Cottage Grove: Ice Arena Revenue Bonds

COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY

NOTICE OF A PUBLIC HEARING TO BE CONDUCTED BY THE CITY OF COTTAGE GROVE, MINNESOTA, WITH RESPECT TO THE ISSUANCE OF LEASE PURCHASE REVENUE BONDS BY THE COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY TO FINANCE AN ICE ARENA EXPANSION FOR THE BENEFIT OF THE CITY OF COTTAGE GROVE AND OTHER USERS UNDER MINNESOTA STATUTES, SECTION 465.71

NOTICE IS HEREBY GIVEN that the Board of Commissioners (the “Board”) of the Cottage Grove Economic Development Authority (the “EDA”) of the City of Cottage Grove, Minnesota (the “City”), will hold a public hearing on Tuesday, May 13, 2008, at 7:30 a.m. at City Hall located at 7615 80th Street South in the City to consider a proposal that the EDA approve and authorize the issuance of revenue bonds (the “Bonds”), by the EDA, in one or more series, under Minnesota Statutes, Section 465.71 (the “Act”), for the benefit of the City, in order to finance all or a portion of the following: (i) the construction and equipping of an approximately 17,000 square foot, 600-seat expansion to the existing ice arena located at 8020 80th Street South in the City (the “Project”); (ii) the funding of one or more reserve funds to secure the timely payment of the Bonds; (iii) the payment of interest on the Bonds; and (iv) the payment of the costs of issuing the Bonds. The anticipated maximum aggregate principal amount of the proposed Bonds will not exceed $7,000,000. Following the public hearing, the EDA will consider the adoption of a resolution approving the issuance of the Bonds by the EDA to finance the costs of the Project. The Project will be owned and operated by the City and constructed on property it leases from Independent School District No. 833 (the “School District”). Other governmental entities, including but not limited to the School District, may use the Project. Nonprofit entities, including but not limited to the Cottage Grove Athletic Association, a Minnesota nonprofit corporation, may also use the Project.

The Bonds will be special, limited obligations of the EDA, and the Bonds and interest thereon will be payable solely from the revenues and assets pledged to the payment thereof. No holder of any Bond 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 EDA or the City.

All persons interested may appear and be heard at the time and place set forth

above or may file written comments with the Executive Director prior to the date of the hearing set forth above.

Dated: April 16, 2008

COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY

(Published in the South Washington County Bulletin on Wednesday, April 16, 2008.)

Tags: legals, cottagegrove, icearenarevenuebonds