NOTICE OF PUBLIC HEARING ON THE PROPOSED ISSUANCE OF REFUNDING BONDS UNDER THE INDUSTRIAL DEVELOPMENT ACT (AMERICAN CRYSTAL SUGAR COMPANY PROJECT) NOTICE IS HEREBY GIVEN that the City Council of the City of Moorhead, Minnesota (the "City"), will meet on May 26, 2020, at 5:30 P.
NOTICE OF PUBLIC HEARING
ON THE PROPOSED ISSUANCE OF REFUNDING BONDS
UNDER THE INDUSTRIAL
(AMERICAN CRYSTAL SUGAR
NOTICE IS HEREBY GIVEN that the City Council of the City of Moorhead, Minnesota (the "City"), will meet on May 26, 2020, at 5:30 P.M., via a web-based virtual meeting, for the purpose of holding a public hearing on a proposal that the City issue revenue bonds under the Industrial Development Act, Minnesota Statutes Sections 469.152 to 469.165, in order to refund the City's Recovery Zone Facility Revenue Bonds (American Crystal Sugar Company Project), Series 2010 (the "Series 2010 Bonds").
The Series 2010 Bonds were issued to finance the acquisition, construction and installation of a BMA Tower Diffuser and functionally related equipment and fixtures to be used in connection with sugar beet processing facilities (the "Project"). The Project is owned and operated by American Crystal Sugar Company, a Minnesota agricultural cooperative corporation, and is located at 2500 North 11th Street, Moorhead, Minnesota. The maximum amount of the proposed bond issue to refund the Series 2010 Bonds is $15,000,000.
The Bonds and the interest thereon shall be limited obligations of the City payable solely from the revenue pledged to the payment thereof and payable by American Crystal Sugar Company under a revenue agreement between it and the City. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay such bonds, or the interest thereon, nor to enforce payment against any property of the City.
The City Council is operating under an emergency ordinance due to COVID-19. On March 23, 2020, the City Council enacted an emergency ordinance relating to Public Hearing alternatives. Until further notice, City Hall is closed to the public and meetings are being held virtually to allow the public to hear and see the City Council meetings. The meeting will be live-streamed to the City's homepage at www.cityofmoorhead.com, on the City's YouTube channel, and air on Moorhead Community Access Media on Channel 12 (Midco) or Channel 58 (CableOne). All persons interested may participate by using one of the following alternatives:
•Submit the Request to Speak Form: interested persons may submit comments up until one hour prior to the published start time of the public hearing. Comments received prior to the public meeting will be read during the public hearing or agenda item related to the comment.
•U.S. Mail: interested persons may send written comments to: City of Moorhead, PO Box 779, Moorhead, MN 56561. Letters received prior to the public hearing will be read during the public hearing or agenda item related to the comment.
•Call the public comment line: interested persons may call the public comment line at 218-299-5001. If there is no answer, leave a message and comments will be read during the public hearing or agenda item related to the comment.
•Call during the public hearing: Interested persons may call during the public hearing through the public comment line at 218-299-5001 and request to be bridged on to the audio conference. Individuals will be given three minutes to speak.
(May 12 & 19, 2020)2838008