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,.t t.' ~.r .: THE CITY OF NEW BRIGHTON, MINNESOTA RESOLUTION NO. 90-041 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSED PROJECT PURSUANT TO THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, SECTIONS 469.152 469.165, AUTHORIZING PUBLICATION OF NOTICE THEREFOR; AND GIVING PRELIMINARY APPROVAL TO A PROPOSAL FOR THE ISSUANCE OF REVENUE BONDS THEREUNDER WHEREAS, the Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 - 469.165 (the "Act"), authorizes a city to issue revenue bonds to finance the acquisition, construction, reconstruction, improvement, betterment or extension of a project, as set forth in the Act; and WHEREAS, prior to issuing such revenue bonds, the Act provides that a city must conduct a public hearing on the proposal to undertake and finance the project; and WHEREAS, there has been presented to this City Council (the "Council") of the City of New Brighton (the "City") a proposal that the City issue its revenue bonds in an amount presently estimated not to exceed $4,500,000 and loan the proceeds thereof to Remmele Engineering Inc., a Minnesota corporation (the "Corporation") to finance the acquisition and construction of an approximately 105,000 square foot precision machinery manufacturing facility located at the southwest corner of the intersection of County Road E and Old Highway 8 in the City (the "Project"). NOW, THEREFORE, BE IT RESOLVED THAT: 1. The Council will conduct a public hearing on the proposed issuance of revenue bonds for the Project on June 26, 1990 at 7:30 p.m. 2. The City Manager of the City is hereby authorized to cause a public notice, substantially in the form of the notice attached hereto as Exhibit A, to be published once in the official newspaper of general circulation in the City at least fifteen (15) days prior to the date established for the public hearing by the preceding paragraph of this resolution. 3. The Council gives its preliminary approval to the proposal that the City issue the bonds for the Project, subject to the receipt and consideration of comments pursuant to the public hearing process, and to compliance with the terms and conditions of the Act and agreement among the City, the Corporation and the initial purchaser of the bonds as to the terms and conditions thereof. 4. The Mayor and City Manager of the City is hereby authorized to cooperate with the Corporation in the preparation and submission to the Minnesota Department of Finance of an Application for Allocation for Bonding Authority for Tax Exempt Financing under Federal Tax Law, in accordance with the provisions of 1