m., at City Hall.
2. The City Clerk - Treasurer shall cause notice of the public hearing to be
published in the official newspaper of the Municipality and in the Minneapolis
Star and Tribune, a newspaper of general circulation in the Municipality, at
least once not less than fifteen (15) nor more than thirty (30) days prior to
the date fixed for the public hearing. The notice to be published shall be in
substantially the same form as in attached Appendix A.
3. A draft copy of the proposed Application to the Commissioner of Minnesota
Department of Energy, Planning and Development, together with all attachments
and exhibits thereto, are hereby ordered and placed on file with the City
Clerk- Treasurer and shall be available for public inspection, following
publication of the notice of public hearing, between the hours of 8:00 a.m.
and 5:00 p.m., Monday through Friday.
PASSED AMID ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 289H DAY OF
MARCH, 1983.
WILLIAM J. NEE YOR
SIDNEY C. — CITY CLERK
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NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECr AND THE
ISSUMCE O. INDUSTRIAL DEVELCEMENT REVENUE BONDS ►E H
MUNICEPAL INDUSMIAL D94EURWW ALV, MDRESMA STATUTESr
CHAPTER 474, AS AMMM)
CITY OF FRIDLEY, PUNNES A
".
NOTICE IS HEREBY GIVEN that the City Council of the City of Fridley,
Minnesota, will meet on April 18, 1983, at 7:30 o'clock p.m., at the City
Hall, 6431 University Avenue, 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 the cost of
the project. The proposed project will consist of the construction of an
addition to an existing facility to be used in the manufacture and
distribution of electro- mechanical products by Safetran Systems Corporation.
The estimated total amount of the proposed bond issue is $150,000. The bonds
shall be limited obligations of the City, and the bonds and interest thereon
shall be payable solely from the revenue pledged to the payment thereof,
except that such bonds may be secured by a mortgage and other encumbrance on
the project. No holder of any such bonds shall ever have the right to compel
any exercise of the taxing power of the City to gay the bonds or the interest
thereon, nor to enforce payment against any property of the City except the
project.
A draft copy of the proposed Application to the Commissioner of the Minnesota
Department of Energy, Planning and Development for approval of the project,
together with all attachments and exhibits thereto, is available for public
inspection at the office of the City Clerk- Treasurer between the hours of 8:00
a.m. and 5:00 p.m., Monday through Friday.
All persons interested may appear and be heard at the time and place set forth
above.
i
Dated: March 28, 1983.
BY ORDER OF THE CITY COUNCIL
C
By Sidne C. Irnnan
City Clerk- Treasurer