90-2278 INA ,
O � �'r � � ' � �'�'Q � Council File # �'o���a
V ;� U
Green sheet # /D 9(D�
RESOLUTION
CITY OF S NT PAUL, MINNESOTA
t . ' � �
Presented By ��(l.l�
Referred To\^� Committee: Date
1 RESOLUTION OF THE CITY COUNCIL OF THE
2 CITY OF SAINT PAUL, MINNESOTA
3 AUTHORIZING ISSUANCE OF RESERVE
4 BONDS PURSUANT TO JOINT RESOLUTION
5
6 ha��
7 WHEREAS, the Port Authority of the City of Saint aul (the "Port Authority") and the City
S Council of the City of Saint Paul (the "City Council")_ v both previously adopted a Joint
9 Resolution (the "Joint Resolution") providing for the creation and operation of a business
10 development program (the "Business Development Program"); and
11 •
12 WHEREAS, the Joint Resolution contemplates the issuance of bonds by the Port Authority in the
13 appro�umate principal a2nount of $8,280,000 or such other amount as will result in average annual
14 debt service of no more than $1,050,000 ( the "Reserve Bonds"), and the deposit of the proceeds of
15 the Reserve Bonds in a reserve fund to be used to capitalize the Business Development Program;
16 and
17
18 WHEREAS, the Joint Resolution of the Port Authority and City Council also contemplates that the
19 Port Authority will request a tax levey under Minnesota Statutes, Section 469.053, Subdivision 4 for
20 20 years, beginning in 1990 (for payment in 1991), and will use the proceeds of that taac levy for
21 payment of debt service on the Reserve Bonds, as well as for other purposes specifically outlined in
22 the Joint Resolution; and
23
24 WHEREAS, on December 18, 1990, the Port Authority of the City of Saint Paul adopted Resolution
25 No. 3219, giving preliminary approval of the issuance of the Reserve Bonds; and
26
27 WHEREAS, Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
28 authorized by the Port e�uthority of the City of Saint Paul, shall be issued only with the consent of
29 the City Council of the City of Saint Paul, by resolution adopted in accordance with law; and
30
31 WHEREAS, the Port Aluthority of the City of SAint Paul has requested that the City Council give
32 its requisite consent pu�suant to said law to facilitate the issuance of the Reserve Bonds by the Port
33 Authority, subject to fin'�al approval of the details of said issue by the Port Authority; now, therefore,
34 be it
35
36 RESOLVED, by the City Council of the City of Saint Paul, that in accordance with Laws of
37 Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the afore�aid
38
39
40
41
42
43
�4
� � . ���-aa z�
� ��������a�..�. .
n or the purpose described in the aforesaid Port Authority Resolution No. 3291 and
2 the Joint Resolution, the exact details of which, including, but not lunited to, provisions relating to
3 principal amount, maturities, interest rates, discount, redemption, and for the issuance of additional
4 bonds are to be determined by the Port Authority, pursuant to resolution adopted by the Port
5 Authority, and the City Council hereby authorizes�l��t�a�ce-of a�adc�i�ier�a���s�{��di�g-
6 ��f��ng-bo�c�s}bY��i�-����kkc�rr�t3�,-€a��i �er���t�ie�i��o-�g�s�,ss�r�f�-ca�3'�e�t
7 t13e��pc�se��ar-�+�ii�i-�t�ie�ese�Bea��r�- �ss�tec�-
8
9 he issuance of 3s� bonds found
by the Port Authority to be necessary for refunding the Reserve Bonds,
�`5 �V�r�J �� �l( �'�-R �ifi� Cov+� ci '.
Yea Navs Absent Requested by Department of:
imon
oswitz '-'�`—
on �.
tacca ee '�'--
ettman ,�_
T une
i son �- By°
Adopted by Council: DBte �A� 3 1991 Form Approved by City Attorney
Adoptio Certified by �ouncil Secretary By:
By= Approved by Mayor for Submission to
� 19�, Council
Approved by ayor: Date
By:
�,�� By=
�UBttStIEO J�,!V � �� �qq�
' . � qe aa��'
DEPARTMENT/OFFICE/COUNCIL DATE INITIATED N� _10 9 6 8
c�ty coun��i la-ZO-so GREEN SHEET
CONTACT PERSON 8 PHONE INITIAUDATE INITIAL/DATE
�DEPARTMENT DIRECTOR �CITY COUNCIL
Wi 11 i am Wi 1 son 4 6 6 A$$�GN O CITY ATTOFNEY �CITY CLERK
NUMBER FOR
MUST BE ON COUNCIL ACiENDA B (DATE) ROUTING �BUDGET DIRECTOR �FIN.8 MOT.SERVICES DIR.
i 2-Z O-9O ORDER �MAYOR(OR ASSISTANn �
TOTAL#OF SIGNATURE AGES 2 (CLIP ALL LOCATIONS FOR SIGNATURE)
ACTION REQUESTED:
Approval of a r solu ion consenting to the issuance of Reserve Bonds by the Saint
Paul Port Autho ity or the creation and operation of the Business Development Program.
RECOMMENDATIONS:Approve(A) Reject(R PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWINO CUESTfONB:
_PLANNINd COMMISSION Civi SERViCE CoMMISSION �• Has this person/firm ever worked under a contract for this department?
_CIB COMMITTEE YES NO
2. Has this person/firm ever been a city empioyee?
_STAFF YES NO
_DISTRICT COUR7 3. Does this personitirm
possess a skill not normally possessed by any current cily employee?
3UPPORTS WHICH COUNCIL OBJE IVE7 YES NO
Explain all yes answsrs on separats sheet and ettach to gresn shsat
INITIATINQ PROBLEM,ISSUE,OP RTUNI (Who,What,When,Where,Why):
The City Counci has previously approved the proposed Business Develonment Pro;grar,i of
the Saint Paul ort uthority and further approved an annual tax levy for payment of
debt service on bond sold to support the program.
ADVANTAOES IF APPROVED:
The Port Author ty w 11 be able to proceed with the sale of bonds when terr.is and
conditions are avor ble.
DISADVANTAGES IF APPROVED:
DISADVANTAGES IF NOT APPROVE :
The Port Author ty w'll be unable to proceed with the proposed progra:n.
TOTAL AMOUNT OF TRANSAC ION S COST/REVENUE BUDGETEp(CIRCLE ONE) YES NO
FUNDING SOURCE ACTIVITY NUMBER
FINANCIAL INFORMATION:(EXPLAI )
O K � � I �I Council File # Q�'o���a
� IYAL ��
' Green sheet # /D 9��
RESOLUTION
CITY OF S NT PAUL, MINNESOTA
� � '
Presented By �a-F
Referred To`"-'��� �� Committee: Date
1 RESOLUTTON OF THE CTTY COUNCIL OF THE
2 CTTY OF SAINT PAUL, MINNESOTA
3 AUTHORIZING ISSUANCE OF RESERVE
4 BONDS PURSUANT TO JOINT RESOLUTION
5
6 � ,�
7 WHEREAS, the Port Authority of the City of Sai,nt Paul (the "Port Authority") and the City
8 Council of the City of Saint Paul (the "City Council") hve both previously adopted a Joint
9 Resolution (the "Joint Resolution") providing for the creation and operation of a business
10 development program (the "Business Development Program"); and
11
12 WHEREAS, the Joint Resolution contemplates the issuance of bonds by the Port Authority in the
13 approximate principal amount of $8,280,000 or such other amount as will result in average annual
14 debt service of no more than $1,050,000 ( the "Reserve Bonds"), and the deposit of the proceeds of
15 the Reserve Bonds in a reserve fund to be used to capitalize the Business Development Program;
16 and
17
18 WHEREAS, the Joint Resolution of the Port Authority and City Council also contemplates that the
19 Port Authority will request a tax levey under Minnesota Statutes, Section 469.053, Subdivision 4 for
20 20 yeazs, beginning in 1990 (for payment in 1991), and will use the proceeds of that tax levy for
21 payment of debt service pn the Reserve Bonds, as well as for other purposes specifically outlined in
22 the Joint Resolution; and
23
24 WHEREAS, on December 18, 1990, the Port Authority of the City of Saint Paul adopted Resolution
25 No. 3219, giving preliminary approval of the issuance of the Reserve Bonds; and
26
27 WHEREAS, Laws of Mi�nesota 1976, Chapter 234, provides that any issue of revenue bonds
28 authorized by the Port Ai�thority of the City of Saint Paul, shall be issued only with the consent of
29 the City Council of the �ity of Saint Paul, by resolution adopted in accordance with law; and
30 '
31 WHEREAS, the Port Au;�thority of the City of SAint Paul has requested that the City Council give
32 its requisite consent pursuant to said law to facilitate the issuance of the Reserve Bonds by the Port
33 Authority, subject to fina� approval of the details of said issue by the Port Authority; now, therefore,
34 be it
35
36 RESOLVED, by th�e Cityi Council of the City of Saint Paul, that in accordance with Laws of
37 Minnesota 1976, Chapter �34, the City Council hereby consents to the issuance of the afore�aid
38
39
40
41 -----•�
42
43
44
� ������i� ����aa��
n or the purpose described in the aforesaid Port Authority Resolution No. 3291 and
2 the Joint Resolution, the exact details of which, including, but not limited to, provisions relating to
3 principal amount, maturities, interest rates, discount, redemption, and for the issuance of additional
4 bonds are to be determined by the P rt u hority, pursuant to resolution adopted by the Port
5 Authority, and the City Counc' thoriz s ttre i
6 r
7 t .
$ . .
9 K� `�'''
Yeas Navs Absent Requested by Department of:
zmon
oswitz
on
acca ee
ettman
une
i son By°
Form Approved by City Attorney
Adopted by Council: Date
Adoption Certified by Council Secretary BY:
BY� Approved by Mayor for Submission to
Council
Approved by Mayor: Date
By:
. By: