84-710 �MH17E - CITV CLERK
PINK - FINANCE G I TY OF SA I NT PAU L Council /j-�/� ��O
CANARV - DEPARTMENT File NO. �+ /
BIUE - MAVOR
�
� Co il, Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the Port Authority of the City of Saint Paul by
Resolution Nos. 1921 and 1964 approved the issuance of $10,000,000
in revenue bonds for the construction of approximately five floors
of the Amhoist Tower on behalf of Yorktown Partnership; and
WHEREAS , the Council of the City of Saint Paul by Resolution
C.F. 277730, adopted November 24, 1981 , approved the issuance
of said bonds and any necessary refundings thereto; and
WHEREAS, Yorktown Partnership has defaulted on its lease
and revenue agreement with the Authority and has surrendered
possesion of the project premises to the Authority; and
WHEREAS , the Authority is desirous of issuing refunding
bonds in order to reduce the debt service payments necessary; `
and
WHEREAS , additional approval of the issuance of such refund-
ing bonds is a condition of the Tax Equity Fiscal Responsibilities
Act (TEFRA) of 1982 ; now, therefore, be it
RESOLVED, that the Council of the City of Saint Paul consents
to the issuance of $10, 000, 000 in industrial development revenue
bonds for the refunding of the Yorktown Partnership Project.
COUNCILMEIV Requested by Department of:
Yeas Nays !
Fletcher
Drew � [n Favor
Masanz
�Y�wia
Scheibel __ Against BY
Tedesco
Wilson
MAY 3 1 1984 Form Approved by City Attorney
Adopted by Council: Date ^
Certified a:•e Council e B��'�`�� � ��
By
t�ppro e b Mavor: D t J� 6 �' ��$'� Approved by Mayor for Submission to Council
BY BY
PUBLlSHED JUN 1 G 1984