1. MIDA Bond hearing/NDSU - Laserfiche WebLink

RESOLUTION AUTHORIZING THE ISSUANCE OF UNIVERSITY FACILITIES REVENUE BONDS (NDSU DEVELOPMENT FOUNDATION PROJECT) UNDER CHAPTER 40-57 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 September 2, 2003, called a public hearing 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 the hereinafter described Project, the amount of the Bond issue being $4,500,000, or such lesser amount as is necessary to finance the construction of the Project. Section 1. Policy and Purpose. 1.01. For the purpose of promotion, attraction, encouragement, and development of 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 ("N.D.C.C."), to issue revenue bonds of the County to provide financing for the acquisition and construction of revenue producing facilities. 1.02. North Dakota State University Development Foundation, a North Dakota nonprofit corporation, (the "Company") has requested the County to issue its University Facilities Revenue Bonds (NDSU Development Foundation Project) Series 2003 (the "Bonds") in the amount not to exceed $4,500,000 for the purpose of financing the construction and equipping of an 80,400 square foot horse barn and related equine facilities located at 5140 19th Avenue NW., Fargo, North Dakota (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 hearing on the Project was published according to law, and the public hearing has been held according to law. 2.02. Following the public hearing, it appears the issuance of the Bonds to finance 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.