86-793 WHITE - C�TV CLERK
PINK - FINANCE GITY OF SAINT PAUL Council � , ��,3
CANARV - DEPARTMENT
BLUE - MAVOR File NO.
. . Council Resolution
Presented By
�..� ;���
�ferred To /C / l�/-��� �L Committee: Date � � �� � /
Out of Committee By Date
1. On May 20, 1986, the Port Authority of the City of Saint Paul adopted Resolution
No. 2649 giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of $850,000 to finance the construction of a 24,400 square foot
manufacturing facility in Energy Park for Michael S. & Lynnette M. Larkin who will
sublease the building to Larkin Industries, Inc. Miller and Schrceder Financial Inc. will
underwrite the 30-year revenue bond issue.
2. The Port Authority of the City of Saint Paul will suL-mit an application for an
industrial revenue bond allocation fran the State of Minnesota Campetitive Po�l as the
project is industrial. The City of Saint Paul's entitlement allocation will not be
affected by this application.
3. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul, shall be issued only with the
consent of the City Council of the City of Saint Paul, by resolution adopted in accordance
with law;
4. The Port Authority of the City of Saint Paul has requested that the City Council
give its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul, subject to final approval of the
details of said issue by the Port Authority of the City of Saint Paul.
RESOLVED, by the City Council of the City of Saint Paul, that in accordance with Laws
of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the aforesaid Port Authority
Resolution No. 2649 the exact details of which, including, but not limited to, provisions
relating to maturities, interest rates, discount, redemption, and for the issuance of
additional bonds are to be determined by the P�rt Authority, pursuant to resolution
adopted by the Port Authority, and the City Council hereby authorizes the issuance of any
additional bonds (including refunding bonds) by the Port Authority, found by the Port
Authority to be necessary for carrying out the purposes for which the aforesaid bonds are
issued.
COU[VC[LMEN Requested b art nt of:
Yeas Drew Nays x�i��'�y��
� � `
Masar,z [n Favor
N�cosia
scne�bei � __ Against BY
�
Tedecco
���Fl JU� 1 1 �986 Form Approved by City Attorney
Adopted by Council: Date — ��
Certified Ya s y ouncil re BY� �
sy
l�lpproved b ;Vlavor• D � =�� �� 9 Approv by Mayor for S iss'o�to Council
B -- _`x x a� �� By /��ti ]
PUBLiSHEQ ''.'"! `' 819$6
St. Paul Port Authori ty DE PARTMENT �`�O Z93 No 2 2 71
.
J:A. Campobasso, E.A. Kraut CONTACT
224-5686 PHONE
May 20, 1986 DATE 1 �,/�� ,r �
ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) :
1 Department Director � Director of Management/Mayor
Finance and Management Services Director 4 City Clerk
Budget Director �850,000 RFVENLIF R(lND jSSOE
� City Attorney LARKIN MICHAEL S. & LY
SUBLEASE TO LARKIN INDUSTRIES, INC. )
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
The purpose of the bond issue is to finance the construction of a 24,400 square foot
manufacturing facility in Energy Park for Michael S. & Lynnette M. Larkin who will sub�:ease
the building to Larkin Industries, Inc.
�:�-�-� � � y°
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
� �-
The amount of the revenue bond issue is $850,000 and will be for a term of 30 years.
There will be approximately 16 new jobs created as a result of this project.
The Port Authority will submit an application for an industrial revenue bond allocation
from the State of Minnesota Competitive Pool as the project is industrial . The City of
Saint Paul 's entitlement allocation will not be affected by this application.
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: quired if under
$10,00Q)
Funding Source:
Activity Number:
ATTACHMENTS (List and Number All Attachments) :
l . Staff Mer�randum
2. Draft City Council Resolution
3. Port Authority Resolution No. 2649
cc. J. Shoholm
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes �No Insurance Required? . Insurance Sufficient? X Yes No
Yes �No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
HOW TO USE THE GREEN SHEET , ,
The GREEN SHEET has several PURPOSES:
1, to assist in routing documents and in securing required signatures
2. to brief the reviewers of documents on the impacts of approval
3. to help ensure that necessary supporting materials are prepared, and, if
required, attached.
Providing complete information under the listed headings enables reviewers to make
decisions on the documents and eliminates follow-up contacts that may delay execution.
The COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS heading provides space to explain
the cost/benefit aspects of the decision. Costs and benefits related both to City
budget (General Fund and/or Special Funds) and to broader financial impacts (cost
to users, homeowners or other groups affected by the action) . The personnel impact
is a description of change or shift of Full-Time Equivalent (FTE) positions.
If a CONTRACT amount is less than $10,000, the Mayor's signature is not required,
if the department director signs. A contract must always be first signed by the
outside agency before routing through City offices. �
Below is the preferred ROUTING for the five most frequent types of documents:
CONTRACTS (assumes authorized budget exists)
1. Outside Agency 4. Mayor
2. Initiating Department 5. Finanee Director
3. C�ty .�ttorney 6. Finance Accounting
ADMINISTRATIVE ORDER (Budget Revision) ADMINISTRATIVE ORDERS (all others)
1. Activity Manager l. Initiating Department
2. Department Accountant 2. City Attorney
3. Department Director 3. Director of Management/Mayor
4. Budget Director 4. City Clerk
5. City Clerk
6. Chief Accountant, F&MS
COUNCIL RESOLUTION (Amend. Bdgts./Accept. Grants) COUNCIL RESOLUTION (all others)
1. Department Director l. Initiating Department
2. Budget Director 2. City Attorney
3. City Attorney 3. Director of Management/Mayor
4. Director of Management/Mayor 4. City Clerk
5. Chair, Finance, Mngmt. & Personnel Com. 5. City Council
6. City Clerk
7. City Council
8. Chief Accountant, F&MS
SUPPORTING MATERIALS. In the ATTACHMENTS section, identify all attacYiments. If the
Green Sheet is well done, no letter of transmittal need be included (unless signing
such a letter is one of the requested actions) .
Note: If an agreement requires evidence of insurance/co-insurance, a Certificate of
Insurance should be one of the attachments at time of routing.
Note: Actions which require City Council Resolutions include: '
1. Contractual relationship with another governmental unit.
2. Collective bargaining contracts.
3. Purchase, sale or lease of land. �
4. Issuance of bonds by City.
5. Eminent domain.
6. Assumption of liability by City, or granting by City of indemnification.
7. Agreements with State or Federal Government under which they are providing
funding.
8. Budget amendments.
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PORT AUTHORITY OF THE GITY OF SAINT PAUL TOLL FREE(800)328-8417
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686
May 20, 1986
Mr. James Bellus, Director
Planning and Econanic Develognent Department
City of St. Paul
14th Floor, City Hall Annex
St. Paul, Minnesota 55102
SUBJECT: LARRIN, MICHAEL S. & LYNNEITE M.
(SUBLF�ASE 'PO LARKIN INDUSTRIES, INC. )
$850,000 REVENUE BOND ISSUE
Dear Jim:
We suk�nit herewith for your review and referral to the office of the Mayor,
City Council and City Attorney's office details pertaining to the issuance
of $850,000 in revenue bonds to finance the construction of a 24,400 square
foot manufacturing facility in Energy Park for Michael S. & Lynnette M.
Larkin who will sublease the building to Larkin Industries, Inc.
The Port Authority will sutxnit an application for an industrial revenue
bond allocation fran the State of Minnesota Ca�etitive Pool as the project
is industrial. The City of Saint Paul's entitl�nent allocation will not be
affected by this application.
The Port Authority staff has conducted a thorough evaluation of the firms
and/or individuals that are involved in this project or in which the
principals have an interest. This investigation has included detailed
credit analysis, Dun and Bradstreet reports, direct ca�anunication with
representatives of financial institutions with whan the participants have
done business and data base checks to determine if any principal(s) have
been in any way involved in legal proceedings as a result of securities
fraud, extortion, embezzlement or financial misrepresentation.
In addition to the staff inemorandun, w�e are attaching a draft copy of the
proposed City Council resolution and a copy of Port Authority Resolution
No. 2649 which authorized the sale of revenue bonds in the amount of
$850,000.
Your expeditious handling of this matter will be appreciated.
ours truly,
EAK:ca gene A. Kr ut
cc. ""�aycr Latimer E�2�s�iv� Vic� 2r�si�er�
EUGENE A KRAUL .I.D. DONALD G.DUNSHEE.C.I.D. CHARLES M.T01Nl.E CLIFFORD E.RAMSTED PERRY K FEDERS
EX[�lJfryE y10E pf2E$1 PRESIpEM DIRECTOR OF INDUSTRWL DEVELOPMENf CHIEF ENGINEER DIRECTa2 OF HNANCE
C.E.O.
HARD A.GIERDAL WIlL1AM E.MCGNERN
PROPERIV NWJP�C�ER DIREGTOR OF PUBLIC RBATIONS
COMMISSIONERS GEORGE W.WINTER WIWAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WE5
pRE�HJT VK:E PRESIDHvT SECREfARY TREASURER COMMISSIONER COMMISSIONER COMMISSIONEf
C.I.D.Certifled Industrial Developer
� � C�� 1tT � �d� �r�-�
` AUTHORITY
OF THE CITY OF ST. PAUL
Memo�andum
TO: BOARD OF CONIl�lISSIONERS DAT� May 15, 1986
(May 20, 1986 Regular Meeting)
�,
FROM: J.A. Campobasso ��`'
1
SUBJECT: MICHAEL S. & LYNNETTE M. L,P,RKIN (SUBLEASE TO I�IRKIN INDUSTRIES, INC. )
PUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENTS
$850,000 RESOLUTION 876 REVENUE BOND ISSUE
ENERGY PARK
RESOLUTION N0. 2649
PUBLIC I�ARING - SALE OF LAD1D
RESOLUTION N0. 2650
1. THE COMPANY
Larkin Industries Incorporated manufactures dies and conducts die
cutting, foil�stamping and embossing for the printing industry. The
ccxnpany was founded in 1977 by Michael S. Larkin, President, and his
wife Lynnette M. Larkin, Secretary-Treasurer, and was incorporated on
July 26, 1979. The capital stock is 100� owned by the two officers.
The officers will own the building personally and lease it to the
corporation.
This St. Paul company has grown out of its 14,000 square foot leased
facility at 801 Hubbard Avenue. They currently employ twenty-six
people and with their expansion anticipate adding sixteen new positions
within two years. They have reviev�d the City's First Source Agreement
which will be signed upon approval of the project, and they look
forward to working with the Job Creation and Training Office in hiring
new e2nployees.
2. THE PRQ7ECT
The company plans to initially construct a 24,400 square foot facility
which will include 2,000 square feet of office and 22,400 square feet
of production space. The building can be expanded up to 42,400 square
feet as their business continues to grow.
The Port Authority would lease them a site containing 105,798 square
feet at a rate of $1.75 per square foot plus 10� interest for a 30-year
term. This will be the first project on the west side of Energy Park
and should set the stage for future develo�cnent. -
The Port Authority will sutmit this project to the State of Minnesota's
revenue bond competitive pool for allocation as an industrial project.
Authorization to issue the bonds should be given by early June.
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BOARD OF' COAM4ISSIONERS
May 15, 1986
Page -2-
3. FINANCING
The proposed financing would be done as an 876 industrial develo�xnent
revenue bond issue for a 30-year term. Proceeds from the bond issue
would be as follaws:
Construction $700,000
Debt Service Reserve 78,500
Capitalized Interest During Construction - 5 Months 28,000
Bond Issuance Cost � 18,500
Bond Discount 25,000
TC7TAL $850,000
The Port Authority would receive earnings on the debt service reserve
and sinking funds as well as the custanary fiscal and administrative
fees b�ased on a rate of $350 per month for the first ten years, $450
per month for the second ten and $550 per month for the third ten years
of the lease.
The owners will be personally guaranteeing the bond issue. �
4. UNDERWRITING
Miller & Schroeder Financial, Inc. has agreed to underwrite the thirty-
year bond issue at an interest rate to be set at the tune the bonds are
sold. We anticipate the bonds will be sold at the regular June, 1986
meeting.
5. TERMS OF THE LEASE
The term of the lease would be for thirty years with options as
outlined below:
Land Building
10 Years $216,004.25 10� of Original Bond Issue
20 Years $154,288.75 10$ of Original Bond Issue
30 Years $ 92,573.25 10$ of Original Bond Issue
The building purchase option includes the outstanding principal balance
as well as 10� of the original bond issue.
6. RECOMNIENDATIONS
Staff has interviewed the officers of the company and reviewed their
personal and corporate financial stateqnents and reca�anends approval of
Resolution Nos. 2649 and 2650.
JAC:ca
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J
581-C
� Resolution No. ,�y
RESOLUTION OF
THE PORT AUTHORITY OF TAE CITY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota.
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Act (hereinafter called "Act") as found and deterneined by
the legislature is to promote the welfare of the state by the
active attraction and encouragement and development of economi-
cally sound industry and commerce to prevent so far as possible
the emergenca of blighted and marginal lands and areas of
chronic unemployment and to aid in the developsaent of existing
areas of blight, marginal land and persistent unemployment; and
WHEREAS, factors necessitating the active promotion
and development of economically sound industry and commerce are
the increasing concentration of population in the metropolitan
areas and the rapidly rising increase in the amount and cost of
governmental services required to meet the needs of the
increased population and the need for development of land use
which will ptovide an adequate tax base to finance these
increased costs- and access to employment opportunities for such
population; and
WHEREP,S, The• Port Authority of the City of Saint Paul
( the "Authority") has received from Michael S. and Lynnette M .
Larkin (hereinafter referred to as "Company" ) a request that
the Authority issue its revenue bonds (which may be in the fornt
of a single note) to finance the installation and construction
of a manufacturing facility to be locatec� in Energy Park in the
City of St. Paul and subleased to Larkin Industries , Inc . , a
Minnesota corporation, all as is more fully described in the
staff report on file ( hereinafter, the "Project" ) ; and
WHEREAS, the Authority desires to facilitate the
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
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emglayment opporturritie� r�qu.ir� by its populatiort, anct saic�
Project c�iTl �s�ist the C'1tIT" lR achie�ing tYta�t otrJective. S�icY
Praject �i11 h�l� ta increas� �'1� c�S3@3S@ft" V2F�.L1�.t7.OR o� the�
City an� helg nt�int�ir� a� positiu� rglationst�ig betwe�R assessed
v�lu�tiorr an� debt anct erthance thek inrag� an�. reputatiorr of the�
City;: and
W��REA�P the' Pro�ect ta be financec� by revertu� bon��
�ill rasult in sutr�tartti�l.. eniplaycaent opporturritie� in the
Fro7�ct� �
WE�EI�LTA�r ther Authazity h�.g beerr adv�ised by repre-
sentative� aE the� Comparry that conventiort�l, cammercial.
�inancing to pay the capit�l cost of the Praject is available-
only oc� a linrited basis and at such .hiqh costs�: of borroc�ing
th�t the econon�ic feasibility af operating the Project would be
si.gni�icantly reduced, but th� Company has a�lso advised this
Authority� that but for revenue bond �inancing,. and its:
resulting lo� borro�ing cost,. the Project would nat be�
undertakert; .
WK�REAS, Miller � Schroeder Fir�anci�l. Inc. ( the�
"Underwri.ter"') tta�. �ad� � propos�l irr arr aqreement (the
"Underwriting Agreement") relating to the� purahase o� the
revenu� bondg to be issued ta �iRance the Project;
WH�REA�, the Authozity,- pursuant to Minnesota
Statutes, Section_ 4T4.41,. Subd,ivisiorr 7b did publish a notice ,
a copy of wtrich w�ith proof o� publicatiort i�. ocr f ile in the
office o� �he: Authority, of a public hearing on the proposal of
the Comparty that the Authority financ� the� Project hereinbefore
described by the issuance� o� its. industrial •revenue bonds; and
WHEREAS, th� Authority did conduGt a public hearing
pursuant to s�id notice�, at which hearing the recommendations
contained. i.n the AuthQrity' � staff inemorandunr to the
Commissioners were reviewed�, and all persons who appeared at
the h�aring were giverr art opportunity ta expres� their views
with respect to the� proposal.
NO�, TKEREFORE, BE IT RESO�VED by th� Commissioners
of the Fort Authotity of th� City of Saint Paul, Minnesota as
Eollows-:
l.. Orr the� trasis o� infornratiort availatrle� to the
Authority it app�atg,. an� th� Authocity hereby finds, that said
ProJect con�titute� properties:, use� or useful in connectioR
witYr one� or caore� revenue� p=odu�inq ercterpris�� engaged in any
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bl1SFlReS3'c W�Lth1R theu c�earrinc� of SubdivisioR L of Sectiarr 4?4.02
of the Act; that the� Project further� th� purpose� gt��@d LR
Sectiorr 474.01 of th� Act artd,. but far the� �illingnes� of the�
Authori.ty to furnish. such financing, th� Conipany wnuld not.
undertake th� PrQj2Gtr anc� that the effect o� th� Praject. if
undertaker�, �ill b� ta ectcourag� the deve�lopn�ert.t o�
ecoROmically sQUnd industry an� comn�erc� and assist in the
preveatiocr o� the� etnerger��� a:E blightect an� ntargi.nal� lan�, an�
will he�lp ta. preve�t chrortic unemgloyment,. an� �ill helg the�
City ta r�t�iur an� i.mproue� i.t� t�x tr�s� anc� prcavidg the� range�
af ser�ice� anc� emprlayn«rrt o�portu�iti�es: required by its
popuYatiarr,. an� �ill he�lp ta prevent the movemerrt o� talented
an� educ�ted� p�rso�� out o� th� �tate4 and ta area� w•ithim the
stat� where� their services ntay not be as effectiveiy used and
will r�sult irt n�ore intensive develp�ent and use of land
withirr the City and will everttu�lly result in ar� increase in.
the� City' � taac base�; and th�t it is in the� best interests o�
th� port district and th� people of the City of Saint Paul and
in furtherance� of th� genezal plan o� development to assist the
C'ompany irt finarrcing th� Proiect_
2. Suhject to th� mutu�l agree�ent of the
Authority, the Co�npany and the purch�sec of the� revenue bonds
as to the details of the� lease or other revenue� agreen�ent as
def ined in the Act, aRd other documertts- necessary to ev idence
and effect the� �irtancing of thew PraJect and the issuaRCe� o� the
revenue- bonds�,. the Proj ect is. herebg approved- and authorized
and th� issuance o� reverrue� bonds of the Authority in an amount
not ta exceec� approxinrat�ly SBSQ,OOQ (other tharr such
add itioR�l revertue� bonds a� are needed to complete� the Pro j ect)
is authorizec� to �inance th� costs of the� Project and the
recommendations of the Authority' s staff, as• set forth in the
staff inemorandunt to the Comn�issioner� which was presented to
the Commissioners, are incorporated herein by reference and
approved..
3. In accordance with Subdivision Ta of Section
474.01, Minnesat� Statutes, th� E�cecutive� Vice—Pregident of the
AUTHORITY is hereby authori2ed an� directed ta submit the
proposal for the above described Praject to the• Comm�issioner of
Energy and Economic Deve�lopment,_ requesting his approval , and
other o�ficers, employees and ageRts. of the AUTHORITY are
hereby authorize� to provide the �omnrissiorter with such
prelimi.nary inforn�ation� a� h�- may require.
� 4. There� h�s hereto�or� been filed ca�ith the
Autharity � farn� of Pr�li.nrirr�ry Agreen�er�t betweem th� Authority
and� C�on�pany, relating ta the proposec� construction anct
�inancing o� th� Froject anci a �orm o�' the Underu�ri�ing
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� �greenrectt. Trre forms of th� agreeta�nts h�v� beeR exantined: by
the Coanmissione�rs. Lt is th� purposer o� the agreements tor
evidertc� th� commitm�Rt o� th� partie� anct their interrtions
w�ith respect ta the propose� ProJect in order that the� Company
m�ay proceet� �ithout �elay �ith ther conmt�ncemertt o� the�
acquisi:tiart, ingtall�ti.oR and coRStructi.oR o� the Project w�ith
the assur�nce that ther� ha� laeerr suffi.ciertt "'official actior�"
� under Sec�tior� 103(b? af the• InterrzaT Revenu� Cod� af 1954, a�
an�en�e�,. tn allova� far th� issuance af industrial rev�RUe� bands
( inclucYing� if ��eme� app�opri�ta. aaY irrterinr note� or rrot�s� to
provide+ temporary fin�acinc� th�reo�) ta �ictartc� th� eritire� cost
of ttr� Froject uporr agreement b�i� r�ached� a� to th� ultinrate
detail�- o� th� Project anc� its �ir�ancing.. Saic� Agreen�ercts are�
hereby approved, and the President and Secr�tary of the
Authority ar� h�reby authorized and. directed to execute said
Agreements�
S� Upvrt execution o� the Pr�liminary Agreement by
the Company,. th� staf� of th� Au�hority i� a:uthorized and
directed ta continue� rtegotiation� c�ith th� Company so a� to
resolve th� rentaininq issues necessary to th� preparation of
the leas� and other documents� necessary ta the� adoption by the
Authority of itg �ina1 bond r�svlutiort and the issuartce and
delivery of the� revenue� bonds; provided that the President (or
Vice—President i� the Presider�t is: abser�t) and the Secretary
(or Assi.starrt Secretaty i� the� Secretary is: absent) of the
Authority,. or if eittrer of such officezs ( and. his: alternative�)
ar� absent, th� Treasurer o� the� Authority in lieu of such
absent officers-, are. hereby authorized in accard�ance� with the
provisions of Minnesota Statutes, Sectio�r 475..06, Subdivision
L, to accept � final o�fer of the� Urtderwriter made by the
Underwriter to purchase said bonds and to execute an
Underu�riting A�greement setting forth such offer om behalf of
the Authority. Such acceptance shall bind th� Underwriter to
said offec but shall b� subject ta approval and ratiEication by
the� Port P�uthority in a: formal suppleiaental bond resolution to
be adopted ptior to the de-livery of said revenue bonds.
6. The revenue bonds ( including any interiin note or
notes) and� interest thereon shall not constitute an
indebtedness of the� Authority or the City of Saint Paul within
the meaning of any constitutional or statutory Lintitation and
sha11 not constitute or give rise• to a pecuniary liability of
the Autharity ar the City or a: charge� against their general
credit or taxing powe�rs and n�ither th� full faith and credit
nor the ta�ring powers of th� Authority or• th� City is pledged
for the payn[ent of the bond� (an� interi.nr not� or notes) or
in terest thereon.. �
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, 7.. In or�er ta �acili:tat� concprletiorr o� th� reveRU�
bQn� financiag her�irt cocttempTatec�, the City� Courtci.l i� hereby
reques.ted ta CO[1�Rt� pursuaRt ta L�wg af Nfiane��t�� 197G�
Ch�pter 234, ta the igsu�nce af th� revetiue bandg ( includinq
any inte�ri� nat� or noteg) h�reirr corrteniprl�te�. an� any
addition�]. bonds w�hict� the Ruthority nr�� prior ta issuance� or
�ro� time ta tim� there�fter deenr necessary ta coniplet� the
Project ar. ta r�func� gucY� revenue bor�ds; ancY for such purpose
th� Executi.ver vic� Pr�sident of th� Autharit�r is, he��hy
authorizec� an� d.irected: ta �arw�r� ta th� City Council copies:
of tttis resc�lutio�cr an� said Pzelineirrary Agreen�erit an� any
add:itiorr�l avai.labl� infornra�tior� th� City Cauncil may request.�
8�.. The actiortg af. the Executive� Vice-President of
the� Authority irr causing public notiae of the public hearing
and in describ inq th� general nature ca f the� Pro j ect and
estintating the principal aMOUrtt of bond� ta be� issue� to
financ� the Froject and in preparing a draft of the� proposed
application ta the� C�issioner of Energy artd E�conomic
Developntent, Stat� of MinResota, for approval of th� Project,
which ha.� beert available= for inspectiorr by the public at the
o f f ice of th� Autho r.ity �rom and af ter. the� putrl icatio R o f
notic� of the► heazirtq, a�e irt all respect� ratified and
conf irrned.
Adopted May 20,- 1986� .__ � �
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Attest / ` � --
es ide
_ The Por Authority of the City
/ � �-/ ,i of S�i t Paul
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Con�ttee Re�ort
F:i�anc�, l�ana�ernent, � Personnel Committee.
JUNE �2, 1986 . '
l. Approval of minutes from meeting held June 5, 1986. approved
2. Discussion of budget requests for Citizen Participation Districts (committee-
of-the-whole item) . discussed (Patton to draft resolution)
3. Resolution amending the 1986 budget and decreasing the financial plan by
$971,537 ($935,537 - various departments; $36,000 - legislative branch) and
underspending the authorized budget by equal amount (laid over from June 5) .
approved
4. Resolution amending the 1986 budget and transferring $9,768 from Contingent �
Reserve to Finance Department General Government Accounts - Exempt Property
Assessments. approved
5. Resolution amending the 1986 budget by reducing $17,567 in the Financing
_ . Plan and in" the Spending Plan_ for PED Operations 'Fund �,Se_�-Aside) . approved __ _
6. Resolution amending the 1986 budget by adding $17,567 to the Financing Plan
and to the Spending Plan for Joint Purchasing Services (Set-Aside) . approved
7. Resolution amending the 1986 budget by transferring $17,567 from PED - PED
Contribution to Financ� and Management Services - Purchasing Services - City
Share (Set-Aside) . approved
8. Resolution amending the 1986 budget by transferring $27,508 from Cantingent
Reserve to Planning and Economic Development - PED Development Contribution
(Job Creation and Training Section) . approved
9. Resolution amending the 1986 budget by adding $27,508 to the Financing Plan
and to the Spending Plan for PED Operations (Job Creation and Training) . approved
10. Administrative Orders (Laid over from June 5) :
D-8030: Budget revision in various departments. discussed
D-8031: Budget revision in Finance and Management Services Department. discussed
11. Re3o�t�tion consenting to the issuance of Port Authority Revenue Bonds in
the amount of $850,000 to finance construction of manufacturing facility in
Energy Park for Michael S. and Lynnette M. Larkin. approved ,
12. Resolution approving Labor Agreement between the City and Inteznational Union
of Operating Engineers, Locals 70 and 967. approved
CITY HALL SEVENTH FLOOR SAINT PAUL„MINNESOTA SSIOZ
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