85-1684 WHITE - GTV CLERK
PINK - FINANCE GITY OF SAINT PAUL Council }� /'�
CANqRY - DEPARTMENT File NO• �v /�° �
BLUE - MAVOR
�
. Cou ci Resolution
Presented By ,
.�
Referred To j�'J (��}f�.f� Committee: Date �-� ��"�� `�
Out of Committee By Date
WHEREAS:
1. On July 17, 1980 the Port Authority of the City of Saint Paul adopted Resolution No.
1680 giving preliminary approval to the issuance of revenue bonds in the aggregate principal
amount of approximately $6,000,000 relating to Energy Park land acquisition and development
costs.
2. The laws of Minnesota 1976, Chapter 234 provide 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 the law;
3. On the City Council of the City of Saint Paul, by its Council File 275296, consented
to the issuance of the aforesaid revenue bonds and any additional bonds found by the Port
Authority to be necessary for the purposes described in the Port Authority Resolution No.
1680;
4. The Port Authority has now notified the City Council that it did approve issuance by
Resolution No. 2580 of $6,000,000 in refunding revenue bonds relating to Energy Park land
acquisitin and development costs at its November 26, 1985 meeting. The bonds will be
purchased by Miller & Schreoder Financial;
5. �, additional approval of the issuance of such refunding bonds is a condition
of the Tax Equity Fiscal Responsibilities Act (TEFRA) of 1982; now, therefore, be it
RESOLVED, BY THE CITY COUNCIL OF THE CITY OF SAINT PAUL, that the Council consents to
the issuance of $6,000,000 in ref unding revenue bonds relating to Energy Park land
acquisition and development costs.
Yeas COUNCILME Na s Requested �artm t of:
FlsesaarS•y�//�M. �
°fe1nr In Favor
Masanz
Nicosia
sc�e�ib`e�� _�__ Against BY
Wilson
Adopted by Council: Date DEC 2 4 19�5 Form App v by City A ney
Certified Pa s d y ouncil S ret B� �' �
By 6�s��_.�/� _
t\ppr e y Mavor: Date � O��d � � ��85 Appr ed by Mayor for Submiss tJ ouncil
B �
PUeIlS��o '1��4s � 1986
� Port Authori ty DEPARTMENT � ���NO 3 6 2 �
E. A. Kraut ' CONTACT
224-5686 PHONE ���� �
Nov. 29, 1985 DATE e
ASSIGN NUhBER ,FOR ROUTING ORDER (Clip All Locations for Signature) :
1 Department Director 3 Director of Management/Mayor
Finance and Management Services Director � City Clerk
Budget Director $6,000,000 REFUNDING BOND ISSUE
2 City Attorney �E
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/
The purpose of the bond issue is the refund the $6,000,000 Rationale) :
Energy Park issue relating to land acquisition and development costs. These bonds are being
refunded in advance of maturity to take them long term while the IRS regulations still permit
it. The initial City Council authorization to issue the �6`�3Q0,000 provided for refunding
without further action on the part of the Council . However, TEFRA public hearings are
required where the term of the bonds is being changed. Therefore, this request for action.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
RE�EjV��
DE��S
19A.�;
MAY�R�s O�F�CE
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
2. Draft City Council Resolution
3. Port Authority Resolution No. 2580
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
Yes No Council Resolution Required? Resolution Required? Yes No
Yes No Insurance Required? Insurance Sufficient? Yes No
Yes No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
• �� �� _���u
, , . .
� Resoiution No. ,��_�'�-'
RESOLUTION OF THE
PORT ACJTHORITY UF TFiF CITY OF SAINT PAUL
WH�REAS, the Port Authority of the City of Saint Paul �
( the "Port Author�.*_y" ) has previ�usly iss�sed its revenue
nc*_e in the aggregate principal amount of $6 , OGQ , OOQ tthe
"Note" ; the praceeds of which, together with tr.e proceeds
of o�her rever.ue bonds and certain other funds made available
to the Port Authority have been used for land acquisitinn
and infrastructure improvements in Saint Paul Ex�ergy Park;
and
WHF.REAS, the Note is scheduled to mature on October
1 , 1986 and, tc provide funds to continue its program of
development in SainL Paul Energy Park, the Port Authority
desires to issue revenue bonds , in the aggregate principal
amount of $6 , 0OO , OGU to refund the Note ; and
WHEREAS, the refund.ing bonds would have a maturity
Y�eyond the maturi�y of the Note; and
WHEREAS, the Port Authority has been advised by bond
counsel that public approval of the refunding bonds is
required under Section 103 (k) of the Internal Revenue Code
of 1954 , as amended, for the refunding bonds, since the
maturity of the Notz will be extended; and
WH�RuAS, the Port Authority has published a notice
calling tl-iat public hearing for December 10 , 1985 and,
prior to the date of that public hearing, desires to secure
a position on the City Council agen3a for consideration
of this issue as soon following the December 10 , 1985 public
hearin.g as pcssible.
NOW, THEREFORE, BE IT RESOLVED by the Port Authority
of the City of Saint Paul that, in order to facilitate
completion of the refunding herein contemplated, the City
, . � ��- i��y
' ��
Cotincil is hereby zeq_uested to include, on its earliest
� poss�ibie agenda follo�ving December 10 , I985 , the Po.rt Autnority' s
request that it consider azd give the necessary public
approval for the reFunding bonds .
Ac:opted : November 26 , 1985
PORT AUTHURIT`t OF THE CITY
OF SAINT P�UL ��
, ,
.�- , ,'�� %
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By "i"�C c7 . ; �- ,'---
Its P-re,�ident
�� /
ATTEST: '
- ; `•,- Secretary
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PCRT AUTHORITY OF THE CITY OF SA,INT PAUL TOLL FREE(800) 328-8417
�f 25 WEST FOURTH STREET • SUITE 130� • ST. PAUL, MINN. 55102 • PHONE (612 224-5686
)
November 29, 1985
�� �
Mr. James Bellus � �� � '
Uirector 1 , q�
Planning and �conomic Development Department � `
City of St. Paul
24th Floor, City Hall Annex
St. Paul, Minnesota 55102
SUBJECT: $6,000,000 ENERGY PARK REFUNDING BONDS
R�SOLU'"ION ATO. 2580
Dear Jim:
We submit herewith for your review and referral to the office of the
Mayor, City Council and City Attorney's off ice details pertaining to
the issuance of $6,000,000 in refunding revenue bonds relating to
Energy Park land acquisition and development costs. The initial City
Council authorization to issue the $6,000,000 provided for refunding
without further action on the part of the Council. However., TEFRA
public hearings are required where the term of ttie bonds is being
changed. Therefore, this request for action.
In addition to the staff inemorandum, we are atta:.hing a dra.f.t copy of
the proposed �ity Council regolution and a copy of Port Authority
Itesolution No. 2580 which authorized the sale of revenue bonds in the
amount �f $6,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
. ugene A. Kraut
General Manager
EAK:jmo
Attach.
cc: Mayor Latiaer
EUCENE A.KRAIJT,C.I.D. GJNALD G.DU�ISHEE,C.I.D. CHARLES M.TOWLE CLIFFORD E.i2AMSTED PERRY K FEDERS
EXECUfIVE VICr PR'c51DEM ASSL EXEC.VICE PRESIDEM DIRECTOR OF INDUSiRL4L DEVELOPMENT CHIEF FNGINEER D�RECTOR OF FINANCE
C.E C:.
RICHARD A GIERDAL WILLIAM E.MCGIVERN
Prtoaer<rv nna�rvo,�ea aaeCroa oF c�usuc aeia,�orvs
COMMISSIONERS GEORGE W.WINTER WILUAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEViN CHRIS NICOSIA JEAN M.WES
PRESIDENT VICE PRESIDENT SECRETARY TREASURER COMMISSIONER COMMISSIONER COMMISSbNEf
C.I.D. Certified Industrial Developer
! P O �t T ��S-i���
AU "� H 'ORITY
QF THE CITY OF 57. P�UL
Me�orandum
T�' Board of Commissioners pA� Nov. 26, 1985
FROM: E. A. kraut
SUB.IECT: AUTHORIZATION TO ISSUE $6,000,000 REFUNDING BON13S - SERIES 1982-1 - ENERGY
FARK
itESOLUTION N0. 2580
The Port Authority pxeviously approved the issuance of $30,250,000 in
Energq Park tax increment bonds which will be issued against a letter of
credit and require approval by the City Council.
We have been advised by bond counsel that to ref und the additional
$6,000,000 Series 1982-1 requires a TEFRA hearing and aiso, as a result,
will require City� Council approval. Therefore, prior to the actual request
for approval of sale, we recommend that this be approved so we can forward
this to the City Council in order to accomplish all ot the sales before
December 31.
EAK:j mo
� . �.��5-���`-r
�, � �, CTTY OF S�.I17T P�.UL
:i;i� � OFB`ICF. OF TI3� CITY COIINCIL
_... '
Committe� Re�art `
Fi�anc�, �Iana�en��nt, & personnel Committee.
v
I. Approval of minutes from meeting held December 12, 1985. RP�'��U�
2. Resolution establishin� policy that aII City-owned vehicles, except those required to
be taken home, are used for business purooses only. (Finance Dept.) (Laid over from
12/I2/35) R��tu¢.St- -�o� �+i`}�.3,�-awaA -�P PRou g�j -r� w rrtt�.."�, t��1
3. Resolution �estab�Iishin; polic.y that aII City-owned vehicles cannot be used for personel
purposes. (�,inance Dept.) (Laid over from I.�,I2/85} .,:i��v�Sr � W rT�2��w��,,�
4. Resolution authorizing the financin; and constrnction of the puolic parking ranro on
Bloc.k L in connection with the KTCa development. (PED) �D �U� t wK. �'i',L`7��
S. Ordinance amending Section 38.06 of the Administrative Code pe�-taining to the
conversion of sick leave credits to vacation leave. (Personnel) f�°P'4ov�
6. Resolution amending the I985 bud;et by adding $5,070 tn the Financin� and Spending Plan
for the Dept. of Public Works. (Public iYorks) �1-P�ROV�D. .
7. Resolution amending the 1985 budget by adding �32,000'to the Financing and Spending Plan
for Special Projects-General Govt.-Promoting St. Paul. (Esec. Administration) %�PR�u�_
8. Resolution amending the I985 budget by adding $49,400 to the Financing and Spending Plan
for Traffic Signal � Lighting Maintenance. (Public Works) Pr�PRDU�
9. Resolution amending the 1985 budget by transferring $49 400 from Contingent Reserve to -
Traffic Operations and Maintenance. (Public Works) ��R��`�
10. Resoiution amending the I985 budget by transferri.ng $47,564 from Contingent Reserve to
Exe:¢�t Property Assessments (Street Maintenance Assessments-$46,846) and other
Assessments ($7I8.OQ) . (General Govt.) A�PRO��-
11. R+�se�tion authorizing approval to issuance of $6,000,000 Port Authority Rev�tt� Bc�!tds
r�Iat3srg to Energy Park Land Acqui.5it��c�n $ �'fevelap�erit Ca3�s. (Port Authori�y`)8�����0.
I2. Resolution anproving a Subordination �greement of Iand use restriction in favor of ��L5f'��
City in Ordway Theatre site to the loan and security documer.ts of a Port Authority
Ordway Theat�e refunding bond issue. (City Attorney) /�rPPRov�A.
13. Resolution authorizing an agreement with Midway Chevrolet for lease of unmarked
vehicles. (Folice Dept.) R'PPRbu L� •
I4. Resolution authorizing an agreement with MN. Dept. of Transportation for traffic contro'
sie al at �V. 7th Street and Tnmk Hwy. 149. (Public �Vorks-Traffic) �Pf'Rv�1�9
15. Resolution authorizing an agreement with the County of Ramsey and the St. Pau1. Urban
Indian Health Clinic whereby the City and Coimty provide funding to the Clinic in the
amoimt of $27,Sb2. (Community Services) }�pP���O -
CITY HALL SEVENTH FLOOR SAL�iT PAUL, MINNESOTr1 55102
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