Public Notice
August 8, 2024
O...
Public Notice
August 8, 2024
O...
Public Notice
August 8, 2024
ORDINANCE NO. 172
AN ORDINANCE AUTHORIZING
THE ISSUANCE OF BONDS
BY THE PORT AUTHORITY
OF NORTH MANKATO IN
THE MAXIMUM PRINCIPAL
AMOUNT OF $2,345,000 FOR
THE PURPOSE OF SECURING
FUNDS AS NEEDED BY THE
CITY OF NORTH MANKATO TO
FINANCE THE ACQUISITON
OF PROPERTY WITHIN THE
INDUSTRIAL DEVELOPMENT
DISTRICT NO. 1 IN
FURTHERANCE OF SAID
PORT AUTHORITY'S
PROGRAM OF ECONOMIC
DEVELOPMENT AND
REDEVELOPMENT; AND
AUTHORIZING SAID PORT
AUTHORITY TO PLEDGE THE
FULL FAITH, CREDIT AND
RESOURCES OF THE CITY OF
NORTH MANKATO AND THE
LEVY OF AD VALOREM
PROPERTY TAXES FOR THE
SECURITY OF SAID BONDS.
WHEREAS, The Council of the City of North Mankato, being duly advised in the premises, finds and determines that it is necessary for the Port Authority of North Mankato to issue and sell bonds in the aggregate principal amount of $2,345,000 for the purpose of securing funds as needed by the City of North Mankato to finance the acquisition of property within the Industrial Development District No. 1 as set forth in the Industrial Development District No. 1 Plan in furtherance of the program of economic development and redevelopment authorized by Minnesota Statutes, Sections 469.048 through 469.068; and it is necessary and proper for the Council, pursuant to said laws, to authorize the issuance and sale of said bonds and the pledge of the full faith, credit and resources of the City of North Mankato and the levying of ad valorem property taxes for the security thereof, and to prescribe and consent to the form and terms of said bonds when and as issued by the Port Authority under the authorization granted by this ordinance;
NOW, THEREFORE, THE COUNCIL OF THE CITY OF NORTH MANKATO DOES ORDAIN:
Section 1. That pursuant to and in accordance with the provisions, terms and conditions of this ordinance and of Minnesota Statutes Section 469.048 through 469.068, and 469.079, authority is hereby granted to the Port Authority of North Mankato to issue and sell its bonds as authorized by Minnesota Statutes, Section 469.060 and Chapter 475 and that said bonds are authorized to be issued and sold in the aggregate principal amount not to exceed $2,345,000 for the purpose of securing funds as needed by the City, in said aggregate amount, to finance the acquisition and betterment of property required for the Port Authority's program of economic development and redevelopment, within the Industrial Development District No. 1.
Section 2. That as security for the prompt and faithful payment of both principal and interest on said bonds, said Port Authority is hereby authorized to pledge the full faith, credit and resources of the City of North Mankato and to levy and ad valorem property taxes therefor as provided in Section 469.060, Minnesota Statutes, and that the bonds issued and sold pursuant to this ordinance shall be issued and sold by the Port Authority in the manner provided by law, and subject to such terms and conditions as the Port Authority may determine and the City Council may approve by resolution.
Section 3. That said Port Authority shall provide for the exercise of the authority hereby granted for its issuance and sale of its said bonds, and the pledge of the full faith, credit and resources of said City of North Mankato as security for the payment of the same by appropriate resolutions; and that in each such instance said Port Authority shall make due compliance with all applicable requirements of this ordinance, Minnesota Statutes, Sections 469.048 through 469.068 and Chapter 475, and all other applicable laws.
Section 4. After adopting, signing and attestation, this Ordinance shall be posted as required by law, and shall be published once in the official newspaper of the City and shall be effective upon such publication.
The foregoing Ordinance was introduced by Councilmember Steiner, who moved its adoption. The motion for the adoption of the foregoing Ordinance was duly seconded by Councilmember Peterson and upon a vote being taken thereon, the following Councilmembers voted in favor thereof: Peterson, Oachs, Whitlock, Steiner and Carlson
and the following voted against the same: None
Whereupon said Ordinance was declared duly passed and adopted this 5th day of August, 2024.
Scott Carlson
Mayor
Attest:
April Van Genderen
City Clerk
Public Notice
August 8, 2024
ORDINANCE NO. 172
AN ORDINANCE AUTHORIZING
THE ISSUANCE OF BONDS
BY THE PORT AUTHORITY
OF NORTH MANKATO IN
THE MAXIMUM PRINCIPAL
AMOUNT OF $2,345,000 FOR
THE PURPOSE OF SECURING
FUNDS AS NEEDED BY THE
CITY OF NORTH MANKATO TO
FINANCE THE ACQUISITON
OF PROPERTY WITHIN THE
INDUSTRIAL DEVELOPMENT
DISTRICT NO. 1 IN
FURTHERANCE OF SAID
PORT AUTHORITY'S
PROGRAM OF ECONOMIC
DEVELOPMENT AND
REDEVELOPMENT; AND
AUTHORIZING SAID PORT
AUTHORITY TO PLEDGE THE
FULL FAITH, CREDIT AND
RESOURCES OF THE CITY OF
NORTH MANKATO AND THE
LEVY OF AD VALOREM
PROPERTY TAXES FOR THE
SECURITY OF SAID BONDS.
WHEREAS, The Council of the City of North Mankato, being duly advised in the premises, finds and determines that it is necessary for the Port Authority of North Mankato to issue and sell bonds in the aggregate principal amount of $2,345,000 for the purpose of securing funds as needed by the City of North Mankato to finance the acquisition of property within the Industrial Development District No. 1 as set forth in the Industrial Development District No. 1 Plan in furtherance of the program of economic development and redevelopment authorized by Minnesota Statutes, Sections 469.048 through 469.068; and it is necessary and proper for the Council, pursuant to said laws, to authorize the issuance and sale of said bonds and the pledge of the full faith, credit and resources of the City of North Mankato and the levying of ad valorem property taxes for the security thereof, and to prescribe and consent to the form and terms of said bonds when and as issued by the Port Authority under the authorization granted by this ordinance;
NOW, THEREFORE, THE COUNCIL OF THE CITY OF NORTH MANKATO DOES ORDAIN:
Section 1. That pursuant to and in accordance with the provisions, terms and conditions of this ordinance and of Minnesota Statutes Section 469.048 through 469.068, and 469.079, authority is hereby granted to the Port Authority of North Mankato to issue and sell its bonds as authorized by Minnesota Statutes, Section 469.060 and Chapter 475 and that said bonds are authorized to be issued and sold in the aggregate principal amount not to exceed $2,345,000 for the purpose of securing funds as needed by the City, in said aggregate amount, to finance the acquisition and betterment of property required for the Port Authority's program of economic development and redevelopment, within the Industrial Development District No. 1.
Section 2. That as security for the prompt and faithful payment of both principal and interest on said bonds, said Port Authority is hereby authorized to pledge the full faith, credit and resources of the City of North Mankato and to levy and ad valorem property taxes therefor as provided in Section 469.060, Minnesota Statutes, and that the bonds issued and sold pursuant to this ordinance shall be issued and sold by the Port Authority in the manner provided by law, and subject to such terms and conditions as the Port Authority may determine and the City Council may approve by resolution.
Section 3. That said Port Authority shall provide for the exercise of the authority hereby granted for its issuance and sale of its said bonds, and the pledge of the full faith, credit and resources of said City of North Mankato as security for the payment of the same by appropriate resolutions; and that in each such instance said Port Authority shall make due compliance with all applicable requirements of this ordinance, Minnesota Statutes, Sections 469.048 through 469.068 and Chapter 475, and all other applicable laws.
Section 4. After adopting, signing and attestation, this Ordinance shall be posted as required by law, and shall be published once in the official newspaper of the City and shall be effective upon such publication.
The foregoing Ordinance was introduced by Councilmember Steiner, who moved its adoption. The motion for the adoption of the foregoing Ordinance was duly seconded by Councilmember Peterson and upon a vote being taken thereon, the following Councilmembers voted in favor thereof: Peterson, Oachs, Whitlock, Steiner and Carlson
and the following voted against the same: None
Whereupon said Ordinance was declared duly passed and adopted this 5th day of August, 2024.
Scott Carlson
Mayor
Attest:
April Van Genderen
City Clerk
Posted 92 weeks ago
