NOTICE OF PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS FOR OPEN SYSTEMS INTERNATIONAL, INC.
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY NOTICE IS HEREBY GIVEN that the Hennepin County Housing and Redevelopment Authority (the “HRA”) will hold a public hearing in the Hennepin County Commissioner Board Room (A-2400) at the Hennepin County Government Center, 300 South Sixth Street, in the City of Minneapolis on Tuesday, December 1, 2009, at 1:30 p.m., or as soon thereafter as practicable, to consider approval for the City of Minneapolis to issue revenue bonds for the purpose of financing a project consisting of the acquisition of land and construction and equipping a building to be located at the northwest corner of the intersection of Highway 55 and Arrowhead Road in Medina, Minnesota. The facility will be owned and operated by Open Systems International, Inc., a Minnesota Corporation, or an affiliate thereof (the “Company”), and will be used in the company’s operation of providing software solutions for utilities in the electric, oil and gas, transport, and water industries. At said time and place, the HRA shall give all parties who appear or submit written comments an opportunity to express their views with respect to the proposal to finance the project.
Under the proposal, the City of Minneapolis will issue up to $17,000,000 in aggregate principal amount of its revenue bonds pursuant to Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through and including 469.1651, as amended, in order to finance the facility. The financing will be undertaken pursuant to a Joint Powers Agreement between the City of Minneapolis, the County of Hennepin, and the HRA (Agreement A040374). The revenue bonds will not be a general obligation of, or be secured by the taxing power of, the HRA. Hennepin County has entered into a Reimbursement Agreement with the City of Minneapolis with respect to the bonds. The Reimbursement Agreement generally authorizes the County to reimburse the City, subject to budgetary appropriation by the County, for deficiencies caused by the default of the Company. The County will have no legal obligation to fund such deficiencies.
