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<br />WHEREAS, the
<br />of a
<br />sented to the City
<br />employeci within the
<br />able to residents of
<br />
<br />
<br />pledged ot be
<br />and intEl;rest on
<br />
<br />WHEREAS, the full faith and
<br />responsible for the Project or
<br />the Revenue Bonds; and
<br />
<br />WHEREAS, the undertaking of the ProJect and the issuance of the Revenue
<br />Bonds satisfy legislative objectives, purposes and requirements of the Act, and
<br />guidelines developed by the City for assessing Projects of this kind; and
<br />
<br />WHEREAS, pursuant to and in compliance with the Act, a public hearing on
<br />the proposal was held on , 1980, (Public Hearing) pursuant to
<br />notice of the Public Hearing being published once not less than fifteen (15)
<br />days nor more than thirty (30) days prior to the date fixed for the Public
<br />Hearing, in the official newspaper and a newspaper of general circulation of the
<br />City; and
<br />
<br />WHEREAS, at the Public Hearing all parties who appeared were given an
<br />opportunity to express their views with respect to the proposed undertaking and
<br />financing of the Project;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
<br />BLOOMINGTON:
<br />
<br />1. The Council hereby gives preliminary approval to the proposal of the
<br />Applicant and declares that it is its present intent to issue the Revenue Bonds
<br />pursuant to the Act for the purpose of financing the Project within the City and
<br />hereby gives preliminary approval to a Revenue Agreement between the City and
<br />the Applicant upon terms and conditions, subject to revision from time to time
<br />as necessary, so as to produce income and revenues sufficient to pay, when due,
<br />the principal of approximately $445,000 and interest on the Revenue Bonds; and
<br />the City hereby undertakes preliminarily to issue its Revenue Bonds in accord-
<br />ance with such terms and conditions;
<br />
<br />2. On the basis of information furnished the Council, it appears, and the
<br />Council hereby finds, tha.t the Project constitutes properties,re~ andpEl;t:....
<br />sonal, used or useful in connection ,with one or lOOre revenueprC><iucillg. eIl~e1;"-
<br />prises engaged in businel'$s wi.thin, the. lBeaxling of the Act and thClt.tb.~P't'9ject
<br />will help retain and expand ,existing busiDes$within the City, willJil~~,!.i~~foJr
<br />greater employment opportunities, will provide lOOre intensiV'~deve:t.(r~~~~and.
<br />use of land, will help the City retain and improveit:s taj bae;e,~.1..~$' ,..:'~()!;
<br />prevent the emergence of bli:ght 80.4 economic dEl;tertoration intl1eC~t~"~~~i~
<br />the availability of the finailcing under, the Act ,and willingness' of"t.lJ,~ ,';''1,,(<i
<br />furnish such financing wil:t., be a substantial inducementt:o,theApplieaat. t(J
<br />undertake the Project;
<br />
<br />,"-:';c)"-'
<br />
<br />;--:~,'-
<br />
<br />..:.,'"...,
<br />
<br />3. This preliminary approval by the City is subject to the approval of
<br />the Project by the Commissioner of Securities, and ~~Nec1: tofi1-lil:J-,.~pr~oval by
<br />this CounciJ., the Applicant and the purCh~e;erot tli~RevE!;11~El;~ll~Sia~t()the
<br />final terms and condi~i.(}P.si()~ lihich the,Pro.}~twillb~<finance4._il,tieaevenue,
<br />Bonds issued, sold and-sf!CU:Jj:~~; _..> "_C'>:>"',
<br />
<br />
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