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85-851 �NHITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT PAU L Council CANARV - DEPARTMENT �P( / BLUE - MAVOR File NO. vS � . Counci esolution Presented y . --- �� Referred To ��l lV/�"1vC��' Committee: Date �'�� Out of Committee By Date WHEREAS: 1. On May 21, 1985, the Port Authority of the City of Saint Paul adopted Resolution No. 2457 giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $1,175,000 to finance new pollution control equipment for ETA Systems, Incorporated at their new facility in Energy Park. Miller & Schroeder Municipals has agreed to underwrite the revenue bond issue for a term of 20 years. 2. 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; 3. 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 Safnt Paul, sub�ect 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. 2457 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 Port 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. COUNC[LMEN Requested nt of: Yeas Nays �,v-L-� brew Masanz In Favor N�cosia Scheibe� _ � __ Against BY Sonnen Tedesco Adopted by C;ouncil: Date JUN 2 0 1985 Form App d by City Attorney Certified a� - y Council t EN� �. By� lapprov y IVlavor. D e _• JUN 2 � 1985 Appr v d by Mayor for Su ion �o Coun '1 Pt18�►s�� JUN 2 9 1985 �t, �anl Port Authoritv pEPARTMENT • � ��=��s� NO 2253 K G. DzuaanL E.A. Kraut ' C4NTACT ��a_5�,�6— PHONE OATE �Q�V� Q Q ETA SYSTEMS, INCORPORATED ASSIGN NUMBER FOR ROUTING ORDER (Clip Al1 Locations for Signature) : �1 ,175,000 REVENUE BOND ISSUE 1 Department Director 3 Director of Management/Mayor Finance and Management Services Director � City Clerk Budget Director � City Attorney WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : The purpose of the revenue bond issue is to finance pollution control equipment for ETA Systems, Incorporated in tfieir new facility in Energy Park. COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: The amount of the revenue bond issue is $1 ,175,000 and will be for a term of 20 years. There will 4 to 5 new jobs created as a res�ult of this project. 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) : 1 . Staff inemorandum R�Ct�� 2. Draft City Council Resolution MA Y G � 3. Port Authorit y Resolution No. 2457 Nj 3 i 9 8 5 cc. R. Thorpe Qr��J �rF�C£ DEPARTMENT REVIEW CITY ATTORNEY REVIEW �Yes No Council Resolution Required? Resolution Required? �Yes No Yes �No Insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 _._ St' f�dlil N�Y'T. HLlLt1aY'1L�/ u�.rn��•�� • �:� 1i��t� ,. K.C, flZL.�n, E A. Kra�t CONTACT �F�s �S� i _ �7Q-�� PHONE , � DATE �Qi�� ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : ETA SYSTEMS, INCORPORRTED $1 ,175,000 REVENUE BOND ISSUE 1 Department Director 3 Director of Management�Mayor _ _� Finance and Management Services Director � City Clerk Budget Director �;,�°'� � 2 City Attorney C�r �`1l � � 41HAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : � The purpose of the revenue bond issue is to finance pollution cont�ol equipment for ETA Systems, Incorporated in their new facility in Energy Park. � � � � � � � �=,- - � - :.:� COST/BENEFIT, BUDGETARY AND PERSONNEL I�IPACTS ANTICIPATED: �'.1AY � �� y�,� The amount of the revenue bond issue is $1 ,175,000 and will be for a �e�rm of �.0 years. There will 4 to 5 new jobs created as a result of this project. J FINANCIhG SOURCE AND BUDGET ACTIVITY NUMBER CNARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: quired if under $10,000) Funding Source: Activity Number: � ATTACHMENTS (List and Number Al1 Attachments) : �� 1 . Staff inemorandum �t�� 2. Draft City Council Resol ution �y � 3. Port Authority Resolution No. 2457 � j��, ��,�y�h � cc. R. Thorpe pR�. '�C��- , � � DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? �Yes No Yes �No Insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) P,evised 12/84 _ . ___�_.._...---�.._..� �.�.,..,,�,.____._..,_... ,...@,.,,..�.,,�.,... : � � �� . � r ; ,� PORT AUTHORITY OF TFIE CITY OF SAINT PAU� TOLL FREE(800) 328-8417 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 May 21, 1985 �'9�'''� � S � �� -��"_ Mr. James Bellus, Director Planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul, Minnesota 55102 SUBJECT: ETA SYSTEMS, INCORPORATED - POLLUTION CONTROL EQUIPMENT $1,175,000 REVENLTE BOND ISSUE Dear Jim: We submit 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 $1,175,000 in revenue bonds to finance pollution control equipment for ETA Systems, Incorporated in their new facility in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council resolution and a copy of Port Authority Resolution No. 2457 which authorized the sale of revenue bonds in the amount of $1,175,000. Your expeditious handling of this matter will be appreciated. Yours truly, � , ugene A. raut EAK:ca Executive Vice President cc. Mayor Latimer EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE.C.I.D. CHARIES M.TOWLE CLIFFORD E.RAMSTED PERRY K.FEDERS EXECUTNE VICE PRESIDENT ASST.EXEC.VICE PRESIDENT DIRECTOR OF INDUSTRtAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FINANCE C.E.O. RICHARD A GIERDAL WILLIAM E.McGNERN PROPERN MANAGER DIRECTOR OF PUBLIC RELATION$ COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N.GOO�MAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WEST PRES�DENT VICE PRESIDENT $ECREfARY TREASURER COMMISSIONER COMMISSIONER COMMISSIONER C.I.D. Certified Industrial Developer PORT � - . . G',� �3-�5�1 AUTHORITY ` � . OF THE CITY OF ST. PAUL Memoraedum TO: BOARD OF COMMISSIONERS �AT�% May 16, 1985 (May 21, 1985 Regular Meeting) FROM: K.G. Dzugan��(� i, SUB.IECT: ETA SYSTEMS, INCORPORATED PUBLIC HEARING — PRELIMINARY AND UNDERWRITING AGREEMENTS $1,175,000 POLLUTION CONTROL BOND ISSUE ENERGY PARK RESOLUTION N0. 2457 1. THE PROJECT The pro�ect is for the addition of air and water pollution control equipment which is proposed to be installed to meet standards set by the Minnesota Pollution Control Agency. The water pollution control equipment is to provide cleaning for the water used in the process of manufacturing printed circuit boards. The air pollution control equipment is a scrubber for the exhaust air in the printed circuit process area. 2. FINANCING The proposed financing would be done as an 876 revenue bond issue for a 20—year term. Proceeds of the issue would be as follows: Pollution Control Equipment $ 957,150 Debt Service Reserve 134,400 Capitalized Interest During Construction — 3 Months 28,200 Bond Issuance Cost 20,000 Bond Discount 35,250 TOTAL $1,175,000 The Port Authority would receive earnings on the debt service reserve and sinking fund as well as our customary fiscal and administrative fees. 4. UNDERWRITING Miller & Schroeder Municipals have agreed to underwrite the 20—year issue at an interest rate to be set at the time bonds are sold. We anticipate the bonds will be sold at the regular June, 198, Commission meeting. 5. RECOMMENDATIONS Staff recommends approval of Resolution No. 2457. KGD:ca ��-�`��.• 1� , - `�-'„' .-.. ._ •. �i ---- . :i'�/...e'`�.' • �:�:;�;� f:.•;�:�� IT�'' O�' .S A2�TT �.d.UL 3-��.5�� > :vi�---�t� �; . �" � f:..=.i, �;:� :�� o�rrc� o� �`FrI: CZT.�.'' C4�C'i1CLL • .. ��-;-�'.� S �,_;� -:( �;�� .. s��. 4 ' _, t1 . . . ' ' _�=�-`��,� " D o f e : JUNE 13 , 19 8 5 ,y:�:�-C- _ COIU (� Ii TEE I� EPO �T � 4 = Sajn� P�u1 Ci�� Coun�it . � � F E'�' � �� ' C t%I+�•��i"I I t t�� O j? FINANCE, MANAGEMENT & PERSONNEL ' ' C�A! R JAMES S CHEIBEL . ? . Approval of minutes from meerings he�c! June 6 and June 7, 1985. 2. Ordinance amending the Civil Service Rules pertaining to six unctassit=ie�► positions in the Depar±ment ot= Planning and Economic Developmen�c and striking in its entirety Section 34.C. (Personnel )1 �`� r' !, � {-� �V Q r l�t�/��t,l 7�c..��ti�}�'t�1't�L�i:,��1 3. Reso 1 ut i on amen d i n g t h e 1 9 8 5 b u d g et a n d a d d i n g $4 7,4 5 5 t o t h e F i n a n c i n g f.d n(;i 5 �;��.�'t, Plan and to the Spending Plan for Public Nealth Nutrition/Public Heaith.�� /�.;�J (Commun i ty Serv i ces�� . `�`� U•� i 1/ �Yt�,ui1� � 4. Resolution adoAtin3 an amendment to ttie S�t. Paul Capitai Allocation � Po 1 i cy 1986-1?87. (PEt7} C�G� _ G�17NV?'YUi�. ��,�� :. _._ `'�. ' R�solr�tioc� con5enting to tKe issuance or" Port Authority Revenue 8onds in the amount or $l, 175,000 to finance ner� poilution control eq ipment for - F"f�t Systams. Incmrporated in Energy Park. (Port Authority) , �� • 6. Resolut�on consenting to the issuance of Port Authority Industrial Revenue . Bonds in the amount of $900,000 to finance remodeling to the former Car- - dozo Warehouse at Fifth � Broadway for MarketHouse Limited Parznership � (Port Authority) � �`� �ve� / �� < 7. Resolution consenting to the issuance or" Port Authority Revenue Bonds in the amount of �470,000 to finance construction or a building in RivervieN Indus*r" 1 Park for Han.IC. and Sue F. Liu. (Port Authority) ' %n%z��-- � � � 8. R e s o l u t i n c o n s e n t i n g t o t he issuance o f Por t Authority Revenue Bonds in the amount of �Z,Q00,000 to finance the purchase of the former Nor�h- wester 9el Telepnone Company Building at 223 P1ato Boulevard. (P.A.) �� 9. Publ rin� on �ti�e� Participation budgets � ��'i�/G�� NOT ON P�'EPARED AGENDA: Resolution transferring $77, 976 to the project to reconstruct Hamline Avenue from Hoyt to Larpenteur. ��-/��-��.. Resol t' on trans erring $126 ,000 to the Flllmore Avenue Project. -/�I''�v� R so�� transferrin $132 000 to the White Bear Ave. Pavin Prd 'ect. e 1 t o , g 7 C:TI' HALL �'/_/��/1�� . . S�VENTFi FLOOF. S�lINT P�►UL,;�ii�\'ESOT:I 55I03 , ' �^�, . ��..s�r - 20. Kesoluticn c.�ns�;�tin� to 'r,he issuance of Port Authority Reve;�ue �nds in the � � � a:nour,t of �1,175,000 to finance new pollu�ion c�o trol equipxc�nt for ETA � � ` ''� - Syst�u, Tncorporated in Er�ergy Park. 1-( j�J�} �CrC; � 27. Resoluticn directino th� proper city officials t,o develop ard imple�ent a Stu�p - ReMO�al Program for 1985• (City Developmc-�. t & Trans rta�ion Caanmittee recor�m�s apprwal.) � v G"� � �i 1 28. Res^?u�YO� �p�rovirio the �tians of the St. Paul �ard of Rp�Yals �d Review � 7 77 with regard to properties �t 376 arid 372 N. C1ev�land, C�.r��.me�� Famiiy Lf.c�., � d- Appellant; 1160 Grand Ave., Harmony Investments, App�112?�t; 1158 Grand �/ Avent��, B. & D. Tnvestments, Appella.nt; 62�! Surrmit Aven�.a, Edward Fischman, $.�-77 Ap�lla�t; 1639 Furness Pkwy. ld., L,layn� A. Renstrom, �p lla�ti; 69 �• �Y 1 �� Strezt, Arthur Ol:en, Jr., Appellas�t. y 'j�--.� 0 6�� a��S `"��, 29. �Re�olu�io� urgino our cor�re�sior.al deleoai,ian in Fe�eral �ovPrn:nen� to reaffzrnl ,v + - `�� ,; ��a's historic committment to policies supporting the principle of ��v`' soverei�ty for all a�u:�tries ��d opp�sing continued mili�ary aid ta th° Contr� in Nicaragua ar.:i apposing the impasitia.� of ecor.c;�ic sancti�ns o:� Nicaragua and its p�ople. . � 6-�S �,�� `� 30. Resolution approving plans, special provisions and specifications ior '�he �►�--_ 7�� imprcvem�t of Trun�: Highway No. 392, renumbzred as TY�u�c�ii¢hway No. 94, located a� Jchn Ireland Boulevard. f�Q��lj�� - /��•� � v � ,. I�� ,�,31. Re�lutzcn authorizing a Routin.. Mazntena�ce Ao eernznt, �2057 b,.t.r� �he Ci�Ey �t �y'� arx3 the �iinn. state Dep`. of Transportatia� for m 'ntetzar.ce of Tr�.m�t Highways 4rith the oarpora�e limits of the City. �,l�1 , � 32. Resolution of agreement to indemnify, save ar_d hold hartnless t?�e State of Mir.r_es.�ta fror� any clai.ms, demands & �tions as a condition to gr2n�lY'_� 2 ��,-_y�,f-� varia:�ce to the City frcm State st?�ards for the r :�strucficn of Ferd Park,aay r'rom �'awell St. �o Mississippi River Blvd. ��-�� -•-- 33. Resolu�icn approvir� Payment of �77.g0 to Kathy Dats� am�l �508.70 ta-Gi�.a Carey--- ��- -77�f frcm tne Tort Liability Ft�ad in full se�tlerr:e:�t of th 'r lai � J �� s�� G� 3�. Resolution amendino C.F.85-373 being a resolutior� grantir.o rer.e=rral af L> Entertainm�t Licens� to Albert F �d Gesella Fi B�isi ab ary�s &�r at �,�J � 7� 2�g ti�t. 7th St. /��, 3�. Res.�lution granting ren��,aa1. of various licenses to persozzs Iisted. �'`�- 7�� Q5��.`� i ° . . � �1,��s�S� J 554S Resolution No.-?� RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SRINT PAUL WHEREAS, the 'purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Develop- ment Act (hereinafter called "Act") as found and determined by the legislatu=e is to promote the welfare of the state by the active attraction and encouragement and develo�nent of econocni- cally sound industry and commerce to prevent so far as possible the �mergence of blighted and marginal lands and areas of chronic unemployment and to aid in the development of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the active promotion and development of economically sound industry and camnerce 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 develognent of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities �for such population; and WHEREAS, The Port Authority of the City of Saint Paul (the "Authority") has received from ETA Systems, Incorporated (hereinafter referred to as "Company" ) a request that the Authority issue its revenue bonds (which may be in the form of a single note) to finance the acquisition, installation and construction of water pollution control facilities (hereinafter collectively called the "Project" ) to be located at the Coanpany' s Energy Park Facility in the City of St. Paul, all as is more fully described in the staff report on file; and WHEREAS, the Authority desires to facilitate the selective developanent of the community, to retain and improve its tax base and to help it provide the range of services and employment opportunities required by its population, and said � . , � ��-�sr Project will assist the City in achieving that objective. Said Project will help to increase the assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the City; and WHEREAS, the Project to be financed by revenue bonds will result in substantial e,�nployment opportunities in the Project; ' WHEREAS, the Authority has been advised by repre- sentatives of the Campany that conventional, ccmmercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but the Company has also advised this Authority that but for revenue bond financing, and its resulting low borrowing cost, the Project v�ould not be undertaken; WF�REAS, Miller & Schroeder Municipals, Inc. ( the "Underwriter") has made a proposal in an agreement (the "Underwriting Agreement" ) relating to the purchase of the revenue bonds to be issued to finance the Project; WHEREAS, the Authority, pursuant to Minnesota Statutes, Section 474.01, Subdivision 7b did publish a notice, a copy of which with proof of publication is on file in the office of the Authority, of a public hearing on the proposal of the Company that the Authority finance the Project hereinbefore described by the issuance of its industrial revenue bonds; and WHEREAS, the Authority did conduct a public hearing pursuant to said notice, at which hearing the reco�unendations contained in the Authority' s staff inemorandum to the Co�mmissioners were reviewed, and all persons who appeared at the hearing were given an opportunity to express their views with respect to the proposal. NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the_ Port Authority of the City of Saint Paul, Minnesota as follows : l . On the basis of information available to the Authority it appears, and the Authority hereby finds, that said Project constitutes properties, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 1 of Section 474.02 2 � ��--�!�1 of the Act; that the Project furthers the purposes stated in Section 474.01 0� the Act and, but for the willingness of the Authority to furnish such financing, the Company would not undertake the Proj ect, and that the ef fect of the Pro j ect, i f undertaken, will be to encourage the development of econcmically sound industry and commerce and assist in the prevention of the emergence of blighted and marginal land, and will help to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of services and employment opportunities required by its population, and will help to prevent the movement of talented and educated persons out of the state ar� to areas within the state where their services may not be as effectively used and will result in more intensive developsnent and use of land within the City and will eventually result in an increase in the City' s tax base; and that it is in the best interests of the port district and the people of the City of Saint Paul and in furtherance of the general plan of development to assist the Company in financing the Project. 2. Subject to the mutual agreement of the Authority, the Company and the purchaser of the revenue bonds as to the details of the lease or other revenue agreement as • defined in the Act, and other documents necessary to evidence and effect the financing of the Project and the issuance of the revenue bonds, the Project is hereby approved and authorized and the issuance of revenue bonds of the Authority (which may be in the form of a single note) in an amount not to exceed approximately $1, 17 5,000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project and the recommendations of the Authority' s staff, as set forth in the staff inemorandum to the Co�nmissioner� which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474.01, Minnesota Statutes, the Executive Vice-President of the AUTHORITY is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Energy and Econanic Development, requesting h is approval, and other officers, esnployees and agents of the AUTHO RITY are hereby authorized to provide the Ccsmnissioner with such preliminary information as he may require . 4. There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Canpany, relating to the proposed construction and 3 . " � C'��_�� financing of the Project and a form of the Underwriting Agreement. The form of said Agreements have been examined by the Commissioners . It is the purpose of said Agreements to evidence the ccmmitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954, as amended, to allow for the issuance of industrial revenue bonds ( including, if deemed appropriate, any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing. Said Agreements are hereby approved, and the President and Secretary of the Authority are hereby authorized and directed to execute said Agreements . 5. Upon execution of the Preliminary Agreement by � the Canpany, the staff of the Authority are authorized and directed to continue negotiations with the Company so as to resolve the remai ning issues necessary to the preparation of the lease and other docLanents necessary to the adoption by the Authority of its final bond resolution and the issuance and delivery of the revenue bonds; provided that the President (or Vice-President if the President is absent) and the Secretary (or Assistant Secretary if the Secretary is absent) of the Authority, or if either of such officers (and -his alternative) . are absent, the Treasurer of the Authority in lieu of such absent officers, are hereby authorized in accordance with the provisions of Minnesota Statutes, Section 475.06, Subdivision 1, to accept a final offer of the Underwriters made by the Underwriters to purchase said bonds and to execute an underwriting agreement setting forth such offer on behalf of the Authority. Such acceptance shall bind the Underwriters to said offer but shall be subject to approval and ratification by the Port Authority in a formal supplemental bond resolution to be adopted prior to the delivery of said revenue bonds. 6. The revenue bonds (including any interim note or notes) and interest thereon shall not constitute an indebtedness of the Authority or the City of Saint Paul with in the meaning of any constitutional or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Authority or the City or a charge against their general credit or taxing powers and neither the full faith and credit nor the taxing powers of the Ruthority or the �City i.s pledged for the payment of the bonds (and interim note or notes) or interest thereon. 4 _ . ' . . . . C�� / , . 7. In order to facilitate completion of the revenue bond financing herein contemplated, the City Council is hereby requested to consent, pursuant to Laws of Minnesota, 1976 , Chapter 234, to the issuance of the revenue bonds ( including any interim note or notes) herein contemplated and any additional bonds which the Authority may prior to issuance or from time to time thereafter deem necessary to complete the Project or to refund such revenue bonds; and for such purpose the Executive Vice President of the Authority is hereby authorized and directed to forward to the City Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council may request. 8. The actions of the Executive Vice-President of the Authority in causing public notice of the public hearing and in describing the general. nature of the Project and estimating the principal amount of bonds to be issued to finance the Project and in preparing a draft of the proposed application to the Co�unissioner of Energy and Econanic Development, State of Minnesota, for approval of the Project, which has been available for inspection by the public at the office of the Authority from and after the publication of notice of the hearing, are in all respects ratified and confirmed. Adopted May 21, 1985 ' � ; � � ;, Attest - - - ' �° President -�� The Port Authority of the City �� . , of Saint Paul -i� �/.!� %�'��.�IY'�?/Yl - ecretary � 5