1. MIDA Bond hearing/YMCA - Laserfiche WebLink

RESOLUTION AUTHORIZING THE ISSUANCE OF COMMUNITY IMPROVEMENT REVENUE BONDS (FARGO-MOORHEAD FAMILY YMCA PROJECT) UNDER CHAPTER 40-$7 N.D.C.C. AND AUTHORIZING THE PREPARATION OF NECESSARy DOCUMENTS THEREFOR BE IT RESOLVED by the Board of County Commissioners of Cass County, North Dakota (the "County"), as follows: This Board, by Resolution duly adopted on March 18, 2002, called a public heating on a proposal that the County issue revenue bonds under the Municipal Industrial Development Act of 1955, North Dakota Century Code, Chapter 40-57, in order to finance and refinance the hereinafter described Project, the amount of the Bond issue being $3,800,000, or such lesser amount as is necessary to finance the renovation and refinancing of the Project. Section 1. PolicN and Puroose. 1.01. For the purpose of promoting, attracting, encouraging, and developing an economically sound commerce, preserving and developing a tax base adequate to finance necessary public services, and encouraging employment opportunities for the citizens of the County, the County is authorized by Chapter 40-57, North Dakota Century Code, to issue revenue bonds of the County to provide financing for the acquisition and construction of revenue producing facilities. 1.02. Fargo-Moorhead Family YMCA, a North Dakota nonprofit corporation (the "Company"), has requested the County to issue its Community Improvement Revenue Bonds (Fargo -Moorhead Family YMCA Project) Series 2002 (the "Bonds") in an amount not to exceed $3,800,000, for the purposes of(i) financing the renovation of the child care facilities located at 400 1st Avenue S, Fargo, (ii) refinancing certain indebtedness incurred to construct and equip the child care facilities, locker rooms and weight training facilities located at 4243 19t~ Avenue SW, Fargo, and (iii) refinancing certain indebtedness incurred to construct and equip the fitness center located at 400 1st Avenue S., Fargo (the "Project"). Section 2. Findings. 2.01. A public notice setting forth the competitive nature of the Project and the date and time of a public heating on the Project was published according to law, and the public heating has been held according to law. 2.02. Following the public hearing, it appears the issuance of the Bonds to £mance and refinance the Project is in the public interest and any competitive nature and impact and effect of the issue upon existing industry and business will not result in an unfair advantage for the proposed Project to the substantial detriment of existing enterprises.