87-07 wNITE - CITV CLERK
PINK - FINANCE G I TY OF SA I NT PA U L Council /�
CANARV - DEPARTMENT File NO. ��- L
BLUE - MAVOR
Council Resolution
. �;. � _.�
Present By �
Referred To �- ��L—�`1'T( �I`� Committee: Date �'�� �3��1�
Out of Committee By Date
WHEREAS, Saint Paul' s authority to issue and sell Capital
Improvement Bonds expires at the end of 1988; and
WHEREAS, in Laws 1983 , Chapter 302, the Minnesota Legislature
granted Saint Paul authority to issue Capital Impronemement Bonds
for a five year period; and
WAEREAS, continued CIB issuance authority is necessary to the
City' s Capital Improvement Program; and
WHEREAS, Saint Paul' s urban renewal bond authority maximum will
be reached in either 1989 or 1990f and
WeEREAS, the City could avoid the costs associated with sellinq
separate bond issues for economic denelopment activities and
capital improvement activities by using a specified amount of
authorized capital improvement bonding authority for economic
development activities;
THEREFORE, BE IT RESOLVED, that the City Council of the eity of
Saint Paul support legislation renewing the City' s authority to
issue and sell Capital Improvernent Bonds; and
BE IT FIIRTHER RESOLVED, that the City Council of the City of
Saint Paul support legislation that would authorize the City to use
up to a specified annual amount of its Capital Improvement Bonding
authoritp for economic development activities.
COUNCILMEN Requested by Department of:
Yeas Drew Nays �
Nicosia ln Favor
Rettman
Scheibel
Sonne� �__ Against BY
Tedesco
Wilson
Adopted by Council: Date JAN " C �9p7 Form Approved by City Attorney
Certified Va.s y uncil Se retar BY
gy,
Approv by Mavor. Dat
JAN — 7 �sl Approv b Mayor for Submiss t cil
_ B
PUBIISHED �fi f d � � ?g�?