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... .. RESOLUTION NO. 2395 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT CALLING FOR A PUBLIC REARING THEREON .~ -"" BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: SECTION 1 Recitals 1.1 The City is authorized by Minnesota Statutes, Chapter 474 (the "Act"), to issue its industrial development revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue producing enterprise. 1.2 A proposal has been presented to this Council that the City, acting pursuant to and in accordance with the Act, issue its industrial development revenue bonds in the estimated total amount of $445,000 to finance a project on behalf of Micom Corporation (the "Borrower"), consisting generally of the construction of a building, approximately 10,000 square feet in size, to be occupied by the Borrower as an expanded facility for the manufacture of circuit cards (hereinafter referred to as "Project"). 1.3 Under the Act, any bonds so issued by the City shall not be payable from nor charged upon any funds of the City other than the revenue pledged to the payment thereof, nor shall the City be subject to any liability thereon, and no holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay any such bonds or the interest thereon. Such bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, nor shall the same constitute a debt of the City within the meaning of any constitutional or statutory limitation. SECTION 2 Public Hearing 2.1 Section 474.01, Subdivision 7b of the Act requires that prior to submission of any application of 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 Dec. 9 , 1980, at 7:35 o'clock P.M. at the New Brighton City offices, 803 Fifth Avenue N.W., New Brighton, Minnesota. 2.2 The City Clerk shall cause notice of the public hearing to be published in the official newspaper of the City and a newspaper of general circulation of the City at least once not less than fifteen (15) nor more than thirty (30) days prior to the date fixed for the hearing, such notice to be in substantially the form attached hereto.