Country Meadows

CITY OF MILACA
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT FOR COUNTRY MEADOWS OF MILACA INC. AND THE ISSUANCE OF REVENUE BONDS UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, SECTIONS 469.152-469.1651 AND CHAPTER 462C
Milaca City, Minnesota
NOTICE IS HEREBY GIVEN, that the City Council of Milaca, Minnesota (the City), will meet on Thursday, October 17, 2013 at 6:30 p.m., at the Milaca Government Center, located at 255 First Street East, Milaca, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue revenue bonds (the Bonds), in one or more series, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.1651 and Chapter 462C, in order to refinance all or a portion of the costs of acquisition, constructing and equipping a project (the Project) on behalf of Country Meadows of Milaca, Inc., a Minnesota nonprofit corporation (the Borrower) to finance other improvements at the facility described below. The Project will consist of refinancing the costs of the acquisition, construction and equipping of a 32-unit assisted living and congregate care facility of the Borrower, including related equipment and furnishings, located southeast of 730 2nd Street S.E., Milaca, Minnesota. The approximate aggregate principal amount of the proposed Bonds is $3,500,000. The Bonds shall be limited obligations of the City, and the Bonds and interest thereon will be payable solely from the revenues pledged to the payment thereof. No holder of any Bonds will ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, nor to enforce payment against any property of the City except money payable by the Borrower to the City and pledged to the payment of the Bonds
A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the Project, together with draft copies of all attachments and exhibits thereto, is available for public inspection at the office of the City Manager during business hours, 8:00 a.m. to 4:30 p.m., on normal business days.
All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Manager prior to the date of the hearing set forth above.
Dated: September 12, 2013.
By Order of the City Council
Greg Lerud, City Manager
Published in the
Mille Lacs County Times
October 3, 2013
29140

Comments Closed

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